Honda Financing 101: A Beginner’s Guide to Getting a Good Deal

Most potential car buyers cannot afford to pay for a vehicle in one lump sum — this is where Honda financing and our financial experts come in. There are many moving parts within the contract that you need to pay attention to in order to ensure you get the most out of your lease.  

To learn more, keep reading or visit Serra Honda of Champaign in Savoy, IL.  

Credit Scores 

One of the best things you can do before heading to our dealership is to check your credit scores. We offer low-interest rates on many of our new Honda models, but oftentimes these special deals are reserved for those who have excellent credit scores. If your score is less than ideal, you can always work on improving it before shopping with us. 

Term Lengths 

Another important part of the lease you’ll need to consider before signing is how long it will be. The longer the loan term, the lower your monthly payment will be, so it’s important to find a good middle ground. You can take advantage of this in order to afford a vehicle that was previously out of your price range, but you should avoid long contracts that will leave you stuck with a car you may not want in a few years. 

Down Payments 

You’ll also have the option to put down a cash payment when you sign a lease with us. Our general recommendation is to put around 20% of the sticker price down so you can pay lower interest on your monthly payments. If you can’t afford 20% down, we recommend shopping for a different vehicle or saving up until you can, to avoid getting yourself into a deal you can’t pay for down the line. 

Visit Sera Honda of Champaign to Learn More About Honda Financing 

If you’re ready to start the car buying process or have additional questions concerning lease deals we can help — stop by our Champaign Honda dealership today. We also have various Honda specials that can help you save extra money if you qualify. