You had read all the replies.
My advice is check out with any Credit Union in your area to find out the
best rate on your dream car, then you compare them apple to apple, and choose
the best one suits your wants, needs and your financial goals.
If your current car is still safe on the road, drivable, and no symptoms of
breaking down on the road soon ... then keep driving that car, save your $$
(about 25% of your paychecks), 1 year from now.
Put all the saving $$ into your CD (long terms or short tems, google to get
the best rate for CDs, the highest APY is Citibank) to maxmize your $$.
Then next year, use your CDs and your newer Honda (which you are going to buy
next year) against your loan at the financial institutions (C.U or bank).
I am sure that the interest rate would be dropped below the rate offered at
the dealership.
Please dont forget to pay your car payment on time to buil up your credit
hostory and credit score again.
From now until the day you get your newer car next year, try to get a loan
(of 1 or 2K, dependings on how much you can afford of the monthly payment,
dont let the loan officer know that you are building up your credit, just
simply write "personal use" on the purpose of the loan) at any financial
institutions to build up your credit.
Dont use this $$, putting into your checking acct, then start paying the loan
..... You should pay off the loan 1-2 months earlier than its maturity date ...
..
All techniques I mentioned here, related to the loan, to get you a better
credit history and its score .... to save you on the interest rate later on
your new car, even your credit history later in your life .....
Of course, the last option, if you want your newer car so bad, then doing
your homework via google .... the bad part of it is you might not get all the
special functions you want.
All depends on what you have on your priority list, vehicle first or credit
score first, as it is really hard to get a co-signer.
Good luck
michael e dziatkowicz wrote:
>How can I get a newer Honda with a sunroof, navigation, lower miles, and a
>cd changer/sound system with ok/poor credit, no down payment, a trade in and
>good work history?
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