Honda 99 Financing (2024)

FAQs

Is it hard to get approved for Honda financing? ›

Is it hard to finance with Honda? No, it's not hard to finance your new or used vehicle with Honda. However, borrowers with high credit scores may qualify for lower interest rates through Honda finance.

Superprime: 781 to 850. Prime: 661 to 780. Non-prime: 601 to 660.

As a general rule, you should pay 20 percent of the price of the vehicle as a down payment.

Save for a down payment

And, if you have a lower credit score, making a down payment on a car can increase your chances of being approved for an auto loan. A down payment can offset higher interest rates and lower your loan-to-value ratio, helping you qualify for better terms. A larger down payment is generally better.

Most used auto loans go to borrowers with minimum credit scores of at least 675. For new auto loans, most borrowers have scores of around 730. The minimum credit score needed for a new car may be around 600, but those with excellent credit often get lower rates and lower monthly payments.

Doesn't hurt your credit score. When you go through the pre-qualification process, a lender will only perform a "soft pull" of your credit score. This, in turn, will not hurt your credit score.

Re: Honda Credit Tiers

I know 720+ is usually their top rate, and 680-719 is typically their 2nd tier, not sure below that. I know they typically add 1% for the next tier down, then 2% per tier below.

3.9% APR for 24-48 months, 4.9% for 49-60 months, or 5.9% for 61-72 months. For well-qualified buyers. Example: 10% down payment. 48 months financing at $22.53/month per $1,000 financed.

Still, you typically need a good credit score of 661 or higher to qualify for an auto loan. About 69% of retail vehicle financing is for borrowers with credit scores of 661 or higher, according to Experian. Meanwhile, low-credit borrowers with scores of 600 or lower accounted for only 14% of auto loans.

If you're considering a car that costs $25,000, putting down between $2,000 and $4,000 would be wise. However, the true answer to this question depends on your negotiation strategy. If you can negotiate a lower price or better terms, putting more money down may not save you much interest.

Is $10,000 enough to put down on a car? ›

How much should you put down on a car? A down payment between 10 to 20 percent of the vehicle price is the general recommendation. But if you can afford a larger down payment, you can save even more money on interest payments over the life of the loan.

The estimated monthly payment to lease a 2024 Honda Civic Sport is $272 per month, for 36 months. There are many other leasing options available depending on exactly what features you want, including a 2024 Honda Civic Sport, for $272/mo, or a 2024 Honda Civic Sport, for $284/mo, for 36 months.

Less-than-perfect credit scores may not stop you from getting a car loan, but they can affect the interest rate and other loan terms you get. Generally, the lower your credit scores, the higher your interest rate will be.

It's possible to get a car loan with a credit score of 500, but it'll cost you. People with credit scores of 500 or lower received an average rate of 14.08% for new-car loans and 21.32% for used-car loans in the first quarter of 2023, according to the Experian State of the Automotive Finance Market report.

What Is the Minimum Score Needed to Buy a Car? In general, lenders look for borrowers in the prime range or better, so you will need a score of 661 or higher to qualify for most conventional car loans.

Americans are having a harder time getting approved for auto loans, as banks worry over the risk of defaults at a time when high interest rates and elevated car prices are squeezing budgets. With borrowers struggling to make their monthly car payments, banks are responding by tightening credit standards.

Can I get an auto loan with an 648 credit score? The short answer is yes, but you're likely to get a significantly higher-than-average interest rate. To put it into perspective, as of November 2022, the typical borrower with prime credit (720 or higher FICO score) got an APR of 5.34% on a 60-month new auto loan.

All retail loans are open and you may pay out the finance contract at any time without prepayment penalties.