Honda Financing: What To Know
If you’re in the market for a Honda, you should know where to get the best Honda finance rates for your new ride. Whether you just started looking or you already have a loan offer in hand, we’ll help you find Honda financing offers with monthly payments that you can afford. Plus, we’ll give you the tools and data you need to determine whether you’re getting a good deal on your new or certified pre-owned Honda.
How do your Honda payments compare to the average?
We calculated the average monthly payment of borrowers in different credit ranges for the most popular Honda models. If you already have a Honda financing offer in hand, you can use the tables below to compare your offer to the average payment for borrowers with similar credit.
If you’re just browsing, take a look at the monthly payments for any car model you’re interested in to get a sense of what a Honda might cost you based on your credit score.
You can even use our tables to estimate how much you can decrease your monthly car payment by improving your credit. That said, our data sometimes shows higher monthly payments for people with excellent credit than for people with good or fair credit. Borrowers with excellent credit scores often choose shorter loan terms, which can increase their monthly payments but may allow them to pay less in interest over the course of the loan.
How did we get these numbers?
We compiled data using reputable sources like Experian and Kelley Blue Book to estimate monthly Honda payments for borrowers in different credit bands. All of our monthly payments are based on Honda’s MSRPs (manufacturer’s suggested retail prices) and don’t account for title transfer fees, add-ons, dealer fees or discounts.
Learn more about how we calculated average monthly Honda payments.
Estimated average monthly payments for new Hondas
| Model | Starting MSRP | Monthly payment (501-600 credit score) | Monthly payment (601-660 credit score) | Monthly payment (661-780 credit score) | Monthly payment (781-850 credit score) |
|---|---|---|---|---|---|
| 2024 Honda Accord | $27,895 | $401.22 | $373.64 | $364.86 | $390.73 |
| 2024 Honda CR-V | $29,500 | $461.89 | $402.22 | $392.76 | $420.61 |
| 2024 Honda Pilot | $37,090 | $576.98 | $537.34 | $524.70 | $561.91 |
| 2024 Honda Civic | $23,950 | $325.79 | $303.41 | $296.28 | $317.28 |
| 2024 Honda Odyssey | $37,840 | $591.32 | $550.69 | $537.74 | $575.87 |
Estimated average monthly payments for used Hondas
| Model | Fair purchase price | Monthly payment (501-600 credit score) | Monthly payment (601-660 credit score) | Monthly payment (661-780 credit score) | Monthly payment (781-850 credit score) |
|---|---|---|---|---|---|
| 2018 Honda Accord | $17,790 | $330.90 | $286.32 | $256.91 | $256.27 |
| 2018 Honda CR-V | $18,619 | $350.96 | $303.67 | $272.48 | $271.80 |
| 2018 Honda Pilot | $19,211 | $365.28 | $316.07 | $283.60 | $282.89 |
| 2018 Honda Civic | $10,671 | $158.69 | $137.31 | $123.20 | $122.90 |
| 2018 Honda Odyssey | $19,546 | $373.38 | $323.08 | $289.89 | $289.17 |
Honda finance options
When it comes to finding an auto loan with low interest rates for your Honda, you have several options. You’ll likely find the best rates through Honda Financial Services or a financial institution, but online lenders are certainly worth considering. In-house financing should be a last resort, even if you have bad credit.
Honda Financial Services
You’re looking for a special offer or you want a new car warranty.
Honda’s financing company, Honda Financial Services, offers competitive financing rates on new and certified pre-owned Honda vehicles. Getting a loan directly from the manufacturer is called captive financing, and it can be a great option if your credit score is high enough to qualify.
Interest rates from Honda Financial Services vary and depend on several factors, including your location, your credit and the car model and year. Honda sometimes offers special financing on specific models during promotional sales events, so it’s a good idea to keep your eye out for Honda finance deals on their website.
Honda Financial Services doesn’t disclose a minimum credit score requirement, but it does allow you to see whether you’re likely to qualify for a loan by applying for preapproval. The application only takes a few minutes, and you’ll know whether you’re approved — and, if you are, what rates you qualify for — in one business day. Then, you can request a quote from a local dealership and apply for Honda financing through them.
There are several perks available to borrowers who finance through Honda Financial Services, including special offers and discounts. We’ve outlined some of our favorite benefits below.
College Grad Program
Honda Financial Services is currently offering $500 toward a down payment or the total amount of your loan for your new Honda if you’ve graduated from college within the past two years or you will graduate in the next six months.
