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  Honda Financial Services Auto Loan

Honda Financial Services Auto Loan

in Auto Loans from Honda Financial Services

Unaffiliated

Honda Financial Services Auto Loan

Unaffiliated

in Auto Loans from Honda Financial Services

SuperMoney Net Recommendation Score -76

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -76, equating to 1.5 on a 5 point rating scale.

-76

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Strongly not recommended

4 users recommend
0 users are unsure
29 users don't recommend
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Highlights
Community Rating Strongly not recommended
Credit Score Range 650 - 850
Loan Amount N/A
APR  (Fixed APR) Starting at 1.9%
Loan Term (Months) Up to 72 months
Number of Reviews 33

Honda Financial Services Auto Loan Review

Honda Financial Services Auto Loan is offered by Honda Financial Services, a financial services company founded in 1980 and based in Torrance, CA. Honda Financial Services Auto Loan is available in 50 states (and Washington, DC).

Honda financial FAQ

What APR does Honda financial offer on its car loans?

Honda financial offers a fixed apr car loan product that ranges from 1.9% APR.

Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

What is the maximum auto loan term you can get with Honda financial?

Honda financial has car loans with a maximum term of 72 months. Having the option of longer terms allows borrowers to take on larger auto loan amounts while keeping monthly payments more affordable. However, the longer the term of your car loan, the more interest you will pay.

Does Honda financial charge an origination fee?

Yes, Honda financial may charge a loan origination fee.

Does Honda financial charge a late fee?

Yes, Honda financial charges borrowers with a late payment penatly fee

Does Honda financial charge prepayment fees?

Yes, Honda financial does charge borrowers a fee if they pay their loans early. Consider prepayment fees when you choose a lender because prepayment can reduce or even cancel the interest savings of repaying a loan early.

Can I pay off early my Honda financial loan?

Yes, you can. However, Honda financial charges a prepayment fee if you pay your car loan early. This fee could reduce or eliminate the savings from paying the car loan early.

What do you need to qualify for Honda Financial Services Auto Loan?

Applicants with a credit score of at least 650 and up to 850 may be eligible for Honda Financial Services Auto Loan. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Honda Financial Services Auto Loan does not have or does not disclose a minimum annual income eligibility requirement. Honda Financial Services Auto Loan only considers borrowers who are employed. Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members are eligible to apply for a loan via Honda Financial Services Auto Loan. Their rates fall within the limits of The Military Lending Act.

Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Recent pay stubs
  • Driver's license
  • Proof of citizenship or residence permit

What is the estimated funding time for a car loan via Honda financial?

Honda financial will typically approve (or deny) a car loan application within 24 hours and fund the car loan within 7 business days of approval.

Honda Financial Services Auto Loan Disclosure: "Not all buyers may qualify. Higher rates apply for buyers with lower credit ratings."
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From Honda Financial Services Auto Loan

Honda Financial ServicesSM, a DBA of American Honda Finance Corporation (AHFC), helps to satisfy the financing needs of consumers of Honda products including automobiles, sport utility vehicles, minivans, motorcycles, powersport products, marine engines and power equipment.

Honda Financial Services offers financing in the form of both retail installment sales contracts and leases, depending on the product and the needs of the particular customer. Leases are offered through our affiliate Honda Lease Trust for new and used Honda motor vehicles. In addition, we and our Florida affiliate American Honda Service Contract Corporation, administer vehicle service contracts sold by Honda Dealers throughout the United States.

With Honda Financial ServicesSM you get all three and more! We offer competitive financing on new and used Honda vehicles as well as Honda Certified Pre-Owned Vehicles. Plus, you can add Honda Care to ensure your investment is protected. So find that Honda vehicle that fits you best.

Message From Our Editor

What we love about Honda Financial Services

Honda Financial Services offers very reasonable rates if you want to lease a Honda or borrow money to purchase one. You can work with the company to get financing for new or certified pre-owned vehicles. There are also deals available that can help you save money, such as discounts for college graduates, military members, and people who recently finished a lease of another Honda.

What could Honda Financial Services do better?

The most obvious drawback of Honda Financial Services is that you can only use it to purchase or lease a Honda. If you want to get a different kind of car, you’ll need to use a different financing company. Honda Financial Services is also somewhat inflexible in its lease agreements. You can only choose plans that include 12,000 or 15,000 miles annually. If you go over those limits, you have to pay based on the overage.

If you want to purchase a used car with Honda Financial Services, you’ll need to buy one that is certified pre-owned. That means paying a premium compared to non-certified used cars.

The pre-approval process can also drop your credit score by a few points.

Honda Financial Services‘s backstory

Honda is a Japanese conglomerate that started making motorcycles in 1955 and cars in 1963. Today, Honda is one of the largest automakers in the world. It opened Honda Financial Services in 1980 to help more customers purchase its vehicles.

The Verdict

 Honda Financial offers easy online pre-approvals and the ability to view dealer inventory online, so it’s a great choice for people who know that they want a Honda. If you’re shopping around and aren’t certain that you want a Honda, getting pre-approved can hurt your credit, so you should probably consider other lenders so you don’t have to worry about your credit and have the flexibility to choose a different automaker.

Contact

  • Headquarters
  •   20800 Madrona Avenue
    Torrance, CA 90503
  •   Visit Site

About Honda Financial Services Auto Loan

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

Application Fee $0
Employment Statuses Considered
  • Other
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Immigration Status Considered
  • U.S. Permanent Resident
Joint Loan Applications Accepted
  • Cosigner
Maximum Vehicle Age 5
Military Status
  • Active Duty Military
  • Non-Military
Minimum Age 18
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
  • Recent Pay Stubs
Credit Score Range 650 - 850
APR (Fixed APR) Starting at 1.9%
Loan Term Up to 72 months

Honda Financial Services Auto Loan Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -76, equating to 1.5 on a 5 point rating scale.

-76

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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