I am really thinking of getting an s2000 after the winter is over. I had a question that maybe some of you guess have some knowledge on or experience in the same situation. I have an 04 civic that I financed through Honda financial. My father co-signed for me because my credit was not too good at the time and I had just graduated college and had not found a real job. Well now, I am making very good money and my credit score has gone up some ( I messed it up while in college). Well what I want to do is trade my civic in and finance the s2000 being used or new through honda financial. I've heard that if you had a honda before and financed through them and made your payments on time then they consider this alot when u buy ur next honda. I'm hoping this is true since i've had my car for over a year and a half and I want to be able to get a good interest rate. Do you think they take this into consideration?

Any help is appreciated. Thanks

 

I'd be surprised if you needed a cosigner now. I leased my '04 w/ no co signer and lousy credit. I was making good money though (but they didn't even verify my income). You should be fine. Just call the dealer and get approved first. Then shop. This way you don't get caught up in love with a car and THEN see if you're approved or denied.

 

yes. all car credit history is taken into consideration. i personally got a better rate thru a local credit union than what american honda was offering me. (the finance manager found it for me.) the dealership will also be more inclined to negotiate on the price if you finance thru them (meaning that they ink the deal and are the middleman between you and a lending institution, not get financing from the specific dealership.)

 

good point downhil - car credit history is taken into account I guess. I had lousy credit card credit when I leased my S - but if there was one thing I always paid on time even in my dumb years, it was the car payment. Never missed one, never late.

 

I really want one. I know i can afford one now. I make close to 75k and the only thing is stopping me from going to the dealer is my credit score. I do not want to lease cause i drive to many miles. I've paid all my credit cards off recently so I dont owe anything on any credit cards. Only thing on my credit report that I still owe money on is my 04 civic which is co-signed and shows on my credit report. I've never been late on any of those payments. I just have a feeling i'll get to the dealership and they'll give me a really high interest rate which I wouldnt want. Mistakes back in the day can come back and bit you.

 

proof of income goes a long way too. also check out banks and credit unions on your own to get financing taken care of before hand. or you could finance at whatever honda gives you and refinance a couple months later after you've saved up a good size chunk to buy down your payoff. there is no reason why you will not get an s2000.

 

Thanks guys, maybe I'll go up to a dealership this weekend and let them quote me on an interest rate. Should i take pay stubs with me?

 

Just keep some money around for snow shoes if you live where it snows. And if so, you could trade the Civic now and get a used S2000 right before winter where you'll get the biggest price break.

 

Go to the dealer and try. Your credit score and payment history will all be weighed in as well your debt to income ratio, education, if you pay rent or have a mortgage, and potential earnings.(ex. stocks, accounts, bonuses) The finance guys typically will call and talk to the loan officer if it is on the edge and can sometimes push to have it approved. I have been in your shoes a long time ago and it is frustrating but it only does improve with time and showing responsibility. If they don't approve you it will show up on your credit as an inquiry and denial but that is only marginally bad. They also have lenders who might be a little more flexible. Chase Manhatten comes to mind as one who will take a small risk at still a non-jaw dropping interest rate. More money down will obviously help as well.

 

pay stubs, offer letter, anything will work. once you get to a dealership you will see that they will do whatever it takes to let you drive home in an s2000.