Honda Financing Deals
|Loan terms |
Hondas are known for being reliable, efficient and long-lasting vehicles. Given their reputation, who wouldn’t want to own one? Even if you favor American-made cars, you may still want to consider a Honda since 95% of Hondas sold in the U.S. are made in North America.
If you need financing to buy a Honda, American Honda Finance Corp. (or Honda Financial Services) offers online preapproval for new and used car loans. If you’re approved, you can use your Honda financing to buy or lease a car from one of 1,000+ independent Honda dealers across the U.S.
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Honda financing options
Buying a Honda
Honda has been making cars since 1949. Now in its 75th year of business, the company has received its eighth consecutive Best Value Brand award from Kelley Blue Book (KBB). While that doesn’t necessarily mean that Honda is your best choice for financing, it’s certainly worth considering.
You might be able to qualify for Honda financing with credit scores as low as 610, and you can use the loan to buy a Honda or an Acura. But like the lending arm of other manufacturers, it can be hard to pin down the specific requirements needed to qualify for Honda financing. That’s because each dealership in Honda’s nationwide network has its own set of eligibility requirements.
Want to know if you might qualify? The best way to find out is to contact your local Honda dealership.
Leasing a Honda
Honda auto leases are often available with a low down payment or no down payment. While each dealership offers something a little different, here’s an overview of the Honda lease terms you might expect:
- Two-to-five-year lease terms available
- Annual mileage limit of 10,000 or 12,000 miles
- Penalty rate of $0.15-$0.20 per mile
- Option to prepay for extra mileage
At the end of your lease, you’ll have the option to either return or purchase your leased Honda. If you choose to lease another Honda within 30 days, you may be eligible for loyalty benefits, including a $500 wear-and-use waiver, a $500 damage waiver and a waiver for the turn-in fee on your current vehicle.
Honda financing pros and cons
Each Honda dealership has something slightly different to offer, which can make it difficult to know whether you’ll qualify. We recommend visiting the dealer’s website or giving the dealer a call since you may find low APR Honda financing deals or a special promotion for the model you want.
Low minimum credit score of 610
Low or no down payment available on leases
Co-applicants are allowed
Loan terms, fees and credit requirements vary by dealership
Offers change frequently
A closer look at Honda financing
If you are preapproved for an auto loan from Honda, you can use your financing to buy a Honda at one of over 1,000 authorized dealerships, some of which offer 0.00% APR financing from time to time.
But if you’re looking for a special promotion, you’re more likely to find a 1.90% to 2.90% APR deal on certain new models of Honda vehicles. For buyers with poor credit, financing rates are likely to be much higher.
When it comes to qualifying for an auto loan, Honda doesn’t disclose much information about eligibility requirements. You may be approved with scores as low as 610, and if your scores are lower, the dealership may help arrange other financing for you. Be sure to use an auto loan calculator to understand how much you can expect to pay each month.
Here are a few other features to keep in mind when shopping for a Honda:
- New vehicles come with a 3-year/36,000-mile bumper-to-bumper warranty, a 5-year/60,000-mile powertrain warranty and roadside assistance
- Dealer documentation fees may be as high as $579
- $500 savings for qualifying college grads and military members
Learn more about requirements and steps for how to get a car loan.
Honda offers several different classes of certified pre-owned vehicles (CPOs): HondaTrue Certified+, HondaTrue Certified and HondaTrue Used. Each CPO comes with a 3-day/300-mile exchange policy, emergency roadside assistance and one or two complimentary oil changes.
All of Honda’s CPOs come with multiple warranties, including HondaTrue Used vehicles, which are up to 10 years old. The powertrain warranty on Certified+ and Certified vehicles is competitive, covering the vehicle for 7 years or 100,000 miles.
How to apply for financing through Honda
You can apply for Honda financing online or by downloading the application and taking it to the dealership. Be prepared to provide the following details in your application:
- Contact information and Social Security number for each applicant
- Savings and checking account numbers
- Employment and income information
- Vehicle model you plan to buy
Honda will send your loan decision to you by email, usually within one business day. If you’re preapproved, your next step is to take your preapproval offer to the dealership.
How Honda financing compares
Honda isn’t the only manufacturer that offers 0% APR financing. If you’re looking for an interest-free promotion, Hyundai Financing could be worth considering. But if you want to avoid the uncertainty of offers that vary by dealer, LightStream could be a good option, especially if you’re looking for an extra-long repayment term and have excellent credit.
|Terms||24-72 months||24-72 months||24-84 months|
|Amount||Varies by location||Varies by location||$5,000-$100,000|
|Min. credit score||610||Not disclosed||Not disclosed|