Honda Financial Services has a new service called cab service that lets borrowers pay a $1.50 monthly fee for a new, used or lease-purchased vehicle, and they can borrow the car for a full year for a down payment.
The service is only available to borrowers who qualify and pay a loan down payment and has to be approved by a loan officer.
Honda Financial Services is partnering with a local car service company called Citi Auto, which has a large fleet of cars for rental.
Hondas loan officer, Kevin Coughlin, told the San Francisco Chronicle that he was “excited” to offer the service, because “cab services are one of the few things that I know of that are really designed to get you on the property to buy a car.”
Coughlin said Honda Financials COO, Michael Stearns, told him that his company was looking to expand to a wider range of customers, including people who rent or lease cars from other companies.
“Cab services and car leasing is where we can make our biggest impact,” Coughlins statement said.
“We want to help more people get the loan they need to start making their own homes and earn their own money.”
Honda has a long history of providing car financing, but the company has not had any financial problems in the past few years.
Honda Financial says its loans have helped more than 10,000 borrowers pay off their loans in less than three years.