Military Appreciation program
Active duty military members, eligible veterans and their spouses may qualify for $500 off their down payment or the total amount of their loan through Honda Financial Services.
New Honda warranties and Honda Service Pass
New Hondas are covered for three years or 36,000 miles through the new vehicle limited warranty, and the powertrain is covered for five years or 60,000 miles.
Honda’s new Honda Service Pass covers factory-scheduled maintenance, including oil changes and tire rotations, for the first two years or 24,000 miles. It’s easy to remember when to schedule your service since your new Honda will let you know with an alert.
Certified pre-owned Hondas
Honda offers three levels of certification for its certified pre-owned vehicles: HondaTrue Certified+, HondaTrue Certified and HondaTrue Used. Each of these levels comes with extended warranties and roadside assistance for the length of the limited warranty. All HondaTrue cars undergo a 182-point inspection and are reconditioned to manufacturer standards before going up for sale.
Bank and credit union auto loans
You can get a discounted rate from your bank or credit union.
Before you visit a dealership, check to see if you’re affiliated with financial institutions that offer special deals on auto loans. National banks like Bank of America or PNC Bank offer discounted rates on car loans to current clients or members. For instance, if you already have a Chase Private Client Checking account, you’ll qualify for a 0.25% annual percentage rate (APR) discount on a Chase auto loan.
Interest rates on credit union auto loans are also likely to be competitive because they are regulated by the federal government and are currently capped at 18%. Some credit unions offer car-buying services that help members get discounted rates.
Of course, you’ll need to be a member of a credit union to get these benefits, but depending on the credit union, qualifying can be easy. To qualify for membership with PenFed and apply for a PenFed auto loan, for instance, you just need to open a PenFed account and deposit $5.
Online auto loans
You want to compare several loans to find the best rate.
People with fair or bad credit who can’t get a loan through their financial institution or Honda Financial Services are more likely to qualify for an auto loan through an online lender. Even if you already qualify for low rates, we recommend getting a few quotes from online lenders for your auto loan to ensure you’re getting the best financing deal.
You can see financing offers from up to five online lenders through LendingTree’s auto loan marketplace. Looking at rates won’t affect your credit score, and you’ll be able to compare several offers at once in order to choose the one with the lowest rates and best terms.
In-house financing
You have bad or no credit and don’t qualify for any other options.
We recommend exhausting all other options before considering in-house financing at buy here, pay here dealerships. In-house financing is exactly what it sounds like: You’d finance your Honda through the dealership rather than through a bank or other lender.
Loans from buy here, pay here dealerships typically come with low eligibility requirements, so they’re available to people with bad credit. But you’ll pay a steep price for the ease of getting a loan. In-house financing dealerships sometimes use predatory lending practices, charging such high interest rates that borrowers can’t reasonably be expected to afford them.
Before signing on the dotted line at a buy here, pay here dealership, try financing your car through Honda Financial Services, a financial institution or an online lender. If you’re not able to get a loan from these lenders with your current credit score, take some time to improve your credit to qualify for better rates.
How we calculated average monthly Honda payments
To calculate average monthly Honda payments, we found estimated starting MSRPs for some of Honda’s most popular models.
Then, we subtracted an average down payment from each MSRP. According to Edmunds, the average down payment on a new vehicle was $6,907 in Q3 2023. For used vehicles, it was $4,111. The resulting figure represents the total amount our hypothetical borrowers financed.
From there, we used our auto loan calculator to figure out average monthly Honda payments, using average APRs and loan terms as reported by Experian’s State of the Automotive Finance Market Q3 2023. You’ll find this data in the tables below. Please note that loan terms were rounded to the nearest whole number during our calculations.
Average APRs and loan terms for new car purchases in Q3 2023
| Subprime (501-600) | Near prime (601-660) | Prime (661-780) | Superprime (781-850) | |
|---|---|---|---|---|
| Average APR | 11.86% | 9.29% | 6.88% | 5.61% |
| Average loan term | 73.87 months | 74.13 months | 70.26 months | 62.23 months |
Average APRs and loan terms for used car purchases in Q3 2023
| Subprime (501-600) | Near prime (601-660) | Prime (661-780) | Superprime (781-850) | |
|---|---|---|---|---|
| Average APR | 18.39% | 13.53% | 9.33% | 7.43% |
| Average loan term | 66.28 months | 68.59 months | 68.56 months | 65 months |
Frequently asked questions
That said, at the time of writing, Honda is offering APRs as low as 0.9% on the 2023 Ridgeline and as low as 2.9% on the 2024 Honda Accord in select areas.
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