If you’re a Honda buyer looking for a way to lower your monthly payment, 84 month financing may be harder to find than you think. This is because the automaker generally limits consumers to a 72 month term. This doesn’t mean you can’t take a 7 year loan from a dealer, but it could limit your options compared to other brands.

Although Honda’s incentives change roughly every month, you won’t find 84-month APR offers like its competition. To put this in perspective, Ford and Kia tend to reliably offer 7-year loans that can lower your payment and get the car you want to fit on your budget. Currently, Honda’s lowest 72-month interest rate is 1.9% APR.

That said, your local dealership may have internal financing and relationships with banks that allow them to offer options that you cannot get through Honda’s captive financing arm, Honda Financial Services (HFS). While captive financing can have pros and cons, having more choice could be a good thing for most buyers.

A longer loan could end up costing a lot more than you think. For example, we estimate that a $ 40,000 Honda Pilot would cost close to $ 49,000 based on a 7-year loan at 5.9%. In some cases, higher interest rates could make a 7-year loan a better deal assuming you have good credit, like a FICO score above 660.

Those with bad credit may face higher interest rates and special auto loan requirements. Depending on your situation, this could dramatically influence your total estimated costs on a car loan. We recommend that you consider all of your options to make an informed decision if you are looking to get the best deal possible.

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