..If I have good credit? The guy told me, generally, 5% on the test drive... but what kind of financing are you guys getting out there? My bank gave me 6% last month, but thats too much.

 

Your looking at about 6% +/- on the Fit.

 

and there's no room to haggle on financing?

 

Your "haggling" power on finance comes from getting quotes from other sources - try bankrate.com and other online comparison sites to get a good rate, then tell the dealer that they have to BEAT it, not match it, in order for you to use their financing. They make a lot of money from financing so they should be open to it, and if you have a credit approval from another company in your hand it shows that you are willing and ready to go with someone else if they don't.

 

Im sorry But honda dealerships are not banks. We can only offer what our banks offer us, so Haggling really isnt possible. When I bought my car last month the American Honda Finance Co's Best rate was 6.04 @ 60mo for the Fit. It hasnt changed much since then.

 

Still thinking about picking up an 09 for Retail - Sport. Its silver tho.

I got an s2000 right now with 2.9

and I am looking around at other banks around my area and the best I can find is 3.5 for 60 months. And I am approved with no money down.

So I am thinking about buying it.!

 

My credit union was offering 6% on a 5 year 100% financing loan. The dealership was able to give me 5.5% on the same loan, which I took. (This is in SoCal, in case it matters.)

 

NC State Employees' Credit Union offers a "Green Car Loan" for vehicles with combined mileage of >=28mpg. The discount is 1% off of their normal rate, which comes out to 4.75% right now for up to 5 years.

Green Vehicle Loans

 

I got 6.65% financing with 10k downpayment....because wife just quit her job...

we both have good credit too....damn it.

 

Dang and I was trying to lower then 3.5. Guess that won't be happening.

Overall I havent bought it yet. But the dealer price OTD is gonna be $18348.60. Taxes Docs and all

Keep in mind I am putting a $500 trade-in ( my winter beater ) so grand total would be

$18848.60

 

My credit union offered 9.71%. BUT i am 18, go to school full time, work full time, and that is WITHOUT a co-signer. The lady is very nice (probably because my parents have all there buisness loans there and have never missed a payment in 7 years) and she said after I make all the payments on time for 1 year I can finance down to 6. I dont know if Honda will even offer me anything. Im trying to loan 12,000 of the MSRP + Shipment charge on an 09 sport. I know its high, but hell, what do you want me to do?

 

i got 5% on mine

 

I got 3.9% with 10k down

 

do you have any other payments (mortgage, creditcard, student loan)?

 

With AHFC, as with any national lender, there will be regional differences, in addition to factors like credit score, loan duration, etc. My local Honda dealer stated recently that the rates are around 5.5% for a 4 to 5 yr duration, but who knows when pen actually hits the paper.

That said, there is generally some wiggle room, as F&I (financing, insurance, extended warranties) are a huge profit center for dealers. The markup (i.e., MSRP minus invoice) on a Fit Sport AT is $600.72, not including any dealer holdbacks. The profit on extended an extended warranty alone can far exceed this. In terms of ability to haggle with a Honda dealer regarding the AHFC quoted rates, it can be done! Case in point, I was recently in the finance manager's office of a local Honda dealer with a friend of mine who was buying a civic for his daughter. The manager qouted a rate on a 4-year loan, when my friend stated that he'll pass and that he could get a rate over 100 basis points (1% point) lower at the local bank, the finance manager left the room for 10 minutes, finally came back in, and said, "it's your lucky day, we were able to lower the rate 1 percentage point due to your excellent credit record." He most likely left the room to have a smoke. So don't be intimidated, the squeeky wheel typically gets the grease. Finance managers make their living off commisions, so it's in their self-serving interest to have you finance through the dealership, even if that means giving up a point. It may not work in all instances, but at least you can say you tried.

 

Financing is a bag of worms.
First make sure you find out exactly what the monthly payment will be on any loan; there are many ways to calculate the payments for a stated same interest rate.
Thus you will find different payments depending on how its calculated. That makes an interesting comparison.
Right now, interest rates run from zero to12% depending on seller desperation and buyers credit rating.
If your credit rating is 720+ you should get 3% from Honda. The payment should be 1.16 x your loan value divided by 60 for a 60 month loan. Last time I looked, Honda Finance was offering 1.9 to 3.9% finance rates; check those monthly payments to compare with your credit union or bank.
An example of a $10,00 loan at 3% over 5 years is a payment of $193 per month.
You can get usually better loans from credit unions, then your bank with long membership, and last from... never mind. But dealers certainly have the ability to match anything from outside. They do get a kick back but thats OK if you save on your payments. they earned it.
PS what you got on a bank loan has no bearing on your car financing unless it was on a vehicle. At 6% on 60 months the payment should be 1.35 x your initial loan value divided by 60 for a 60 month loan. On that 10k loan that would be $225 per month.

PS for extended warranties go online to a honda dealer selling them at cost(ref AN, myhondawarranty.com); typically about $400 to 800,, up to 8yr, 120k miles. Don't tell your dealer you know about it. He'll be POed big time.

 

My wife currently has a Honda Finance loan on her Element at 3.9- I believe. Since we have an existing loan with Honda and are ahead of the scheduled payments (good track record) it wonders me if if we can't get better than the current % rate from Honda when purchasing a '09 Fit? Does anyone have any experience with this?

 

You have no credit rating so you got a good deal at 9%. Prove yourself and in a year drop down to 6%. You don't know how well off you are.
Congratulations. (when I graduated from engineering college I couldn't even buy a $50 lawn mower from Sears. no credit then either)
Its not high, its realistic. Look at all the people who overbought houses and are leaving their houses with banks who have to resell them and at a loss. Honda may not be able to offer as well - check the monthly payment to compare, not the interest rate - because the auto market is taking the same kind of beating. Lots of drivers can't afford gas and car payments. Guess where those vehicles are going. Banks and CU's have to make some profit so all those losses mean new loans aren't the giveaways they used to be. good luck. And enjoy.

 

5.49% @ 60/66

 

5%/ @ 5 yr