Honda finance review in 2023
Honda finance review in 2023
There are low interest rates for drivers with good credit. Honda Financial Services offers loans and leases to people who want to buy a new, used, or “certified pre-owned” (CPO) Honda.
Through Honda finance, drivers with good credit can get low annual percentage rates (APRs) and other perks.
The Home Media Reviews team will talk about the different ways to finance a Honda and explain how to do so. We’ll also tell you about other places that offer the best rates on auto loans.
Better Business Bureau (BBB) rating: F
In 1948, the Honda Motor Co. Ltd. was founded in Hamamatsu, Japan, as a company that made bicycle engines. In 1959, the company started doing business in North America. Its first office was in Los Angeles. The company makes cars and SUVs for Honda and Acura right now.
Honda has a good name in the industries of manufacturing and finance. Even though the average customer rating on the BBB is 1.1 stars, there are only about 70 reviews on the company’s page. That’s a very small part of what the automaker does.
How to pay for a Honda
Honda Financial Services will help you get a loan for a new, used, or Certified Pre-Owned (CPO) Honda car from a Honda dealership. Before you buy or lease a Honda, you can apply for financing online. Honda will let you know if you’re approved after you send in your application.
During our research, our finance experts found that Honda doesn’t list a minimum credit score needed for an auto loan or lease. Keep in mind that people who borrow money often get lower interest rates if they have good credit.
Buying a Honda
Honda loans can be used to buy new, used, or Certified Pre-Owned (CPO) cars. During our research, our experts found that Honda tends to offer special APRs several times a year. At the moment, the APR for people with good credit starts around 1.9%. Honda car loans have terms that range from 24 to 72 months.
If you pay off your new or used Honda early, you won’t have to pay any fees or penalties.
To rent a Honda
One of the best things about a Honda lease is that the monthly payments are lower. Honda lets people rent cars for 24 to 60 months, and they can choose to drive 10,000, 12,000, or 15,000 miles per year.
Guaranteed asset protection (GAP) insurance comes with every lease. It covers the difference between how much you still owe on your lease and how much your car insurance pays out if your car is damaged or stolen.
The one-pay lease from Honda
Honda has a program called “one-pay leasing,” which lets you pay for your lease in a single transaction. Some of the best parts of the program are the $500 waiver for excessive wear and tear or damage, as well as the savings and income tax benefits that may be available.
Plan for Honda to Buy Its Leaders
The Leadership Purchase Plan from Honda is a service contract that makes it easy to pay for a Honda car. Once your contract is up, you can trade in your car, return it, or buy it at a price that is guaranteed.
Who can get a loan for a Honda car?
Honda doesn’t list the requirements for getting an auto loan or lease on its website. But loan agreements can only be signed by people who are at least 18 years old. This is because people under the age of 18 are considered to be minors, which means they can’t sign contracts with lenders.
Honda finance application process
To get a loan or lease for a Honda, you’ll need to show that you have enough money to make payments on time. By filling out a preapproval loan application, you can find out how much money you might be able to borrow.
When you want to get preapproval, you’ll need to do the following:
Tell us about yourself: You can fill out the preapproval application online, or you can print it out and bring it to the Honda finance center and dealership closest to you.
Receive a decision: Honda Financial Services will send you an email to let you know when your application status is ready. You can also check the status of your application online by going to the “Finance Tools” menu and clicking on “Apply for Pre-Approval.”
Accept the offer or say no: If you like the terms Honda Financial Services gives you, you can take your preapproval email and talk to the finance team at the nearest dealership. They’ll help you get the Honda car you’re looking for.
Reviews of Honda’s finances
In the business world, Honda Financial Services has an average reputation. On the profile for its parent company, the American Honda Finance Corp., you can find the BBB score and customer reviews for the financing department (AHFC). In this case, the company is accredited by the group and is not rated.
On the BBB, customers give AHFC an average score of 1 out of 5 stars. Even though this seems like a small number, less than 100 people have reviewed Honda’s financial branch, which is a very small percentage of its customers.
In the J.D. Power 2021 U.S. Consumer Financing Satisfaction StudySM, Honda Financial Services got 860 points out of a possible 1,000, which put them in third place for overall customer satisfaction. It came in third, just after Ford Credit and Capital One Auto Finance.
Our review team asked Honda what they thought about these scores, and this is what they said:
“Honda Financial Services wants all account holders to have a good time financing a vehicle. Any account holder who has questions or concerns should contact their nearest regional customer service office. You can find the location of your nearest regional customer service office by going to
Bottom line on Honda finance
Even though customers give Honda average ratings, their financing options are worth looking into if you want to buy a car from the company. The company gives you both auto loan and lease options, so you can choose what works best for you. Also, Honda Financial Services has APRs that are lower than many others in the industry.
Recommendations for auto loans
Look around for the best auto loan rates before you buy or lease a car from Honda. For quotes on loans and refinancing, we suggest getting in touch with myAutoloan and Auto Approve.
The online marketplace myAutoloan lets you compare auto loan rates in one place. The company lets you compare auto loans for buying new or used cars, refinancing, and getting out of a lease. Rates start as low as 2.24 percent for people who have great credit and want to buy new cars.
In the market as a whole, myAutoloan has a good name. The BBB has given it an A+ rating and approval. On Trustpilot, customers give myAutoloan an average of 4.2 out of 5 stars.
Auto Approve is the best way to refinance.
Auto Approve is a company that specializes in refinancing auto loans. They also have a lease buyout option for people who want to buy their leased cars. For refinancing, the company’s rates start at 2.25 percent, but only people with high credit scores can get lower rates. Auto Approve doesn’t offer loans for either new or used cars.
Auto Approve has a good reputation in the business world. The BBB has given the company an A+ rating and given the company an accreditation. On the BBB, customers rate the company an average of 4.4 out of 5 stars.
How hard is it to get a loan from Honda?
No, it’s not hard to get a loan from Honda for a new or used car. But through Honda finance, people with good credit may be able to get lower interest rates.
Is American Honda Financial the same as Honda Financial Services?
Yes, AHFC works as Honda Financial Services and helps people get loans to buy Honda cars, SUVs, minivans, motorcycles, and power sports products.
Where do I pay for my Honda?
Sign in to your Honda Financial Services account to make a payment. You can also find out about your account and how to pay it off.