Car loan approval in just a few clicks
Get the vehicle you want. We have hundreds of new and pre-used vehicles to choose from, including Honda's award-winning lineup of cars, trucks, and SUVs. Call us to know pricing and delivery schedules for vehicles in transit.
Here’s why Red Deer Honda car financing works
Are you a first-time buyer? No credit history, down payment, or trade-in? Don’t worry! We work with Canada’s big banks to give you the most flexible financing and leasing options.
Bad or no credit
Don’t let a bad credit score, bankruptcy or bank loan refusal stop you from buying a car. Red Deer Honda can help with all kinds of credit scores. Our financing specialists can get you an affordable solution that suits your budget.
High-interest current loan
Do you have car loan already and think your interest rate is too high? Our parent company, Go Auto, can get you a better rate and buy out your current loan.
Finance vs. lease?
When deciding on financing versus leasing, what's right for one person can be totally wrong for another.
Car finance vs. lease: helping you decide
Honda Red Deer aims to ensure financing and leasing are easy for everyone. Our customers have all kinds of credit scores, good and bad. We are here to help you get the car you want and make sure you’re comfortable with your payments.
Whether leasing or financing is cheaper will depend on these key factors: the make, model, and year you select, your credit score, monthly income, and any down payment you choose to make.
Generally, the cost of financing a car and driving it for ten years is less expensive than leasing or buying four or five different cars over the same period.
- A down payment often isn’t needed, but the larger the down payment, the lower your monthly payments
- Trade-in your car. The value is deducted from the cost of your new car, so the sales tax will be lower!
- You can take advantage of active promotional offers, such as low interest rates, from either Go Auto or manufacturers
- We’ll always work hard to get you the most competitive lease agreement available.
- We’ll always work hard to get you the most competitive lease agreement available
- Usually, no down payment is needed. If your credit score is low, we might ask for a down payment
- Make a down payment if you want
- Sometimes promotional offers are active, and they might ask for a down payment.
Get the new Go Auto App
Download the Go Auto App to start earning Go Card rewards today!
What should I bring to my finance appointment?
Please bring your most recent paystub, your valid driver’s license, and a void cheque. Sometimes, we may ask for extra information. Our team will let you know if we need anything for your appointment.
Will I be approved for a vehicle loan?
We’ve approved hundreds of thousands of customers for loans and leases. Your chances of approval are high. Here are the things that affect if you’ll be approved and how much you can borrow: your credit score; the cost, age, and odometer reading of the car you want; your employment history and income; any down payment or trade-in value.
How are my car payments calculated?
The most important thing is that your payments fit your budget and that you’re comfortable with them. The amount you borrow, how long your borrow, and the interest rate are all part of your payment calculation. Our rates are competitive and we work with Canada’s largest banks to get you the best loan terms.
How do I budget for car payments?
Go Auto and most banks recommend that you don’t spend more than 15% of your gross monthly income on a car payment. So if you make $3000 a month, your car payments should be $450, and no more.
What is my credit score?
Your credit score is a three-digit number between 300 and 900. A low number is a poor credit rating and a high number is excellent. It represents your credit risk. For example, will you pay your bills on time? Is there a risk of bankruptcy? A credit score is just one piece of information we use to approve a loan. It can also affect the interest rate and terms of your loan.
How is my credit score calculated?
- The systems that generate your credit score look at a number of things, including:
Bill payments by the due date
- Any debt you have
- How many credit accounts you have and for how long
- The number of hard credit score requests in your name.
Should I finance or lease?
What you go with will depend on your lifestyle and goals. The section above, Finance vs lease: which is better?, can help with this decision. Our Finance experts can help, too.
Can I qualify for financing on my first vehicle?
Yes, you can! Loads of Honda Red Deer customers qualify for financing for their first ever car. Even if you’re in college or university, we have finance options for you.
Is it okay to pay your car payment 3 days late?
If your car loan payments are late, what happens will depend on the loan contract. You may just get a phone call reminding you that your payment is late. Other lenders may impose penalties when a monthly payment is late. If your payment is going to be late, contact us or your lender.
Can I defer my car payment?
Usually this isn’t possible. You may be able to extend the term of your loan. If you think you need to defer your car loan payment, contact your lender (the bank or Go Auto) as soon as possible.