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From humble beginnings in a 1940s Japanese garage to a multi-trillion dollar company operating around the world, Honda has come a long way and has become known manufacturing reliable vehicles. If you’re looking to finance a Honda, whether new or used, you have several options available.
While it may be tempting to go straight to the dealership, you could save money by comparing your car loan options first. Visiting different banks, credit unions and online lenders could not only help you score a lower rate — after all, you don’t have to pay the middleman — but it could also put you in a better position to negotiate your car’s price.
Here is a breakdown of the different types of car financing.
Banks are a decent option for Honda financing if you have good to excellent credit score.
Just like banks, credit unions are a solid option for Honda financing if you have good to excellent credit.
Coast Capital does not require a membership in order to get their car loan.
Online car loans are available to all credit types, good or bad. They are a strong option for Honda financing if you want to compare rates and terms from multiple lenders. Online car loans are usually secured with fixed interest rates, and they have more flexible eligibility criteria than bank or credit union car loans.
With a personal loan, you have a choice between a secured or unsecured loan. A secured personal loan involves putting up collateral such as your house or investments, while an unsecured personal loan involves no collateral. Unsecured tends to have higher interest rates since the lender is taking on more risk without the collateral.
You can get a personal loan through banks, credit unions or online lenders. Just like with car loans, online lenders of personal loans are more likely to approve borrowers with bad credit. Learn more about secured personal loans or unsecured personal loans.
If speed is your biggest priority and you don’t want to spend your free time comparing lenders, Honda has two financing options that might suit you:
Depending on where you live, your local dealer may offer their own special promotions, like cashback bonuses or low down payment deals. The rates and terms you qualify for will depend on your credit history and personal financial situation.
*As of June 2021
Zero-interest financing is not available through banks, credit unions or online lenders since they have nothing to gain by offering it, but it is sometimes available through dealerships. At least with a dealership, you are moving their inventory. There are key points to consider about 0% financing:
Before signing the dotted line for 0% car financing, be sure to compare offers from other lenders so you can be confident you’ve found the right deal.
Mandy, a resident of Alberta, is looking for a new car. She visits a dealership and finds a 2020 Honda Civic Hatchback priced at $26,999. Mandy is able to get a $4,000.00 trade-in on her old car and pays an additional 20% deposit of $4,600.00 on the Civic. She applies for dealership financing to cover the outstanding amount ($18,399.00) plus 5% GST on the purchase price minus the trade-in. Thanks to her solid credit history, Mandy is approved. Along with the cost of the loan, she also pays around $85.00 to register her car with the provincial government.
|Cost of new vehicle||$22,999.00 ($26,999.00 – $4,000.00 trade-in)|
|Loan type||Auto loan (term loan)|
|Interest rate (APR)||5.90%|
|Loan term||6 years|
|Additional fees||4.00% origination fee ($781.96)|
$0.00 application fee (waived by dealership)
|Payment||$323.06 monthly or $148.94 biweekly|
|Total loan cost||$23,260.32 with monthly payments or $23,234.64 with biweekly payments|
*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.
Honda does not offer special buyer discounts across the country. Rather, special discounts vary between dealerships. Below are some examples of discounts that have been offered by various dealers:
Honda Canada does have a program that allows international students and post-secondary graduates to lease or finance a Honda vehicle.
International students must meet the following requirements:
Post-secondary graduates must meet the following requirements:
The price of your Honda will vary based on where you live, your negotiation skills, condition of the car and any add-ons you choose.
|2021 Civic||$23,400 starting MSRP||Sedan||New|
|2021 HR-V||$25,200 starting MSRP||SUV||New|
|2021 Insight||$28,490 starting MSRP||Sedan||New|
|2021 Accord||$32,570 starting MSRP||Sedan||New|
|2021 CR-V||$29,970 starting MSRP||SUV||New|
|2021 Ridgeline||$44,355 starting MSRP||Truck||New|
|2021 Odyssey||$43,105 starting MSRP||Minivan||New|
|2021 Pilot||$42,905 starting MSRP||SUV||New|
|2017 Civic||$13,810||Sedan||Certified pre-owned|
|2016 CR-V LX||$16,290||SUV||Certified pre-owned|
|2018 Civic||$16,360||Sedan||Certified pre-owned|
Honda’s warranty also covers the following components:
Whether you’re interested in driving a new or used Honda, you have a variety of financing options to choose from. If you want to hit the road faster, then financing directly through Honda Canada Finance might be the way to go. Otherwise, you may be able to score lower rates if you compare car loans from banks, credit unions and online lenders before visiting a dealer.
Students, military members and employees may qualify for a discount on their next Chevy.
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