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I'm getting my EX-L late September (hopefully) and just want to get an idea of what kind of finance rates that are out there? or is it dealer specific?
 

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4.9%

The dealer tells me they can get me between 4.9% and 5.9% for 60 months depending on my credit rating. My credit should be very good, so I'm going to give them the chance first to see if they can come in at 4.9%.

If that information isn't accurate, I can obtain 4.9% through a credit union, but I'll have to get an account first (family member).
 

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Don't trust the dealer re: finance

Shop around first. Never trust a dealer to place you in the best %rate. If anything use your own, written, loan guarantee as a negotiation tool with the finance manager at the time of delivery.
 

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Actually, I used an online lender PeoplesFirst.com. If you can afford a 36 mos loan they have 4.75. I opted for the 60 mos at 5.49, but the sweet thing is they will beat any competitors rate. Its as easy as a walk through the park. You fill out the application, which takes 5 minutes tops, you send it off you get a reply within 15 minutes. You call them to confirm your info, they mail you a blank check for the amount you applied for. If you decide not use them just destroy the check...when they said they'll beat any other lenders rate, its a win-win situation. This company is owned by CapitalOne...so its not like they're going anywhere, unlike some .com companies!! Its worth a look, plus its the easiest loan I've ever applied for!! Just some FYI for you guys looking for a good rate. Good Luck!!!
 

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spartanman gave good advice. Shop around first(banks, credit unions) and KNOW your best rate BEFORE going into the dealer. Hopefully they will be able to beat it (or at least match it). The dealer makes money if you finance thru them. If they are competitive, its usually an easy process.
 

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davemac said:
spartanman gave good advice. Shop around first(banks, credit unions) and KNOW your best rate BEFORE going into the dealer. Hopefully they will be able to beat it (or at least match it). The dealer makes money if you finance thru them. If they are competitive, its usually an easy process.
Hey guys, thanks for the good advice. That's what I was planning on doing. I looked pretty hard in the local area before deciding to consider dealer financing. The best I found was through Choice One Federal Credit Union (I think formerly Belco). My mom is an employee of Verizon and a member of Choice One, so getting an account and auto loan shouldn't be a problem. Its probably just a little bit more paperwork, but for the rate, its worth it. All terms 24 through 72 months is 5.9% for 100% financing or only 4.9 % for 75% financed. Since I have over 25% down, 4.9% would be my rate.

www.choiceone.org/updateNOW/rates/loan_rates.asp#Vehicle+-+New++++As+of+++April+1,+2002

I'll only go with the dealer if they can get me the 4.9% through them. It would hopefully be quicker and less hassle. I figure if they're blowing smoke, I at least have a back-up plan. If they can do 4.9%, I'll probably go through the dealer, since I can't do any better on the outside. I won't be going for any of their "extras" though.

Thanks for the advice!
 

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js2ss2 said:
Actually, I used an online lender PeoplesFirst.com. If you can afford a 36 mos loan they have 4.75. I opted for the 60 mos at 5.49, but the sweet thing is they will beat any competitors rate. Its as easy as a walk through the park. You fill out the application, which takes 5 minutes tops, you send it off you get a reply within 15 minutes. You call them to confirm your info, they mail you a blank check for the amount you applied for. If you decide not use them just destroy the check...when they said they'll beat any other lenders rate, its a win-win situation. This company is owned by CapitalOne...so its not like they're going anywhere, unlike some .com companies!! Its worth a look, plus its the easiest loan I've ever applied for!! Just some FYI for you guys looking for a good rate. Good Luck!!!
I did the same thing. Got 5.25 for 48 mo. Had them beat the rate when it was 5.79. Not bad...
 

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Pretty Good Deal!

js2ss2 said:
Actually, I used an online lender PeoplesFirst.com. If you can afford a 36 mos loan they have 4.75. I opted for the 60 mos at 5.49, but the sweet thing is they will beat any competitors rate. Its as easy as a walk through the park. You fill out the application, which takes 5 minutes tops, you send it off you get a reply within 15 minutes. You call them to confirm your info, they mail you a blank check for the amount you applied for. If you decide not use them just destroy the check...when they said they'll beat any other lenders rate, its a win-win situation. This company is owned by CapitalOne...so its not like they're going anywhere, unlike some .com companies!! Its worth a look, plus its the easiest loan I've ever applied for!! Just some FYI for you guys looking for a good rate. Good Luck!!!
It took me 20 minutes to get my loan approved at 4.75% thru peoplefirst.com. They are sending me a check good for 45 days. I told them that my car might not be here in 45 days (late August build date) and they said upon the original 45 day expiration they'd gladly send me another check good for an additional 45 days. The rate stays locked unless it goes lower. In fact they said if I could find a cheaper rate they would match it OR if their rates went lower they'd give me the lower rate. They gurantee their rates up to the time you actually cash the check with the dealer. Best and most painless experience I have ever had with any bank or finance company. I highly reccomend them:D
 

