How to finance a Honda CR-V
Get a car loan through your dealership or another lender to find the best rate on this award-winning compact SUV.
The Honda CR-V is a compact SUV that’s no stranger to accolades. The 2020 CR-V was awarded Best Compact SUV for the Money by U.S. News and World Report and Kelley Blue Book’s Best Buy Award. If you’re trying to get your hands on a new or used Honda CR-V, here are several ways you can finance your new set of wheels.
How to finance a new Honda CR-V
You have several options when it comes to financing your new Honda CR-V. That means you don’t have to finance through the same dealership where you’re buying your car if you don’t want to.
Dealer financing is a convenient way to fund your purchase because everything happens in one place. You’d purchase and finance your Honda CR-V all in one sitting. Dealers may also advertise trade-in deals and rebates to entice you to finance your car through them.
But dealership financing may not always work in your favor. In fact, dealers profit when you finance through them, which could mean higher interest rates or add-ons you don’t really need. For example, you might be able to pick out your vehicle and get a 1.9% interest rate on a 72-month loan for a 2020 Honda CR-V from the same dealership. However, this attractive rate is reserved for well-qualified buyers. So if you don’t have excellent credit of 740 or higher, you’d end up with a higher rate.
You can also buy your new CR-V straight from Honda through its network of participating dealers. Honda’s seamless shopping experience also offers online loan approval from multiple lenders.
So instead of getting a loan through an independent car dealership, Honda Financial Services would act as the middleman to finance your new wheels.
New car loan
Another option is to take your auto loan into your own hands and shop around for the best rate. Lenders set their own interest rates and loan approval criteria. Compare car loans from a few different lenders, including large national banks and small community banks or credit unions.
Plus, once you’re armed with a preapproval, the car dealership now has a loan to beat if they want your financing business too.
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Compare car loans to find one that fits your budget.
How to finance a used Honda CR-V
You can finance a used car through a few different providers.
Financing a Honda CR-V with Carvana
If you’re purchasing a used car from Carvana, you can also secure a loan for it through Carvana. Its estimate calculator makes it easy to compare the potential cost of Carvana financing with other lenders.
There’s no minimum credit score, and Carvana has a low income requirement — as low as $4,000 — to qualify for a loan. But there’s no negotiating, which means you can’t talk the price down. On the flip side, it also means that Carvana won’t try to push the cost up like some dealerships.
Financing a Honda CR-V with Vroom
Vroom is another online used car retailer that offers financing options through its small network of lenders. These lenders, including big-name banks like Chase and Santander, compete with each other to get you a competitive rate.
Since it uses several different lenders, you won’t find eligibility criteria for loan approval. Instead, you need to apply first to get loan details. That means a hard credit check and a possible dip in your score.
Financing a Honda CR-V with CarMax
CarMax works with a range of credit profiles. Its budget calculator offers an estimated APR for credit scores that range from under 580 to over 800 so you have an idea of how much CarMax financing could cost. CarMax also offers loan terms of 36, 48, 60 and 72 months to help find a loan that fits your monthly budget.
What do I need to qualify for financing?
Here’s what you need to secure that car loan and hit the pavement in style.
- Good credit. While some lenders will approve borrowers with poor credit, they will charge a higher interest rate. A good credit score is usually between 670 and 739.
- Source of income. Lenders typically have a minimum income requirement and want to see steady paychecks.
- Personal information. Loan applications ask you for your name, date of birth and Social Security number. You’ll likely need to submit your driver’s license to verify your identity and that you’re at least 18 years old.
- Down payment. The more cash you put down to cover the sales price, the more attractive you are as a borrower. A down payment also helps lower your monthly payment and how much interest you’d pay over the life of the loan.
You have multiple financing options to buy that new — or used — Honda CR-V that you’ve had your eye on. Before you hit the lot, shop around to find the best rate and loan terms that fit your monthly budget.
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