Honda Financial Services: In-Depth Review

Honda Financial Services (HFS) could help you get your next Honda product, whether that be a car, motorcycle, boat, or lawnmower. The company is an arm of American Honda Motor Co., Inc. and it began its financing operation in 1980.

Now, it offers purchasing and leasing options, programs to help customers save, and an easy online pre-approval process.

The only question is, will HFS offer you the best deal? Here’s an in-depth review to help you find out.

Honda Financial products and services

Honda Financial (HFS) provides financing solutions for new and certified pre-owned Hondas through its network of authorized dealers.

What does the term “Certified Pre-Owned” mean for Honda Finance vehicles?

  • The vehicle has passed a 182-point mechanical and appearance inspection
  • It has undergone reconditioning to meet factory standards
  • It comes with a Honda Certified Pre-Owned Limited Factory Warranty

You can apply for a lease or loan with terms ranging from 24 to 60 months. Below is a closer look at both options.


First, let’s talk about leases. HFS customers can opt for the standard lease in which they pay monthly over a set term. On the other hand, HFS’s One-Payment Lease allows for one up-front payment for the entire lease.

Regardless of which payment plan you select, you can choose from a 12,000 or 15,000 annual mileage plan. Further, you can purchase additional miles at signing for less than they will cost after going over your limit.

Next, Guaranteed Asset Protection (GAP) is included when leasing a car with HFS.

That means, if your vehicle is totaled or stolen, the difference between the insurance coverage and the outstanding balance will be covered.

At the end of the lease, you can purchase the vehicle, trade it in for another Honda, or return it. If you purchase it, there will be no surprises as the price is determined when you sign your lease.

Lastly, leases come with a $500 excessive wear-and-use or damage waiver.


Now for a look at the financing option for Honda customers.

HFS offers financing for a variety of vehicles and equipment including:

  • New and certified-pre-owned Honda vehicles
  • Motorcycles and power sports products (ATV, scooters, off-road vehicles, etc.)
  • Power equipment (lawn mowers, snow blowers, generators, etc.)
  • Marine vehicles (boats, motors)

Terms can vary depending on the type of vehicle you purchase. After applying, you will find out the rates and terms for which you are qualified.

If you agree to them, you will pay the down payment (if required) and the monthly payments for the remainder of the term.

When the contract ends, you will own the vehicle.

Leadership Purchase Plan

In addition to the standard financing structure, HFS also offers the Leadership Purchase Plan.

The plan enables little-to-no down payment and small monthly payments for 24 to 48 months. The payments only cover the depreciation of the vehicle and finance charges.

At the end of the term, you can purchase the car at a pre-determined price, return the vehicle and walk away, or return the vehicle and purchase a different one.

Lastly, annual mileage is limited, and a $1,500 excess wear and use waiver applies.

Honda Care

When you purchase a vehicle, HFS offers vehicle service contracts (VSC) to help you protect it.

VSC options include:

  • Pre-Owned Vehicle Coverage
  • New Vehicle Coverage
  • Powertrain Coverage (Pre-Owned Vehicles Only)
  • Certified Additional Coverage

The New Vehicle, Pre-Owned Vehicle, and Certified Additional Coverage options cover the drivetrain, electronics, chassis, heating and cooling systems, and Honda Genuine Accessories.

The Powertrain Coverage covers the engine, front and rear drive axle, transmission, seals, gaskets, and fluids.

They also come with the following benefits:

  • Rental car reimbursement
  • No interest payment plan
  • Roadside assistance
  • Trip interruption benefit
  • Concierge emergency services 24/7
  • Transferrable

Additionally, Guaranteed Asset Protection (GAP) is available.

In the unfortunate event that your vehicle is stolen or totaled, this coverage will waive the difference between what you owe the lender and what your insurance covers (up to $50,000).

Further, it waives your insurance deductible up to $1,000.

HFS Special programs

Looking for ways to save? Honda Financial Services offers the following programs:

  • College Grad Program: Qualifying college graduates (or students who will graduate within the next six months) who have proof of employment (or a firm offer), can save $500 when buying or leasing a new Honda.
  • Military Appreciation Program: Qualifying military members and their spouses can also save $500 when leasing or buying a new Honda.
  • Honda Maintenance Program: Pre-pay for your Honda’s routine maintenance for a set term and save.
  • Customer Loyalty Program: Repeat HFS customers who lease within 30 days of a previous lease may qualify for an extra $1,000 Excessive Wear-and-Use or damage waiver, as well as a turn-in fee waiver.
  • Offers: Lease and financing specials are always running for specific car configurations and selected dealers. Check the current offers page to see if any deal suits your needs.

