You’ve researched and are finally ready to buy your dream, Honda. But should you finance or lease? It’s a tough decision, but don’t worry – we’re here to help. Let’s look at each option’s pros and cons so you can make the best decision for you.
Financing
When you finance a car purchase, you’re borrowing money from a lender to buy the car. You’ll then need monthly payments until the loan is paid off. This option can be more expensive in the long run but may be more budget-friendly in the short term. The team at Honda Financing can talk you through your options at the lot or over the phone.
Financing Pros:
- When you finance a car, you own it outright, which means you can sell, trade, or modify it as you please.
- You’re also not limited by mileage restrictions like you are with leasing.
- And once the loan is paid off, you’ll have no monthly payments!
Financing Cons:
- The biggest downside to financing is that you’ll have a higher monthly payment than if you leased.
- You’ll also need a good credit score to qualify for financing.
- If you’re upside down on your loan (meaning you owe more than the car is worth), it can be challenging to sell or trade in the vehicle.
Leasing
Leasing a car is an excellent option for people who want to drive a new car every few years or don’t want the hassle of owning a car.
When you lease, you’re essentially renting the car for a set period. This usually ranges from two to four years, and at the end of the lease, you can either return the car or buy it outright.
Leasing Pros:
- The most significant advantage of leasing is that your monthly payments will be lower than if you financed the car.
- You’ll also have the option to return the car at the end of your lease without any further obligation.
- And if you decide you want to buy the car at the end of your lease, most dealerships will offer a discount.
Leasing Cons:
- One of the most significant downsides to leasing is that you don’t own the car, and this means you can’t sell or trade it in without paying a hefty fee.
- Leases also typically have mileage restrictions, so if you exceed those limits, you’ll be charged extra fees.
- And finally, if you return the car at the end of your lease and it has any damage beyond normal wear and tear, you’ll be charged for those repairs.
Determine What You Need
Whether you’re looking for a pickup to haul your recreational toys and work equipment or a sedan for your family’s next road trip, Honda has a vehicle for your needs.
Now that you know more about financing and leasing, it’s time to decide which is best for you. If you have any questions, our team at Honda is always happy to help. Honda has a wide range of vehicles to suit your needs, so visit us today and take one for a test drive. We know you’ll find the perfect car for you.
Honda’s Reputation for Reliability
Honda has a reputation for reliable manufacturing vehicles, which means you can feel confident knowing that your Honda will be there for you when needed. Whether you’re looking for a sedan, SUV, truck, or minivan, Honda has the perfect vehicle for your needs. Visit us today and take one for a test drive. We know you’ll find the perfect Honda for you.
How to Finance or Lease Your Honda
Now that you’ve decided which Honda is right for you, it’s time to choose how you’ll pay for it. Should you finance or lease? It’s a tough decision, but don’t worry – we’re here to help.
Financing is the best option if you’re looking for a Honda that you can own outright. You’ll have monthly payments, but once the loan is paid off, you won’t have any more financial obligations to Honda.
Leasing is an excellent option if you’re looking for a lower monthly payment and don’t mind giving the car back at the end of your lease. You can also buy the vehicle at the end of your lease if you decide you can’t live without it.
Consider Your Situation
As you can see, there are pros and cons to financing and leasing a car. The best option for you will depend on your circumstances and needs. Financing may be the way to go if you have a good credit score and can afford a higher monthly payment. But leasing could be the better option if you’re looking for lower prices and don’t mind giving up car ownership. We hope this guide has helped make your decision a little bit easier whichever route you choose!
