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Honda is one of the most popular automakers in Canada thanks to the reliability and affordability of its models compared to other car brands. But whether you buy new or used, you’re still looking at spending a few thousand dollars to buy a new Honda. For many Canadians, financing is a must. Find out how you can finance your Honda in Canada.
There are numerous Honda car models you can finance in Canada. Whether you want to buy it new or used, these are some Honda cars you can purchase:
| Honda Civic | Sedan |
| Honda Insight | Sedan |
| Honda Accord | Sedan |
| Honda CR-V | SUV |
| Honda HR-V | SUV |
| Honda Odyssey | Minivan |
| Honda Ridgeline | Truck |
In addition to paying the MSRP price for your new Honda, you’ll also have to pay some additional fees built into your financing. More specifically, the cost of your Honda financing will depend on the following factors:
The following table illustrates how much your Honda financing could cost you, based on the 5 more popular Honda models currently available, an interest rate of 4.99%, a $5,000 down payment, and a 60-month term:
| Car Model | Price | Monthly Payment | Total Cost |
| Civic Sedan LX | $27,343 | $421.54 | $25,292.26 |
| Accord Sedan SE | $35,643 | $578.13 | $34,687.85 |
| CR-V LX-2WD | $33,613 | $539.83 | $32,389.89 |
| Pilot Sport | $49,063 | $831.32 | $49,879.28 |
| Odyssey EX | $47,733 | $806.23 | $48,373.72 |
If you need some financial assistance to buy a Honda, you’ve got a few options. Here are a few different types of auto financing possibilities available to you:
The most convenient option when it comes to financing a Honda would be to apply for a car loan directly through the dealership. This is the fastest option, however, it may be more expensive than other financing options.
If you’re planning to buy a Honda, you can finance the purchase directly through Honda’s authorized dealers. This will save you the time and hassle involved in shopping around for a car loan.
If you plan to lease your Honda, you can arrange a lease contract directly through Honda Financial Services.
There may be special offers advertised by your local Honda dealership, such as a low introductory rate, cashback bonuses, added features, or low down payment options.
When you need a loan to finance the purchase of a Honda, your bank might be the first place you think of. Keep in mind, however, that banks typically require that you have a healthy credit score and financial profile to get approved for a car loan.
If your finances and credit are in good shape, you can take advantage of competitive interest rates on your car loan when compared to what alternative lenders can offer.
While a car loan would be an obvious choice when it comes to financing a Honda, you can also take out a personal loan to get your hands on the funds needed to make this big purchase.
A personal loan is a type of installment loan in which you’ll be given a lump sum of money that must be repaid — with interest — after a specified time. These loans can be either secured or unsecured and come in a variety of loan terms.
You can apply for a personal loan from a bank, credit union, or online lender. The lender you choose will depend on your credit strength. If you have a good credit score, you’ll likely be able to get a loan from a bank. But if you have a bad credit score, you may have better luck with an online lender whose lending requirements are more flexible.
When choosing between short or long terms to repay your loan, choose one you can afford comfortably, rather than one with the longest term. The longer your term, the lower your monthly payments, but the more interest you’ll pay over the life of the loan.
Generally speaking, auto loans are considered secured loans because the vehicle you’re buying serves as collateral for the loan. If you get a secured loan, you may be able to snag a lower rate.
An unsecured loan, on the other hand, means there is no collateral backing the loan. These are riskier for lenders, which means you’ll likely pay a higher interest rate.
A fixed-rate loan means the interest rate will not change throughout the loan term, which means your payments will remain the same. This is a good option if you have a tight budget to follow. A variable-rate loan means the rate will fluctuate, so your payments will increase or decrease accordingly. This can often lead to lower interest.
Individual Honda dealerships may offer their own discounts and specials as incentives. Here are a few examples of the types of discounts that dealerships may offer to help lower the cost of a new Honda:
You have a few options when it comes to where to get a car loan to finance the purchase of a Honda. Depending on your credit profile and how quickly you want the financing process to go, you could either fiance your Honda through a car dealership, a bank, a credit union or an alternative lender. If you’ve got good credit and are willing to do a little comparison shopping to get the lowest rates, banks and credit unions may be great options. On the other hand, working directly with the dealership might get you on the road sooner. But if your credit score is poor, an online lender might be your best bet.
Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.
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