Be sure to double check with your local dealer to find out if you qualify for any savings.

Customer service

Next, let’s take a look at how HFS fares in its customer service. The HFS website offers some shopping tools and the ability to get pre-approved online, which is a plus.  

Once you’re a customer, you can call the Honda Financial phone number to speak with customer service representatives from Monday to Friday, 9 a.m. to 5 p.m.

Note, HFS has regional offices, so the number you call will depend on where you live.

Additionally, you can get account information 24/7 by calling the automated line or registering your HFS account online.

An online account enables you to:

  • Sign up for paperless billing
  • Make payments
  • View your Honda Financial statements
  • Receive email and SMS alerts
  • Update account information

If you have questions about your vehicle, lease, or vehicle service contract, each department has a dedicated phone line. Further, you can always contact your local dealership for support.

As for payments, Honda Financial’s payment options include:

  • Online: Pay online through the HFS website using a checking or savings account
  • EasyPay: Automatically pay your bill each month from a checking or savings account
  • MoneyGram: Pay at a retail location using cash (fees apply, and debit cards are accepted at some locations)
  • Mail: Mail in your payment (the Honda Financial address you send your payment to will vary depending on your state and product)
  • Phone: Pay over the phone using the 24-hour automated system
  • Western Union Quick Collect: Pay at a retail location using cash (fees apply, and debit cards are accepted at select locations)
  • Western Union SpeedPay: SpeedPay allows you to pay over the phone using cash or a debit card (fees apply)

Unfortunately, several customers have reported poor experiences with the company.

Honda Financial Services online pre-approval

If you’re interested in purchasing or leasing a Honda through Honda Financial, pre-approval is the first step. You can apply at a participating dealership or online.

Note, the process will hurt your credit score.

What you’ll need to apply:

  • Know the Honda model you want
  • Social Security number for each applicant
  • Savings and checking account numbers
  • Employment information
  • A down payment amount (when applicable)

Here’s how the online application process works:

  1. Visit our Honda section and click “Apply Online.”Honda Financial Services review

  2. Choose the selections that apply to you or the vehicle you’d like to purchase/lease.Honda Financial Services review

  3. Provide your personal information.Honda Financial Services review

  4. Enter your employment information.Honda Financial Services review

  5. Provide your income and vehicle/finance details.Honda Financial Services review

  6. Review all of the information you entered. You can print off the page for later as it will help you check the status of your application.Honda Financial Services review

  7. Agree to the terms and conditions and submit your application.Honda Financial Services review

That’s it! You will typically get an email within one business day that says your application status is ready. You can also check the status online with your credit application number.

Upon approval, you will take the pre-approval notice to the Honda dealer to finalize the deal.

The verdict: Is Honda Financial right for you?

So is Honda Financial Services a good fit for you?


Compare the pros and cons to make a better decision.

  • Easy online pre-approval
  • Dealer inventories available online
  • Special programs can help eligible customers save
  • Build your own model online
  • Purchase additional mileage upfront (for leases)
  • Specializes in Honda vehicles
  • Helpful online presence
  • Competitive interest rates
  • Pre-approval process hurts your credit
  • Must buy or lease from a participating dealer
  • May not offer the best overall value
  • Restrictions on which vehicle you can buy or lease
  • Poor reviews from past customers

The bottom line

Honda Financial has been in the business of financing and leasing Hondas for almost three decades. It has a wide variety of offerings, programs, and support channels.

To find out what rates and terms you qualify for, click here to visit the website and apply.

But keep in mind, many other lenders exist that may be able to offer you a better deal. Beyond that, they may offer other benefits such as more freedom when choosing your vehicle, pre-approval without hurting your credit score, and better customer service.

So, to ensure you’re making the right decision, you’ll want to shop around and compare rates before settling.

Start by getting pre-approved offers from various lenders here. By doing so, you’ll be able to easily find your best option without hurting your credit in the process.