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Learn about Financing

Leasing and Financing Benefits


Honda Financial Services understands your needs. Choosing between leasing and financing is as important as choosing the right model. Below are some benefits of both leasing and financing through your selected dealer and Honda Financial Services. The following should help you decide how to purchase a new Honda:

Leasing

In a lease, you do not purchase an automobile. You contract to use it for the first, and best, period of its life. Following are some additional benefits to leasing a Honda.


Less Cash Up Front - One of the biggest advantages of a lease is that it does not usually require a substantial down payment. In many states, you can even pay the sales tax as part of your monthly lease payment, rather than in a lump sum.

Lower Monthly Payment - If the finance period is the same, your monthly payments will be lower when leasing (vs. financing) because your payments will be based on the vehicle’s estimated depreciation. (You are contracting to use a portion of the car’s value, rather than buying the entire car.)

A New Car More Often - Your taste and preference may change, and a short-term lease makes it easy to drive a new car more frequently. Additionally, you may have needs for a larger or smaller car in a few years, and a lease makes it easy to plan for such changes.

Guaranteed Future Value - You don’t have to worry about resale value. If your car depreciates more than the estimated residual value in your lease contract at full term, you can turn it in at the end of your lease term. But if it’s worth more, you can buy it and keep it or resell it. A lease gives you options.

Financing

If you typically keep your vehicle for 5 to 10 years, then financing may be your best option. Honda Financial Services may be your best choice in financing your new vehicle, with competitive rates and terms designed to meet your needs.


Pride of Ownership - Ownership can instill a sense of pride. It can also build equity. Payment by payment, an owner’s equity may increase.

No Restrictions on Mileage - This is important to consider if you drive more than 12,000 to 15,000 miles per year.

Make Changes to the Car’s Appearance - You can alter the interior or exterior to suit your taste (though your choices may affect the resale value).

In some cases, if your Estimated Trade-In Value or down payment is too high relative to the Estimated Selling Price of the new Honda, you may not be able to choose leasing as an option. Please see your selected dealer for further details.

Credit 101

What is Credit?

Credit is “extended” to you when someone lends you money or assets, and trusts you to pay over a designated period of time.

There are two types of credit:

  • Unsecured: There is no asset or collateral being used to secure the debt. An example of unsecured credit is a credit card.

  • Secured: Some type of collateral is used to secure the debt. This can be a house, car or boat that the lender can take back if the loan isn’t paid.

Benefits of Credit

  • Easier to buy a house
  • Easier to finance a car
  • In some cases, necessary to get car insurance
  • Convenience
  • Emergencies
  • Safer than carrying cash
  • Easier to rent an apartment
  • Ability to rent a car
  • Allows you to make purchases over the Internet
  • Some jobs may have a credit-check requirement
  • Can use it to pay college expenses
  • Necessary to build a credit history

Risks of Credit

  • Easier to make impulse purchases
  • You can accumulate more debt than you can afford
  • Misunderstanding of complicated terms and conditions

How Do I Get Credit?

Credit History: None, Bad, Good

What type of credit experiences can someone with no credit history expect to have? Lending institutions such as banks and credit unions rarely lend money to people with no credit, because they have no history to indicate how likely they will be to pay back the loan.
What type of credit experiences can someone with a bad credit history expect to have? Future borrowing is difficult and, in some cases, impossible, because there is no basis for a lending institution to trust that the money will be repaid.
What type of credit experiences can someone with a good credit history expect to have? They can be granted credit more easily and with less-stringent conditions.


Credit Score Ranges

A credit score determines your credit grade and is based on the data found in your credit report. The credit score broadly refers to a number generated by a credit-scoring model to determine a person’s creditworthiness.


Commonly, there are six ranges:

  • 720–850 A+
  • 700–719 A
  • 675–699 B+
  • 620–674 B
  • 560–619 C
  • 500–559 D

There is no single cutoff score used by all lenders—and there are additional factors that lenders conider—but the higher the score, the higher your creditworthiness and the lower the risk.


Credit Precautions

The best way to avoid getting into trouble with credit involves advance planning for how it is used and how it is paid.


Ways to Avoid Bad Credit

  • Limit the number of creditors. Many creditors interpret too many open credit accounts as a risk.
  • Spend only what you can afford at the time.
  • Think before you buy. Remember, credit is like a loan. Ask yourself, “Would I really go to the bank for a loan for this?”
  • Stay below the limit. Each lender is different, but for some lenders, you need to be 50% or below your limit to get the best rates.
  • Ensure that payments arrive before the due date. Check out payment options such as online, telephone, and automatic payment to avoid late fees.
  • Pay the full balance due each month or at least pay more than the minimum. This will cut down on interest payments.
  • Don’t lend out your credit. By adding others’ names to your credit cards or adding yourself as a co-applicant to someone else’s loan, you are allowing others the opportunity to weaken your credit rating. Remember that you are liable for all expenses taken out under your name.

