I just got mine through the Honda CPO program 2.9% for 60 months.

I don't know if that deal is still around, but it is worth a look.

 

sorry. its a 72 month loan. if i had done the 60 month loan i woulda ended up paying $612 and some change monthly. i could make 600 but why risk it? so i decided to go 72 months and accelerate my payment.

no financer would approve me for an 84 month loan nor would i wanna go that long.

edit: my insurance is about $245 a month. i'm 20. i guess i dont feel so bad abotu what i pay now...

 

your interest rate at 9% is WAY to high. call up pentagon federal credit union and see if they cant work something better out. they advertise 4.99% for you, so you should at LEAST be able to drop it to 6-7% APR.

i'd suggest you use an interest calculator and look at the numbers--see how much you'd pay in interest over the term and decide from there how you want to pay for the car vs how much to finance.

in Excel, you can add a "Loan Amortization" spreadsheet that will output the total interest you'll pay over a term based on APR, term, and amount financed. PM me if you want. it only takes moments to compare a variety of options, and it will show you how much it costs to buy money at 9%. that way you can find what amount you should put down vs finance.

besides that, if you put 50% down, you'll have so much equity in the car that you'll be able to drop that APR some. after running a few numbers, mabye calling somebody at PFCU is the right answer.

 

You're military, I'm military. Check USAA if you use them for banking. They might/should be able to get you a better interest rate

 

cash down helps lower the payment, but 9%, ugh..there's gotta be something better out there. Or else do it now, and wait for your credit card to give you a deal on balance transfers to a much lower rate. Insurance? DAMN! Good luck

 

is this your first major loan? if so, 9% does sound about right. unless you can get a better rate, i would put 20-30% down, take the 72 month loan, but aim to pay it off in 60 months.

 

Yeah, when I was about to buy a new S, I was quoted around 9% too because my credit score was "new." Waaaay too much for me.

 

they are making at least 2points on your deal. 6-7%=8-9% for the buyer.

tell them to PFO 9Please F off ) and go to your C.U.

to all of your in the military - THANK YOU.

 

I got financed thru Honda on a '02 Certified s2k and my rate is 4.9% get a cosigner if you don't wanna pay out the @SS. I was quoted 300 on my insurance but it came out at $80 a month. couldnt figure that one out.
good luck with the purchase, hope you get it.

 

Thanks for all the advice. I'll check with USAA, i only have a credit card with them. I'll also check with my C.U. As for insurance my agent was able to lower the quote to 275 for the S and my Civic. Civic as daily driver and S as my weekend ride.