When deciding on a new vehicle, many customers debate between leasing or financing. Both options provide customers with a variety of benefits, options and terms. A number of factors should be considered when evaluating which approach is best for you. At Clarenville Honda, our F&I Manager and Sales Consultants can help guide you through the “Pros and Cons” to ensure you select the options that work for you.
For more detailed information on Honda’s Lease & Finance options, please click here
Own Your New Honda.
If you like the idea of having ownership of your car, prefers paying off your loan, and don't like the risk of possible lease-end charges, then you should consider finance as an option. As a finance customer, throughout the term of your finance contract, your payments will consist of part principal and part finance charges. Each payment you make increases the amount of equity you've built up in your vehicle.
The benefits of financing your vehicle with Honda Financial Services are:
- You are the owner of the vehicle.
- All retail loans are open and you may pay out the finance contract at any time without prepayment penalties.
- Simple interest method to calculate interest charges.
- No kilometer charges.
- No wear and tear charges.
- Build equity.
- Flexible terms.
- Once all the payments have been made, you own the automobile.
Things to be taken into consideration:
- Monthly finance payments are typically higher than monthly lease payments as you are financing the total cost of your vehicle.
- You are responsible for insurance coverage. Required coverage typically is detailed in your financing agreement.
- You are responsible for maintaining the automobile. A maintenance schedule is outlined in the owner's manual.
End of Your Finance Contract - What’s Next?
After making your payment each month for the duration of the financing contract, the vehicle is all yours. So what comes next? Negotiating a trade-in with Clarenville Honda may be a great way to come up with a down payment for your next Honda. You can also sell your vehicle privately or keep driving it for years to come - it's your decision to make.
For more information about your options at the end of your finance contract, please contact Clarenville Honda at 709-466-3245.