General

Can I purchase a car directly from this site?

No. This shopping site helps guide you through the selection process by allowing you to request a quote and apply for credit pre-approva, and by offering monthly payment estimates and listing special offers. If you choose to purchase a Honda, we will guide you to your selected Certified Honda Automobile dealer.

Whom can I call with additional questions?

Your selected Certified Honda Automobile dealer can help answer any questions.

Can I schedule a test-drive?

Honda wants to make your shopping process as convenient for you as possible. When selecting a local Honda Automobile dealer, look for those dealers with a test-drive icon next to their names. They allow online scheduling of test-drives. All Honda Automobile dealerships offer test-drives, even if they do not offer online scheduling. Each dealer determines test-drive eligibility, but in all cases, ability to test-drive a Honda is limited to licensed drivers that are 18 years of age or older.

Can I place a vehicle on hold?

Yes, but availability on high-demand vehicles may be limited. Dealer participation is also required.

What are the advantages of using an Internet Certified Dealer?

Your Internet-Certified Honda Automobile dealer is dedicated to making your online and dealership sales experience both satisfying and pleasurable. You can expect a quick and friendly response to your price quote request and answers to your specific questions. A response can be expected in 24 hours or less during normal dealership business hours. An Internet-Certified Honda Automobile dealer must be: 1) A professional and dedicated Internet consultant; 2) An expert in product knowledge exceeding your online needs; 3) Pleasant and flexible in their sales process to help meet your needs; and 4) Email-capable, in order to respond to your inquiry within 24 hours.

Can I still take advantage of an online special if it has expired?

No. Honda has special offers throughout the year, which are based on market conditions and product availability. When an offer expires, it is final. Contact your local Certified Honda Automobile dealer for any local special offers.

How will a Honda Automobile Dealer get in touch with me?

Your Certified Honda Automobile dealer will initially respond either by email or by phone, based on what you have indicated as your preference during the quote-request process.

Once I submit my quote request and other purchase information, how long will it take for a dealer to contact me?

You should receive an email or phone call from your selected Certified Honda Automobile dealer within one business day.

General

Are all used Honda vehicles Certified?

No. Only vehicles that are six model years and newer with less than 80,000 miles on the odometer can be Certified. All vehicles must pass a stringent multi-point inspection to factory standards in order to become Certified.

Is warranty service for my Honda Certified Used Car only available through the dealer who sold me the vehicle?

No. Every Honda Automobile dealer in the United States is authorized to perform warranty service on your Honda Certified Used Car.

Is there a deductible associated with the warranty service?

No. All repairs covered under the Certified warranty are provided at no cost to you.

How will I know whether my vehicle is a Honda Certified Used Car?

At the time of sale, your Honda Automobile dealer should provide you with a Customer Warranty Booklet. In addition, approximately 2–3 weeks after purchasing a Honda Certified Used Car, you will receive a welcome letter with a Certified Owner ID Card. This card will show the Vehicle Identification Number (VIN), warranty expiration dates on the vehicle and customer-service information from American Honda Motor Co., Inc. If you purchase an optional Vehicle Service Contract, you will receive a booklet with the terms and conditions of the Vehicle Service Contract and a similar customer ID card.

For how long is the Honda Certified Used Car warranty in effect?

The warranty is a 1-year/12,000-mile limited warranty and a 7-year/100,000-mile powertrain warranty. At time of purchase, if your car is within American Honda's new-car warranty (3 years/36,000 miles), the 12/12 limited warranty will begin at the expiration of the new car warranty, giving you a 4-year/48,000-mile limited warranty. At time of purchase, if your new-car warranty has expired, the 12/12 limited warranty begins on the date of purchase and expires at the earlier of 1 year or 12,000 miles. The powertrain warranty is good for 7 years or 100,000 miles from the original date of purchase of the new vehicle.

Is special financing available for Honda Certified Used Cars?

Yes. Special financing rates are available through American Honda Finance Corporation. Please visit your local Honda Automobile dealer for details.

Can I lease a Honda Certified Used Car?

Yes. Leases are available through American Honda Finance Corporation. Please visit your Honda Automobile dealer for details.

Is the Honda Certified Used Car warranty transferable to a new owner?

Yes. The Certified warranty is transferable to a new owner in a sale from a private party to another private party. Simply complete the Change of Ownership Card at the back of the Customer Warranty Manual and mail it in to American Honda.

Lease vs. Finance

Will I be guaranteed the lease or finance payment that the Payment Estimator displays?

The payment is an estimate only and does not include tax, title, registration or license fees. Please contact your local Certified Honda Automobile dealer for actual payments.

How do I use the Payment Estimator tool? What does it do?

