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I have an 04 civic which my dad co-signed for me. I have had it for about 1 1/2 years. I want to trade it in and get another honda but I want to finance it on my own. My credit is not that good and that is why my dad had to co-sign for me. Well since i bought it i've gotten a new job and make over 70k a year and have paid off all my credit cards off. I've heard AHF looks at ur history with them and will usually approve you for a loan. Is it true that since I was co-signed with them and made all my payments and never was once late that they would approve me all on my own with a decent interest rate. Anyone experience this?

 
Rep Power: 320

If i were you i would get a consumer credit report on myself and check your credit score. If you don't have a credit score of at least 700+ you probably won't get good financing if at all. I would just go through a credit union if i were you. Just find out the final cost of the car and get a car loan through your local credit union. Don't have the dealership run a credit check on your unless your going to finance through them. Numerous credit check on your record will lower your credit score as well. Most credit unions offer rates similar if not better then honda. Honda doesn't have any special financing at the movement so your probably better off with the credit union.

 
Rep Power: 320

oh yeah, what car you getting?

 
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same kinda thing with me but my car was paid for and they financed my scooter

 
Rep Power: 275

I had a co signer for my 01 civic and i was financed with AHF, then a year and a half later i was able to buy a new civic on my own with no co signer, but the interest was 8 % and now i regret it. I should've just kept my 01 she'd be paid off next summer.

 
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CivicTrip, what was ur credit score when u got ur new car if u dont mind me asking. Oh and i want to get an s2000

 
Rep Power: 321

You make 70K now and you are completely out of debt but your credit isn't the best .

I would expect to put a decent size down payment if you want to get a low rate loan.

 
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You make 70K now and you are completely out of debt but your credit isn't the best .

I would expect to put a decent size down payment if you want to get a low rate loan.


Yeah, my credit is still not that good. I'm trying to clean it up now but it takes a while to get ur credit score up. I really just want an 04 s2000. I dont want to buy brand new

 
Rep Power: 320

easiest way to build your credit, is just use your credit card as a check card and pay everything off right when you get the bill. Having leases and utility bills under your name help too.

The size of your down payment won't affect your loan rate, it will affect how much you will pay in overall interest because they will amortize the inital principle of the car based on your rate. The higher the down payment, lower the principle.

Your loan rate will be determine by your credit score and any special interest specials they were having.

If your going to finance the car, and your credit isn't really that great, i suggest you go through a third party lender. AHM tends to be really picky and kinda harsh to people with bad credit. Example would be, my 04 civic. My mom has bad credit, i have good credit. We submitted the same down payment of 10k and i was offered 2.9% apr for 5yrs and my mom was offered 18% for 5yrs.

Keep in mind, used car rates tend to be higher then new car rates.

 
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getting a super low intrest rate on a used car is gonna be tough as is. if you can get 5% or better that would be really good, and with bad credit that aint happening. Try to get a new one. youll get a better rate. especially if you have bad credit. or put half down on a used one. why get an s2000? get an evo, I have driven both and the evo is MUCH better.