If you’re interested in buying a car but don’t have the exact amount of funding in your bank account, financing a car to own would be a better idea than leasing. You’ll put monthly payments away towards eventually owning the car. You can also get a Honda Care product that will help pay for repairs and maintenance while you finance your vehicle.
What to Expect when Financing
You’ll pay for the car’s value over a period of time, such as 60 months. The cost of the car will be split into monthly payments. An interest rate, such as .9% APR, will be applied to the payments. This means that your monthly car payments will be a little higher than if you’re just leasing the vehicle, but when the payments are up, the vehicle is all yours.
Benefits of Financing
Financing a car helps you own a car without directly having to pay the whole lump sum. If you have a steady job and good credit, you can sign into a finance agreement to pay monthly amounts toward owning the car. Your dealership can help you calculate these payments based on the percentage of APR and the number of months you’ve agreed to finance over.
Financing also helps you build your credit. If you can demonstrate your ability to make consistent monthly payments on time, your credit score will go up. It’s a good way to boost your credit score if you’re a recent college graduate or looking to eventually buy a house one day.
With financing, you don’t have mileage limits, and the car is all yours to do what you want. If you want to repaint it or plaster bumper stickers on it, go ahead. You also don’t have to pay for damage like you do with a leased vehicle. When leased cars are turned in, they often have to undergo damage repairs that can be fairly expensive if the car hasn’t been maintained thoroughly.
What If My Car Gets Damaged While I’m Still Financing It?
You can purchase a plan, such as HondaCare, and add it to your monthly finance payments. The HondaCare plan will take care of costly repair bills should anything happen to your vehicle; it also provides roadside assistance and trip interruption benefit. It’s basically an additional form of insurance that provides you with peace of mind. It’s not particularly expensive to buy, and it helps you ensure that when you finally pay off your Honda, it looks just as nice as the day it came home from the dealership.
If you’re interested in car ownership and building credit, consider financing a car instead of leasing one. You can spread the finance payments over a period of four years with low interest rates to help make the process affordable. With a plan like HondaCare, you’ll benefit from peace of mind knowing that if anything happens to the car, you won’t get hit with additional expensive repair bills. If that Honda Civic looks really appealing to you, talk with Hendrick Honda Bradenton today and find a financing option that works for you.