Even if you don't intend to go through with either of these loans, you can have them in hand when you go to the dealership and use them as leverage to get a better deal. It's usually not a bad idea to shop around a bit when it comes to car loans, though- it's possible that your local credit union or another lender will be able to offer you a better deal. If you want to purchase a Honda using their financing program, you can go online to get pre-approved before heading to the dealership. Depending on your particular circumstances and preferences, you might find one of these options more appealing than the other. Leasing a Hondaīefore we go further into how to finance a Honda, let's talk a little bit about the difference between buying a Honda with financing and leasing one. What it does mean, though, is that you will probably need to look for a car loan specifically for people with bad credit, which will mean that your rates and terms aren't nearly as favorable.Īre you wondering what credit score you need to purchase a brand new Mercedes-Benz with financing? Check out our guide to getting a Mercedes car loan to learn more. If your credit is less than ideal, it doesn't mean that you're completely out of luck. Some lenders might require a score of 660, 670 or higher in order to qualify for a good interest rate.That being said, a credit score of 600 is usually considered the cut-off point for getting a traditional car loan. To receive financing through a Honda dealership, you will most likely need a score of at least 610.Įvery lender has its own criteria through which it determines whether or not to extend an auto loan to a potential borrower. The general rule of thumb is that you will need a credit score of at least 600 in order to qualify for a traditional car loan. That being said, to buy a Honda through dealer financing, you will likely need a credit score of at least 610. Even if you are seeking financing through a Honda dealership, the minimum required credit score can vary from one dealership to the next. There is no set minimum credit score for purchasing a Honda using financing. Boosting Your Credit to Get the Best Rates and Terms What Credit Score Do You Need to Finance a Honda?
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