Yes, refinance your 2024 Honda Pilot auto loan if you lower your APR by 1 to 2 points and have time left on the loan. For a $35,000 balance with 48 months left, drop from 7% to 5%. This cuts your monthly payment by $33. You save about $1,600 in interest.
Refinancing works best under clear conditions. Market rates sit below your current APR by at least 1 point. Your credit score has risen since you got the loan. You have 24 months or more left. Your balance tops $7,500. Your loan lacks prepayment penalties. Your Pilot's value exceeds the balance.
Example Savings on a 2024 Honda Pilot
These numbers use a $35,000 balance.
| Scenario | APR | Term | Monthly Payment | Total Interest |
|---|---|---|---|---|
| Keep current loan | 7% | 48 months | $839 | $5,300 |
| Refinance, same term | 5% | 48 months | $806 | $3,674 |
| Refinance, longer term | 5% | 60 months | $661 | $4,630 |
Same term refinance saves $33 per month and $1,626 in interest. Longer term drops payments more. Total interest rises versus 48 months at 5%. It still beats your 7% loan.
Rates depend on your credit, income, and lender choices. Plug in your balance and months left to check your savings.
Costs and Tradeoffs
Watch these factors before you act.
- Fees run $50 to $300 for title and state costs. Check for prepayment penalties in your contract.
- Longer terms lower payments but boost total interest. Match or shorten your term for least cost.
- Keep loan-to-value under 110%. Lenders offer less if you owe more than the Pilot's worth.
How to Refinance Your Honda Pilot
Follow these steps to get started.
- Review your loan: note APR, balance, and months left.
- Pull your credit score. Scores above 700 often get top rates.
- Prequalify with 3 to 5 lenders like credit unions, banks, and online options. Pick soft credit pulls.
- Compare APR, term, payment, total interest, and fees. Confirm no prepayment penalty.
- Pick your goal: lowest payment, least interest, or quick payoff. Extend term only for cash flow needs.
- Apply and close. Pay your old loan until you see payoff confirmation in writing.
Sidekick tracks your loan and alerts you to refi chances that save money after fees.