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Re: Pretty Good Deal!

deanster2u said:


It took me 20 minutes to get my loan approved at 4.75% thru peoplefirst.com. They are sending me a check good for 45 days. I told them that my car might not be here in 45 days (late August build date) and they said upon the original 45 day expiration they'd gladly send me another check good for an additional 45 days. The rate stays locked unless it goes lower. In fact they said if I could find a cheaper rate they would match it OR if their rates went lower they'd give me the lower rate. They gurantee their rates up to the time you actually cash the check with the dealer. Best and most painless experience I have ever had with any bank or finance company. I highly reccomend them:D
What was the term of your loan - 36, 48 or 60 mos.? Also, how did they know what amount to cut the check for? I've got a pretty good idea of the amounts, but things tend to change as you get closer. For instance, I will probably have more money to put down in the next month. Or is it better to wait until I get closer to the date (now within 35 days!). Thanks!
 

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I went online and got it for 5.49 thru E-LOAN for 60 months the only condition they had was the deduction was to be directly setup with my checking account, I went to the dealer and they said they could beat the apr and gave it to me for 5.29 and this was thru Chase and I took it.

I am sure if I did not have the load from E-Loan the dealer would have given it to me at around 7%.....
 

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Pretty Good Deal

Hey Soap, As for how much they cut the check for...you determine that. They recommend asking for a little more than you may need, but your loan balance will be whatever you cut the check for. The check is good for 45 days and if you go past that they just send you another check. Its a great bargaining tool if nothing else. I mean 2 tenths of a percent is still better than nothing.
 

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Clarification

In my last post I stated "whateve you cut the check for" it should read "whatever you WRITE the check for". Sorry about that just wanted to clear that up.
 

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Re: Clarification

js2ss2 said:
In my last post I stated "whateve you cut the check for" it should read "whatever you WRITE the check for". Sorry about that just wanted to clear that up.
I just a little confused. In one of your earlier posts, you indicated that they mail a "blank" check for the amount you applied for. Is this check truly "blank" and you fill in the final amount at the time of the signing on the vehicle, or is it a check that says $20,000 for instance?
 

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Keep us posted on lending

If anyone does finance and take delivery of a vehicle using peoplefirst.com or any other internet lending source, please post your experiences on this website.....

My dealership claims that they had past problems with some online lending institutions.
 

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Soap/Spart: It's a blank check. You just fill in the amount upto but not to exceed the amount you requested or were approved for. I should be getting my check in the next few days, but I'm probably sure it says something to the effect of "May not exceed $XX,XXX.XX." As for the dealership not taking the check. Its no different than you writing a personal check. If they need to verify the validity they can certaintly call PeopleFirst. Sounds like to me they're just trying to get customers to use Honda Finance or another Financial Institution...which they get kick backs by the way...imagine that. I'm supposed to take delivery of my Pilot on or about 7 Aug, but I'll certaintly keep you guys updated on my experience with the PeopleFirst thing.
 

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Re: Re: Pretty Good Deal!

SoapPlant said:


What was the term of your loan - 36, 48 or 60 mos.? Also, how did they know what amount to cut the check for? I've got a pretty good idea of the amounts, but things tend to change as you get closer. For instance, I will probably have more money to put down in the next month. Or is it better to wait until I get closer to the date (now within 35 days!). Thanks!

My term was 36 months and yes, to get that rate I had to agree to auto withdrawls from my checking act. They way I see it thats one less envelope to lick;) . You ask for an amount to borrow. My guess is they send a check saying that the check is valid up to the amount you've been approved for. You can write out the check for any amount up to the max approval and the loan doesn't begin until the check is cleared.
 

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My story

Once the dealer told us our Pilot was on its way, I started calling around for finance rates. Local banks were not that competitive; the lowest I could find was 6.5%. I only tried one internet loan service, Eloan, which quoted me a rate of 4.85% for 60 months.

Meanwhile, the dealer called one night to tell us our Pilot had arrived and talked to my wife. My wife asked what kind of interest rates they were offering and the dealer rep said he'd seen on for 5.25% that day. She asked about the 4.9% rate we'd discussed with the dealer about a month ago and the dealer rep said he thought that was only for Accords, etc.

So I called the dealer the next day and talked to the finance guy. I said I had a pre-approved loan through Eloan for 4.85% and he said interest rates had come down and he could get me a rate of 4.3%! Needless to say, I told him that would be great.

I don't know if having the pre-approved loan helped in getting a lower rate or not, but it sure didn't hurt. So I agree with previous posts that going into discussions with the finance person at the dealer, you should have an approved loan ready to use as leverage to get a better deal.

Also, I'm very happy with this dealer, but that's a story for another post.
 
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