Stokes Honda Finance, also known as Honda Financial Services (HFS), is the financing arm of American Honda Motor Co., Inc. in the United States. They provide financial products and services to consumers who are looking to purchase or lease a new or certified pre-owned Honda or Acura vehicle.
The primary function of Stokes Honda Finance is to facilitate the sale of Honda and Acura vehicles by offering a variety of loan and lease options. This allows potential buyers who may not have the cash readily available to still acquire a vehicle through monthly payments. They work closely with Honda and Acura dealerships to streamline the financing process, making it easier for customers to secure financing at the point of sale.
Key Products and Services:
- Retail Financing (Loans): Stokes Honda Finance offers traditional auto loans with varying terms and interest rates, depending on the applicant’s creditworthiness and the current market conditions. These loans allow customers to own their vehicle after making all the required payments.
- Leasing: Leasing is an alternative to purchasing, where customers pay for the use of the vehicle for a specified period (typically 24 to 36 months). At the end of the lease term, the customer can return the vehicle, purchase it for a predetermined price, or lease a new one.
- Certified Pre-Owned (CPO) Financing: Stokes Honda Finance provides financing options specifically for Honda and Acura CPO vehicles. These vehicles undergo a rigorous inspection and come with extended warranty coverage, offering added peace of mind to buyers.
- Honda Care Vehicle Service Contracts: While not direct financing, Stokes Honda Finance often offers Honda Care extended service contracts, which provide additional coverage beyond the factory warranty for repairs and maintenance. These contracts can often be financed along with the vehicle purchase.
Applying for Financing:
Customers can typically apply for financing through their local Honda or Acura dealership. The dealership will collect the necessary information, such as income, employment history, and credit score, and submit it to Stokes Honda Finance for review. In some cases, customers may also be able to apply online through the Honda or Acura website.
Factors Influencing Approval and Rates:
Several factors influence the approval of a loan or lease and the interest rate offered, including:
- Credit Score: A higher credit score generally results in a lower interest rate and a greater chance of approval.
- Income and Employment History: A stable income and consistent employment history demonstrate the ability to repay the loan.
- Down Payment: A larger down payment can reduce the loan amount and improve the chances of approval.
- Vehicle Type and Loan Term: The type of vehicle being financed and the length of the loan term can also affect the interest rate.
Benefits of Financing with Stokes Honda Finance:
- Convenience: Financing is readily available at the dealership, simplifying the purchasing process.
- Competitive Rates: Stokes Honda Finance often offers competitive interest rates and lease terms.
- Special Offers: They frequently have special financing offers and incentives, such as low APR financing or cash-back rebates.
- Customer Service: Stokes Honda Finance provides customer service support for borrowers with questions about their accounts.
In conclusion, Stokes Honda Finance plays a vital role in the Honda and Acura sales process by providing accessible and convenient financing options for potential buyers. They offer a range of products and services designed to meet the diverse needs of consumers, from traditional auto loans to leasing options and financing for certified pre-owned vehicles.
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