Honda Car Payment Relief

Lenders and Auto Loan Relief Programs

The effects of the COVID-19 pandemic are not showing signs of slowing. Between job loss, high medical bills, and other financial considerations, some drivers in the local area are searching for loan payment relief. Making your auto loan payment may currently be very challenging or even impossible. The good news is that you may qualify for auto loan relief to help you get through this difficult time.

What is Honda Financial Services Doing?

Is your Honda vehicle financed through Honda Financial Services? The lender is currently offering a 2-month deferment period. If you qualify for this type of loan relief, you will not need to make your Honda loan payment for the deferment period. The money you save during that period may be used to cover other bills and help you get through this challenging time.

End of Lease Options

Financial relief might be available if you leased your Honda. For example, if your lease is coming to an end soon, you may be able to set up a month-to-month extension. By doing so, you can enjoy greater flexibility when you return your vehicle to us. You can also set up a lengthier extension or buy your car outright by taking out a car loan. Do you want to learn about the lease options available to you? Our Honda dealership’s financing team is available to answer your questions.

Loan Deferment FAQs

What is a Honda Loan Deferment?

If Honda Financial Services approves your request for a loan deferment, you will not need to make payments for two months. The specific dates for the deferment will be provided to you. At the end of the deferment period, you will need to start making payments again as usual. The skipped payments will be due at the end of the loan term, and the loan term will be extended by 60 days.

Will a Honda Loan Deferment Damage My Credit?

The payments that are skipped during the approved deferment period will not negatively affect your credit rating. However, missing or late payments that are not covered by the approved deferment plan will be reported as necessary to the credit bureaus.

How Do I Get a Honda Loan Payment Deferment?

To obtain a loan deferment through Honda Financial Services, you must formally request loan relief. You can do so by contacting your auto loan service provider’s customer service department. In many cases, the deferment request can be processed and approved over the phone.