We also considered the responsiveness and helpfulness of each lender’s customer service team.Is a site operated by Honda Motor Europe Limited (“HME”) trading as Honda (UK) (company number 857969), with all finance pages being provided and operated by HME’s subsidiary, Honda Finance Europe Plc (“HFE") trading as Honda Financial Services (company number 3289418), a company authorised and regulated by the Financial Conduct Authority under Financial Services Register no. Customer Experience (25% of total score): This score is based on customer satisfaction ratings and transparency.Availability (25% of total score): Companies that cover a variety of circumstances are more likely to meet consumer needs.Rates (25% of total score): Auto loan providers with low APRs and high loan amounts scored highest in this category.Reputation (25% of total score): Our research team considered ratings from industry experts and each lender’s years in business when giving this score.Here are the factors our ratings take into account: The end result was an overall rating for each provider, with the companies that scored the most points topping the list. We collected data on dozens of loan providers to grade the companies on a wide range of ranking factors. Customers give the company an average rating of 4.4 stars out of 5.0 on the BBB.īecause consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to formulate our rankings of the best auto loan companies. The company has an A+ rating from the BBB and is accredited by the organization. Auto Approve doesn’t offer loans for new or used cars.Īuto Approve has a solid reputation among industry organizations. The company’s rates start at 2.25% for refinancing, though only those with high credit scores will qualify for lower rates. Read more: myAutoloan review Auto Approve: Top Choice for RefinancingĪuto Approve specializes in refinancing auto loans and offers a lease buyout option for those looking to purchase their leased vehicles. Customers rate myAutoloan an average of 4.2 stars out of 5.0 on Trustpilot. It holds an A+ rating and accreditation from the BBB. Overall, myAutoloan has a strong reputation in the market. Rates start as low as 2.24% for borrowers with excellent credit who plan to purchase new cars. The company allows you to comparison shop for auto loans for new- and used-car purchases, auto refinancing and lease buyouts. The myAutoloan online marketplace lets you get several auto loan rates all in one place. We recommend reaching out to myAutoloan and Auto Approve for loans and refinancing quotes. ”īefore you decide to purchase or lease a car from Honda, shop around for the best auto loan rates. We encourage any account holder with questions or concerns to contact their nearest regional customer service office, which can be located by visiting. “Honda Financial Services strives to provide a positive vehicle financing experience to all account holders. Our review team reached out to Honda for a comment on these scores and received the following response: It ranked behind Ford Credit and Capital One Auto Finance. Consumer Financing Satisfaction Study SM, Honda Financial Services came in third place for overall customer satisfaction with 860 points out of a possible 1,000. While this may seem like a low number, fewer than 100 people have reviewed Honda’s financial branch, which is a very small fraction of its customer base. Here, the company holds accreditation with the organization and is not rated.Ĭustomers give AHFC an average rating of 1.0 out of 5.0 stars on the BBB. The financing department’s BBB score and customer reviews are posted on the profile for its parent, the American Honda Finance Corp. Honda Financial Services has an average reputation within the industry. The Leadership Purchase Plan is only available in certain states, including: The program allows you to trade your vehicle in, return it or purchase it at a guaranteed price once your contract ends. Honda’s Leadership Purchase Plan is a service contract that lets you easily finance a Honda vehicle. Some highlights of the program are a $500 waiver for excessive wear and use or damage, as well as potential savings and income tax benefits. Honda offers a one-pay leasing program that allows you to pay for your lease in a single financial transaction. Each lease comes with guaranteed asset protection (GAP) insurance, which covers the difference between the remaining amount on your lease and the amount your vehicle’s insurance takes care of in the event your vehicle is damaged or stolen. Honda offers lease contracts ranging from 24 to 60 months with mileage options of 10,000, 12,000 or 15,000 miles per year. *Rate range as of 5/27/22 Leasing a HondaĪ big draw of a Honda lease is having lower monthly payments.
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