We have provided this tool so you may look at side-by-side comparisons of monthly lease and finance payments. By changing the term, amount financed or annual percentage rate for a purchase, you can adjust the monthly payment. Keep in mind that this is an estimated amount and is not an offer of particular contract terms. The estimated monthly payment calculation for leasing and financing is based on the vehicle you have selected.

If I enter my own annual percentage rate, what rate should I choose?

Your rate should be the rate you believe you can obtain and is for estimation and comparison purposes only. If you are applying for credit, the rate you enter is not used in determining your eligibility for credit and is not an offer or guarantee of any particular interest rate.

What’s the difference between an installment sale and a lease?

When you enter into a retail installment sales contract for the purchase of a vehicle, your down payment and your monthly payments go toward the total purchase price of your vehicle. When you have paid off the financing, you own your car. When you lease a vehicle, you make payments to use the vehicle over the term of your lease. However, you don’t own your car. Rather, at the end of your lease, you return it to the lessor.

What are the advantages of using Honda Financial Services?

By financing with Honda Financial Services through your selected Certified dealer, you may hear about future offers directly from Honda Financial Services.

Can a dealer offer financing other than that offered through Honda Financial Services?

Honda Financial Services offers competitive rates. However, dealers have the privilege of offering other financing arrangements.

Can a dealer ask a price higher than the MSRP?

The Manufacturer’s Suggested Retail Price (MSRP) is a vehicle’s retail selling price as recommended by the manufacturer. Dealer profit is built into every item. As a result, all elements of the MSRP are negotiable. A dealer may add an additional markup to the MSRP based on availability and demand for that vehicle.

Is a down payment required?

No. However, a down payment demonstrates your ability to save and budget. This ability may help to offset a limited credit history.

What is Honda Financial Services (HFS)?

Honda Financial Services is a premier financial-services company that offers a wide range of financial programs specifically tailored to each customer. Whether your goal is to finance or lease, Honda Financial Services will treat you as a valued customer.

Why apply for financing online?

By arranging your financing in advance, before walking into a Honda Automobile dealer, you can save time and help ensure that you will get the most competitive rate possible.

Do I have to apply for credit or pre-approval online?

Honda provides online applications to save you time. However, you may still go to your local Honda Automobile dealer and apply in person.

What is the difference between credit and pre-approval?

When you apply for credit, you have a specific car and dealer in mind. When you apply for pre-approval, you have not specified a particular car or dealer.

If I apply for credit or pre-approval, am I obligated to finance or lease a vehicle from Honda Financial Services?

No. You are not obligated to finance or lease a vehicle from HFS or the dealer you choose.

Does Honda Financial Services offer financing for Honda Certified Used Cars?

Yes. HFS offers a wide range of financial programs specifically tailored to your needs, for both new and Certified Used Cars.

Is a credit report run on my co-applicant?

Yes. Since the co-applicant is applying for credit and will be a co-buyer or co-lessee on the finance or lease contract, Honda Financial Services runs a credit report on both the applicant and the co-applicant.

What happens once I submit my application?

Once you submit your application online, Honda Financial Services will run a credit report with a credit bureau and will attempt to return a decision immediately, while you are online. If a decision cannot be rendered within 30 seconds, HFS will forward the application and credit report to a credit analyst for review. Our goal is to return an immediate decision while you are online. However, if you do not receive an immediate decision, Honda will send you an email within one business day letting you know that your application status is ready to be securely retrieved from automobiles.honda.com.

How am I notified of my application status?

Once the credit analyst has come to a decision based on the information you provided, you will receive an email notifying you that your status is ready. The email will direct you to the area of automobiles.honda.com where you can securely retrieve your status and shop.

Once approved, can I purchase or lease a Honda from any dealer?

Yes. When you visit automobiles.honda.com to retrieve your approval status, you’ll have the opportunity to get a certificate with your approved amount and HFS reference number to bring to your Honda Automobile dealer when shopping.

Do I have to use the financing once approved?

You are not obligated to use the financing offered to you. Final rates and terms can still be adjusted until you sign the finance or lease contract as part of the purchase process.

Once approved, how long do I have to use my approval?

You may use your approval for 30 days. Once the 30 days is up, you must reapply.

I would like a higher loan amount. Do I need to reapply?

If you have already submitted an application online, you do not need to reapply online to obtain a higher loan amount. Instead, contact a Honda Automobile dealer that will work with you and HFS to adjust your loan as needed.

Do I have to use the full amount for which I was approved?

No. Use only what you need.

Why was I not approved?

The credit analyst makes a credit decision based on the limited information you submitted in your application and a review of your credit report. If you were not approved online, you can still submit your application and decision information to a local Honda Automobile dealer who may be able to help you obtain credit approval.

If I wasn’t approved for credit, can I still shop online?

