Auto loans for Honda

What are the best car finance options for Honda?

When considering car finance options for purchasing a Honda in Canada, you have several choices to explore.

1. Honda Canada Financial Services offers various financing options specifically tailored for Honda vehicles. They often have promotional rates and flexible terms.
2. Bank Loans. Many Canadian banks (RBC Royal Bank, TD Canada Trust, Scotiabank, BMO Bank of Montreal) provide auto loans with competitive interest rates.
3. Credit unions (Vancity Credit Union, First West Credit Union, Alterna Savings) often offer competitive rates and personalized service.
4. Online Lenders (Mogo, LendingArch). Online lenders can offer quick approvals and competitive rates.
5. Leasing is another option for financing a Honda, especially if you prefer lower monthly payments and the option to drive a new car every few years.
6. Special Promotions. Honda often runs special promotions and incentives through its dealers and financial services. These may include promotional low rates on new models. Discounts or rebates that reduce the overall cost of the vehicle.

What are the best rates for new Honda vehicles?

Honda Canada Financial Services frequently provides competitive financing rates for new Honda vehicles. Promotional rates can be as low as 1.99% to 3.99% for well-qualified buyers.

Major banks offer competitive rates for new vehicle financing, though the exact rates will depend on your credit profile and usually varies from 4.00% to 5.50%.

Credit unions often offer competitive rates and might have promotions that beat the rates offered by traditional banks. The interest rates usually varies from 3.00% to 5.00%.

Online lenders can offer competitive rates (usually from 3.99% to 5.50%) and quick approvals.

Leasing a new Honda can sometimes offer lower effective rates compared to traditional loans.

As an alternative, you can also take out a personal loan. Your possible expenses:

Personal loan calculations for 1 year (example)

What is the minimum down payment for used Honda?

The minimum down payment for a used Honda in Canada can vary based on several factors, including the lender’s policies, the vehicle’s price, and your credit profile. But most lenders require a minimum down payment of 10% to 20% of the vehicle’s purchase price.

See the similar FAQ about Canadian banks: 

• Citizens Bank student loans
• Coast Capital calculators
• Financial calculators from B2B bank
• How do I apply for a CIBC personal loan?
• How do I apply for a line of credit from CIBC?

Details of companies offering the financial services:

Bank Of Montreal

Head office’s address: 119, rue Saint-Jacques Montreal, Quebec H2Y 1L6

Contact center: 877-225-5266

Phone: 416-867-5000

Web-site: http://www.bmo.com/main/personal

Swift code: BOFMCAM2

Stock code: BMO

BSB: 001

CIBC

Head office’s address: 199 Bay St, 44th Floor Toronto

Contact center: 800-465-2422

Web-site: https://www.cibc.com/en/personal-banking.html

Swift code: CIBCCATT

Stock code: CM

BSB: 010

Company of Cars

Head office’s address: 1885 Clark Drive Vancouver, BC. V5N 3G5

Contact center: 604-239-3888

Web-site: https://www.companyofcars.com/about-us/

GoHonda

Head office’s address: 10220, 184 St NW Edmonton, AB T5S 0B9

Web-site: https://www.gohonda.ca/finance/overview

RBC Royal Bank

Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto

Contact center: 800-769-2511

Web-site: http://www.rbc.com/canada.html

Swift code: ROYCCAT2

Stock code: RY

BSB: 003

Scotiabank

Head office’s address: Scotia Plaza, 44 King Street West Toronto

Contact center: 800-472-6842

Phone: 416-866-6430

Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html

Swift code: NOSCCATT

Stock code: BNS

BSB: 002

TD Bank

Head office’s address: Toronto-Dominion Centre, Po Box 1 Stn Toronto Dom, Toronto

Contact center: 866-222-3456

Web-site: https://www.td.com/about-tdbfg/our-business/index.jsp

Swift code: TDOMCATTTOR

Stock code: TD

BSB: 004

Yourcarloan

Web-site: https://yourcarloan.ca/