I am 18, my dad owns Rhino Linings of Middle GA...so he can say ive been working there for x number of years...i just started my new job...thing is i have no credit...can i get financing on the honda card???

 

You probably can - Even though you have no credit history you do have an established work history. As a first time borrower, you may find that you will have to come up with more of a downpayment. Unfortunately, credit is most based on credit history - no credit history is just a notch above a poor credit history, as you and your payment habits are an unknown factor to the lender. Still, I would bet you could qualify for the Honda card plan - if for no reason other than they charge a very high rate so they should be willing to take higher risks.

The Honda card is a variable rate card that is currently charging 16.75% Local bank or credit unions will charge about 6 - 8% for an ATV loan for someone with a good credit history. An 8% loan will save you over $1,000 over the life of the note. (assuming a $5,000 quad for 4 years). Even a 12% loan will save you about $600.

That said, you may want to consider if the Honda card plan is the best way for you to go. Since your father is an established businessman and you have shown a tracable work history, you may want to consider looking for some local bank or credit union financing. You will get a better deal if you can use your dad as a co-signer, in fact - some banks may not be willing to loan money to an 18 year old first time borrower unless there is a co-signer.

I was in your shoes about 25 years ago when I bought my first new car. I really did not want to 'use' my dad as a ticket to financing but the difference in interest numbers was enough to convince me. I paid for the car - ahead of schedule, and did not need a co-signer again.

Good luck

Jaybee

 

well this might sound stupid but can I get a used honda on the honda card

 

I doubt it, but it can't hurt to ask.

Jaybee

 

What kind of wheeler you looking at buddie i was in the same position you were in.. You need a quad terribly amen. I know what you are going through. new 400 ex loan for 5000 for 60 months 97.65 a month 6.25 apr. thats what i did.

 

Don't get anything on the HONDA card. I used it to get the wife a Rancher ES. Every payment the intrest was more than the principal. The wife was just filling in the amount adding a check and sending it. I got to looking at the bills one day and had a heart attack.

You will do alot better with secruing a loan at the bank you've been depositing those work checks into. Use them. This is a secured loan, and you may need co-signer.

What ever you do don't put it on anykind of revolving charge account.

You can buy used anything at a Honda dealership with the honda card.

Smitty

 

I would do the correct thing and save your money for a huge down payment or better yet save up and pay cash for the machine.

You will appreciate the machine more because you earned it.

At your age why start off with a huge debt.

Chet

 

yamaha gave me a card.
honda would not give me one.
but honda finance aproved me,
and they pre aproved me for another quad
but they said i have to pay off the one i have first.

But they still wont give me a card.

it's been easier for me to go through honda finance.......

 

Well im wanting to get a 300EX on the honda card...o yeah i havent been depositing the checks into an account at the bank...just been saving my money here at the c-rib.

Well what is the diff bewteen honda finance and the honda card? it doesnt really matter to me about the interest and all that...as long as my payments dont go over 120 bucks a month/60 months

 

Treadheavily, I would highly recomend doing some research on the workings of a loan and shop around for the best interst rate. Like Jaybeecon said, a drop of only a few percentage points can save you quite a bit of money. I would also be careful with the Honda finacing. I talked to 2 salesmen about their financing. One said that they had a pre-payment penalty. The other said they didn't, but that was enough for me to look elsewhere for financing. There are little loop holes like this that can really screw ya in the end so be careful.

Here's a link to several very good financial calculators.

http://www.interest.com/hugh/calc/

The one I like the best is the Generic Loan Amortization. This will give you the monthly payment, tell you how much of that payment is going towards the principle and interest and give the total amounts of each at the bottom.

Good luck with what ever you end up doing. This is a good time to start building a credit history and have a blast doing so.