Finance Honda Finance

Lozza · 2nd February 2007, 15:22

Seeing as everyone was so helpful with my Civic v. Leon problem got another question for y'all (as it looks like the Civic is the one for me now

)....
How many of you used Honda Finance to buy your car and ,if so, did you manage to knock them down from the 10.6% apr they quote on their website? Seems there's cheaper options available (if you can be arsed)...just curious..

TTDegs · 2nd February 2007, 16:23

Lozza - haven't used it myself, but...

I would seriously recommend shopping around.
I doubt you'll be able to beat them down much on the APR - but you'll stand a better chance if you can wave something under their nose which is going to cost you less

They definately do have some margin to play with

Even if they don't know it... It might need a call to Honda Finance Head Office to aprove, and as ever it will depend on how much they want the deal.

Topcat · 2nd February 2007, 17:23

If you are using finance I would definately shop around and get a better rate, then you will in effect be a cash buyer and will be in a better position to haggle on the price

basegreen · 2nd February 2007, 17:30

Cheapest loans at the moment probably Northern Rock or ASDA.

You want to be aiming under 6%.

Lozza · 2nd February 2007, 17:58

Cheers for the advice. I think I may end up getting a personal loan,only downside being tht it'll be over 5 years...as opposed to paying same for PCP and handing the car back after 3yrs...I'll see what Honda come up with I guess!

Follow Fashion · 2nd February 2007, 18:03

Quote:

Originally Posted by Lozza

Seeing as everyone was so helpful with my Civic v. Leon problem got another question for y'all (as it looks like the Civic is the one for me now

)....
How many of you used Honda Finance to buy your car and ,if so, did you manage to knock them down from the 10.6% apr they quote on their website? Seems there's cheaper options available (if you can be arsed)...just curious..

Seriously just brought my civic on Tuesday 31st January and I found my own finance go to moneysupermarket.com and search there (beware of northern rock quoting low rates but offering much higher) try alliance and leicester actually gave me a lower rate than they advertised

Lozza · 2nd February 2007, 18:05

Yeah I'll give that a go I think...A & L are my bank so I might get a bit off the apr...its gonna be painful either way as I'm only gonna get 1500 for my 106 and the rest is finance..ouch!! Worth it though when you see how great the car is!

Kerry · 2nd February 2007, 18:31

Hi Lozza
I was lucky to take out a HSBC loan for 5.9% but they return 25% of the interest at the end which reduces the rate to 4.5%.
Try looking on moneysavingexpert.com my son in law swears by the advice given. I personally have not used it as yet but we try in the future.
Regards
Kerry

Adambsmith · 2nd February 2007, 19:13

If you can prove that you can get a lower rate elsewhere then you should always go back to the dealer and let him try to beat it. If he can't you've lost nothing.

Being a "cash buyer" is no guarantee that you'll get a better deal than those using finance from the dealer. The dealer gets a nice commission cheque if he sells you a finance agreement which he may (or may not) share with you by lowering the interest rate, a further discount on the car or some freebie options.

pjelsworth · 10th February 2007, 16:55

Quote:

Originally Posted by Lozza

Cheers for the advice. I think I may end up getting a personal loan,only downside being tht it'll be over 5 years...as opposed to paying same for PCP and handing the car back after 3yrs...I'll see what Honda come up with I guess!

This is exactly what I did with Northern Rock. If you look at the amount you owe in 3 years on the loan vs what the PCP uses as the value of the car there is a big difference. I got the loan at 4.8%, but it's gone up a bit since.

caz1562 · 10th February 2007, 19:13

I managed 2 get 4.5% from my dealer using Honda finance

basegreen · 10th February 2007, 19:44

Quote:

Originally Posted by caz1562

I managed 2 get 4.5% from my dealer using Honda finance

I bet you £10 that was 4.5% FLAT, and not the normally reported APR.

This is a common dealer trick, and for rough estimate purposes the "flat rate" is approximately double the APR.

That means a 4.5% flat rate is actually 9% APR which is very uncompetitive.

TTDegs · 11th February 2007, 00:13

And (in theory) all registered (read 'licensed') sellers of finance should now be quoting APR, not Flat Rate.

as of last March, they should also quote:

Total cost of repaying the loan
Costs if you repay the loan 1/4, 1/2 & 3/4 of the way through *

and this detail must be given to you before you sign the agreement (though, technically, it need only be seconds before)

Carveat emptor - always read the small print

* PS - and a shed load of other stuff to make it easy for us, the comsumer, to judge one offer against another.
Except in reality, the guidelines were so shi1te that each finance company interpretted them differently, so it's actually become worse.
And you get about 45 pages to try and read through when all you want to do is sign and get the keys to the blinking car!

