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Honda Auto Loans at Delray Honda

Driving home in your new Honda may be a primary goal, but you cannot take ownership of the vehicle that you have your eye on until you line up financing to pay for your purchase. When a full cash payment is not an option that you are willing or able to consider, you can either apply for an auto loan or take out a lease on the vehicle. Depending who you talk to, you may hear both positive and negative things about both options. With a closer look at auto leases and loans, you can decide what the best payment method is for your new Honda vehicle.

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Is Financing a Car a Good Idea?

An auto loan has wonderful benefits that you can take advantage of, but these benefits are opposite of the benefits of an auto lease. The primary differences between these two options are related to fees, monthly payments, term lengths, mileage restrictions and the actual ownership of the vehicle. For example, with a lease, you return the vehicle at the end of the term, but you own the vehicle outright at the end of an auto loan. If you hope to eventually drive a vehicle without any payments required, you can see that an auto loan is your preferred option.

Looking at the financing fees for loans versus leases, keep in mind that a lease has multiple fees. These are fees at the beginning and at the end of the lease term. There may also be an additional fee at the end of a lease if your mileage exceeds the limit established in the lease terminology. There are no mileage requirements for a loan. In addition, you could pay an upfront down payment with a loan, but this is not a requirement for all lenders.

With both an auto loan and an auto lease, you will have some flexibility with regards to the term. However, many leases do not extend beyond three years. A loan term, on the other hand, may span from two years or less to six years or more. The monthly payments are linked to the upfront fees paid as well as to the term length.

If you are one of many drivers in the Delray Beach area who are trying to decide whether to loan or lease your vehicle, you must determine how long you want to retain ownership or control of the vehicle. You also must think about your ability to pay auto lease fees and about the mileage that you intend to put on the vehicle. When you analyze each of these factors in detail, you will be able to decide how to best pay for your new Honda.

Is There a Minimum Credit Score to Finance a Car?

While many drivers in Delray Beach have great credit scores, others have lower scores than they would like to have. Both auto loans and leases have qualification requirements that drivers must meet, and these requirements often do relate to credit scores. However, individuals with lower credit scores may qualify for financing in many cases. If you are interested in exploring the options available, turn to our financing department at Delray Honda. We will do our best to get you into the Honda that you are interested in.

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Hours

  • Monday 9:00 AM - 9:00 PM
  • Tuesday 9:00 AM - 9:00 PM
  • Wednesday 9:00 AM - 9:00 PM
  • Thursday 9:00 AM - 9:00 PM
  • Friday 9:00 AM - 8:00 PM
  • Saturday 9:00 AM - 7:00 PM
  • Sunday 11:00 AM - 6:00 PM
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