Of course. You can still take advantage of many of the services that automobiles.honda.com offers, such as submitting a quote request on a customized Honda or using the finance tools. If you were not approved online, you still have the option of submitting your application and decision information to a local Honda Automobile dealer that may still be able to help you obtain credit approval.

How accurate are the calculators?

The results displayed by the calculators are estimates and are for illustrative purposes only. The payment calculators make assumptions such as the cost of the selected vehicle, your selected annual percentage rate, your selected down payment, trade-in value, desired contract term, etc.

Why isn’t there a lease calculator for Honda Certified Used Cars?

Currently, Honda does not offer lease information on Honda Certified Used Cars online. If you are interested in leasing a Honda Certified Used Car, please contact your local Honda Automobile dealer.

Why does the reverse calculator show that I can afford more with leasing than financing?

In a lease, you do not purchase a vehicle; you contract to use it for the first and best period of its life. Because you are not buying entire car, you may be able to afford to lease a more expensive car than you could buy with the same payment.

How do I apply for a special payment that is shown on a calculator?

If you see a special offer that you want to take advantage of listed with the results of a calculation, click "Certificate" next to the offer. You can then print out a special Offer Certificate that it customized with your personal information to bring into your local Honda Automobile dealer.

Why am I having trouble viewing the PDF document?

In order to view a PDF document, you need the Adobe® Acrobat® Reader plug-in. If you have Adobe Acrobat Reader and are still having problems viewing the PDF, you may need to download the most current version of the plug-in.

Quote-Request Process

Can I request a quote if my selected Certified Honda Automobile dealer is not Internet-Certified?

Non-Internet-Certified dealers do not provide the quote process or pre-approval process online. Please contact your selected Certified Honda Automobile dealer by phone or in person. Check back frequently—we are constantly adding Internet-Certified dealers.

Am I obligated to purchase the vehicle once I’ve submitted a quote request?

No. An Internet quote request through your local Certified Honda Automobile dealer is simply your opportunity to save time and, potentially, money by speeding up the sales process.

May I submit more than one quote request?

Yes. However, you must submit these quotes to your selected Certified Honda Automobile dealer separately—you are not able to submit them within the same transaction.

I submitted a quote request over 24 hours ago and have not heard from my selected dealer. What should I do?

Honda respects your busy schedule and truly appreciates your business. If you have not heard from your Certified dealer within 24 hours of your quote request, please call them directly by phone.

Am I purchasing a car through Honda when I request a quote?

No. Your initial request is submitted directly to your selected Certified Honda Automobile dealer. Your Certified dealer will guide you through the remainder of the purchasing process.

Apply for Pre-Approval

Can I apply for pre-approval if my selected Certified Honda Automobile dealer is not Internet-Certified?

Non-Internet-Certified dealers do not provide the quote process or pre-approval process online. Please contact your selected Certified Honda Automobile dealer by phone or in person. Check back frequently—we are constantly adding Internet-Certified dealers.

What does “pre-approved” really mean?

If you are pre-approved, within a selected time frame, you are guaranteed financing for the vehicle you selected for pre-approval.

Are there benefits to pre-approval?

Pre-approval offers several time-saving benefits, such as less time spent in a dealership and less paperwork.

When will I find out if my pre-approval application has been approved?

Once you submit an application, you should receive a response within one business day, often much sooner.

How do I check the status of my pre-approval application?

You can check on the status of your application by going to the application-status page and entering your first name, last name and the last four digits of your Social Security Number as your PIN.

Is a credit application necessary if I am a current Honda Financial Services customer?

Yes. Some of your personal information may have changed since your current account was established. We wish to obtain current information to ensure that we provide you proper consideration.

Can I use a cosigner if my credit history is limited?

Yes. A qualified cosigner may provide additional support to your application for credit.

What are the advantages of using Honda Financial Services?

By financing with Honda Financial Services through your selected Certified dealer, you may hear about future offers directly from Honda Financial Services.

When I apply for credit through Honda Financial Services, is there a privacy guarantee on my personal information?

Honda has enlisted VeriSign®, a leader in Internet personal-information privacy and security. VeriSign uses the latest technologies in ensuring that the privacy and protection of your personal information is secure.

Can a dealer offer financing other than that available through Honda Financial Services?

Honda Financial Services offers competitive rates. However, dealers have the privilege of offering other financing arrangements.

Trade-In

What is Kelley Blue Book?

Kelley Blue Book provides information on the current market value of vehicles. It has been the automotive authority on used-car values for over 75 years.

Is this a real quote from Kelley Blue Book?

Based on the information you entered, Kelley Blue Book provides a report that lists your vehicle’s features and the estimated trade-in value of the vehicle. This is an estimate—a guide that represents the amount you might receive if you choose to trade in your vehicle. The actual condition of your vehicle will affect its value. Honda Financial Services does not guarantee the accuracy of the estimated values provided by Kelley Blue Book.

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