Honda Financial Services Auto Loans Review

Rating: 7.3 / 10 (Very good)
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Founded in 1980, Honda Financial Services is the wholly owned finance subsidiary of the Honda Motor Company. They offer purchase loans for new and Honda Certified Used Vehicles, as well as loans to buyout leased Honda cars. A simple online application and easy-to-use loan calculators facilitate the application process.

How is Honda Financial Services rated?

Breakdown

7/10
Loan Options
8/10
Application & Service
7/10
Qualification
7/10
Reputation

Overall Rating: 7.3 / 10 (Very good)

Honda Financial Services offers new and used car loans, as well as lease buyout loans, which are in keeping with other captive lenders in the industry. Their programs for recent college graduates and military service members make them an attractive option, but customers should be aware of other lenders which offer higher rebates under similar programs. Negative online reviews should also be taken into account when deciding which lender to use.

Auto Loans & Refinancing

Loan Options - 7 / 10

Honda Financial Services provides loans to purchase new or Honda Certified Pre-Owned Vehicles, and to buyout leased Honda vehicles. Amounts for an used car loan can reach $50,000, while new car amounts depend on the sale amount of the car. Loan term lengths are standard for the industry. No information is available on APRs, but customers can expect they will be similar to ones offered by other captive lenders. They also advertise bonuses for recent college graduates and members of the military who lease or buy a new Honda vehicle. However, other lenders offer higher bonuses.

Types of Loans Offered

Purchase Loans
Refinance Loans
Lease Buyout
Private Party Purchase

Purchase Loans

Loan Amount
$5,000
Max Loan Amount
$50,000
Term Length
24 months
Max Term Length
72 months

Loan Qualifications

Qualification - 7 / 10

Honda Financial Services requires identifying documents, as well as employment and account information, in order to approve applicants for loans. As with other captive lenders, they only finance their parent company's vehicles. In the case of Honda Certified Used Vehicles, they require the used car to be financed be under 5 years old and have under 80,000 miles.

Borrower Qualifications

Minimum Income
No Minimum Specified
Minimum Credit Score
No Minimum Specified
US Citizenship Requirement
No
Verification / Documents Required
Social Security Number
Driver's License / Photo ID
Checking Account Information
Employment Information / Pay Stubs

Vehicle Qualifications

Mileage Limit
80,000 miles
Car Age
up to 5 years old
Car Makes
Honda

Application & Service

Application & Service - 8 / 10

With Honda Financial Services, customers can apply for a loan online or print a paper application and take it to the Honda dealership. Several calculators are available on their website to help customers determine what their monthly payment and loan amounts will be for new and used car financing, as well as powersport and marine vehicle financing. These tools are useful in determining what loan amount a customer can afford with their budget.
Fees
No Fees Specified
Benefits/ Features
Online Rates / Application
Pre-approval Soft-credit Inquiry
Joint Loans Available
Auto Loan Calculator

Honda Financial Services Reputation & Reviews

Reputation - 7 / 10

Honda Financial Services is accredited and rated A+ by the BBB. However, online customer reviews on other consumer websites and forums lean heavily towards the negative, with the most common complaint being poor customer service and unwarranted reposessions.
BBB Rating
A+
Number of BBB Positive Reviews
0
Number of BBB Neutral Reviews
0
Number of BBB Negative Reviews
14
Date Collected
2017-12-27

Contact & Additional Information

Lender Type
Lender
Homepage URL
Company Phone
(310) 972-2555
Headquarters Address
20800 Madrona Avenue, Torrance, CA, 90503
Year Founded
1980

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