Raldanash · 13th February 2007, 15:29

Quote:

Originally Posted by basegreen

I bet you £10 that was 4.5% FLAT, and not the normally reported APR.

This is a common dealer trick, and for rough estimate purposes the "flat rate" is approximately double the APR.

That means a 4.5% flat rate is actually 9% APR which is very uncompetitive.

... exactly what happened to me when I bought my Touran (Alfa replacement *sigh*) in 2004. 5.2 he quoted, 10.4 it turned out to be. I got a decent discount for taking finance....

needless to say, I paid off the finance after 2 months and migrated it somewhere cheaper. I think because I got an extra discount for taking finance, it ended up not costing me anything extra.

SheepCivic · 13th February 2007, 15:49

Received a letter yesterday from the local dealer, due to pick up my NHB ex 2.2 in mid march. She had some NEW financial offers, originally they had quoted 10.4%APR, which I didn't even look at. The revised offer was 7.2% APR which i quote ' you'll find very competitive', hmmm not. Rates on money supermarket have risen recently despite no increase by the government this week.

The letter ended with.......' if you are considering using your savings to purchase the car, please phone me to discuss the hidden costs of using you own savings' .......... honestly do they think people spending over £15k on a car are that thick !

gb110430 · 13th February 2007, 19:58

BUT 7.2 % APR is competitive right ????

basegreen · 13th February 2007, 20:31

Whatever you choose, you need to be aiming at around or under 7% atm

gb110430 · 13th February 2007, 21:22

yeh but 7.2 % apr on pcp is extremely competitive

basegreen · 13th February 2007, 21:26

PCP/HP is a different matter, yes.

gb110430 · 13th February 2007, 21:55

hp on a civic is rediculous

2nd February 2007, 15:22	#1 (permalink)
Lozza Locking Wheelnut Join Date: 1st February 2007 Location: Hampshire Posts: 175 Thanks: 0 Thanked 0 Times in 0 Posts	Honda Finance Seeing as everyone was so helpful with my Civic v. Leon problem got another question for y'all (as it looks like the Civic is the one for me now ).... How many of you used Honda Finance to buy your car and ,if so, did you manage to knock them down from the 10.6% apr they quote on their website? Seems there's cheaper options available (if you can be arsed)...just curious..

11th February 2007, 00:13	#13 (permalink)
TTDegs Super Moderator Civinfo master Join Date: 4th August 2006 Location: Cardiff Posts: 5,638 Thanks: 0 Thanked 1 Time in 1 Post	And (in theory) all registered (read 'licensed') sellers of finance should now be quoting APR, not Flat Rate. as of last March, they should also quote: Total cost of repaying the loan Costs if you repay the loan 1/4, 1/2 & 3/4 of the way through * and this detail must be given to you before you sign the agreement (though, technically, it need only be seconds before) Carveat emptor - always read the small print * PS - and a shed load of other stuff to make it easy for us, the comsumer, to judge one offer against another. Except in reality, the guidelines were so shi1te that each finance company interpretted them differently, so it's actually become worse. And you get about 45 pages to try and read through when all you want to do is sign and get the keys to the blinking car! Last edited by TTDegs; 11th February 2007 at 00:15.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

Similar Threads for: Honda Finance
Thread	Thread Starter	Forum	Replies	Last Post
Finance Honda Finance Offer	Keasden	Buying, Dealers and Servicing	10	31st August 2007 14:50
Finance how did you pay - Cash or Finance	dsmilie432	Buying, Dealers and Servicing	42	30th May 2007 13:14
New lightweight Honda hits road - Honda S2000 CR	Honda News Feed	Honda News	0	17th April 2007 09:30
Finance finance experince in birmingham	gb110430	Buying, Dealers and Servicing	3	18th February 2007 15:03
New Honda Aviation Subsidiary 'Honda Aero, Inc.' Begins Operations Near Washington, D	Honda News Feed	Honda News	0	2nd November 2006 22:44


This thread is about: Honda Finance, it's in Buying, Dealers and Servicing at the Honda Civic forum Civinfo; Seeing as everyone was so helpful with my Civic v. Leon problem got another question for y'all (as it looks like the Civic is the ...

2nd February 2007, 16:23	#2 (permalink)
TTDegs Super Moderator Civinfo master Join Date: 4th August 2006 Location: Cardiff Posts: 5,638 Thanks: 0 Thanked 1 Time in 1 Post	Lozza - haven't used it myself, but... I would seriously recommend shopping around. I doubt you'll be able to beat them down much on the APR - but you'll stand a better chance if you can wave something under their nose which is going to cost you less They definately do have some margin to play with Even if they don't know it... It might need a call to Honda Finance Head Office to aprove, and as ever it will depend on how much they want the deal.

