What is a fair APR rate for a 2008 honda civic lx?

Question

right now the dealer wants to give me a 6.9 apr on a honda civic lx worth 16,999.98 and i know i have a good credit score plus i am giving 2,000 down payment

Answer 1

tell him 0 if not walk out give him your number and when he calls don't settle for more then 3 maybe 3.5  

Answer 2

Honda is currently offering an incentivized APR of 4.99% on 60 month loans and 5.49% on 72 months in California. If you aren't in Cal, go to edmunds.com to find the current rates offered in your state.

To qualify for the low rate you need Tier 1 credit. That means a credit history of at least five years, at your present job for at least two years, a FICO score of 720+ and no derrogatory marks on your report, such as 30-60-90 day late payments, charge offs, credit refused. Also, your debt to income ratio cannot be more than 34%. That means that all your monthly expenses cannot exceed 34% of your monthly gross income. If you've never financed a car before, that can work against you too.

If you don't meet all the criteria for a low rate, then 6.9% sounds like a fair deal.

Answer 3

Except for Commenter No. 1, No. 2 & 3 have given absolutely fantastic advice. What I can only add is that you could try your local Credit Union as well and see if you get any better rate.