2nd February 2007, 17:23	#3 (permalink)
Topcat Supporter Civinfo guru Join Date: 11th May 2006 Location: Middlesex Posts: 2,743 Thanks: 0 Thanked 9 Times in 9 Posts	If you are using finance I would definately shop around and get a better rate, then you will in effect be a cash buyer and will be in a better position to haggle on the price

2nd February 2007, 17:30	#4 (permalink)
basegreen Super Moderator Civinfo guru Join Date: 15th April 2006 Location: noitacoL Posts: 2,869 Thanks: 0 Thanked 2 Times in 2 Posts	Cheapest loans at the moment probably Northern Rock or ASDA. You want to be aiming under 6%.

2nd February 2007, 17:58	#5 (permalink)
Lozza Locking Wheelnut Join Date: 1st February 2007 Location: Hampshire Posts: 175 Thanks: 0 Thanked 0 Times in 0 Posts	Cheers for the advice. I think I may end up getting a personal loan,only downside being tht it'll be over 5 years...as opposed to paying same for PCP and handing the car back after 3yrs...I'll see what Honda come up with I guess!

2nd February 2007, 18:05	#7 (permalink)
Lozza Locking Wheelnut Join Date: 1st February 2007 Location: Hampshire Posts: 175 Thanks: 0 Thanked 0 Times in 0 Posts	Yeah I'll give that a go I think...A & L are my bank so I might get a bit off the apr...its gonna be painful either way as I'm only gonna get 1500 for my 106 and the rest is finance..ouch!! Worth it though when you see how great the car is!

2nd February 2007, 18:31	#8 (permalink)
Kerry Valve Cap Join Date: 6th November 2006 Posts: 38 Thanks: 0 Thanked 0 Times in 0 Posts	Hi Lozza I was lucky to take out a HSBC loan for 5.9% but they return 25% of the interest at the end which reduces the rate to 4.5%. Try looking on moneysavingexpert.com my son in law swears by the advice given. I personally have not used it as yet but we try in the future. Regards Kerry

2nd February 2007, 19:13	#9 (permalink)
Adambsmith Valve Cap Join Date: 14th October 2006 Location: York Posts: 22 Thanks: 0 Thanked 0 Times in 0 Posts	If you can prove that you can get a lower rate elsewhere then you should always go back to the dealer and let him try to beat it. If he can't you've lost nothing. Being a "cash buyer" is no guarantee that you'll get a better deal than those using finance from the dealer. The dealer gets a nice commission cheque if he sells you a finance agreement which he may (or may not) share with you by lowering the interest rate, a further discount on the car or some freebie options.

10th February 2007, 19:13	#11 (permalink)
caz1562 Locking Wheelnut Join Date: 23rd January 2007 Location: Central Scotland Posts: 135 Thanks: 0 Thanked 0 Times in 0 Posts	I managed 2 get 4.5% from my dealer using Honda finance

13th February 2007, 15:49	#15 (permalink)
SheepCivic Supporter Valve Cap Join Date: 29th December 2006 Posts: 33 Thanks: 0 Thanked 0 Times in 0 Posts	Received a letter yesterday from the local dealer, due to pick up my NHB ex 2.2 in mid march. She had some NEW financial offers, originally they had quoted 10.4%APR, which I didn't even look at. The revised offer was 7.2% APR which i quote ' you'll find very competitive', hmmm not. Rates on money supermarket have risen recently despite no increase by the government this week. The letter ended with.......' if you are considering using your savings to purchase the car, please phone me to discuss the hidden costs of using you own savings' .......... honestly do they think people spending over £15k on a car are that thick !

13th February 2007, 19:58	#16 (permalink)
gb110430 Wheelnut Join Date: 10th February 2007 Posts: 53 Thanks: 0 Thanked 0 Times in 0 Posts	BUT 7.2 % APR is competitive right ????

13th February 2007, 20:31	#17 (permalink)
basegreen Super Moderator Civinfo guru Join Date: 15th April 2006 Location: noitacoL Posts: 2,869 Thanks: 0 Thanked 2 Times in 2 Posts	Whatever you choose, you need to be aiming at around or under 7% atm

13th February 2007, 21:22	#18 (permalink)
gb110430 Wheelnut Join Date: 10th February 2007 Posts: 53 Thanks: 0 Thanked 0 Times in 0 Posts	yeh but 7.2 % apr on pcp is extremely competitive

13th February 2007, 21:26	#19 (permalink)
basegreen Super Moderator Civinfo guru Join Date: 15th April 2006 Location: noitacoL Posts: 2,869 Thanks: 0 Thanked 2 Times in 2 Posts	PCP/HP is a different matter, yes.

13th February 2007, 21:55	#20 (permalink)
gb110430 Wheelnut Join Date: 10th February 2007 Posts: 53 Thanks: 0 Thanked 0 Times in 0 Posts	hp on a civic is rediculous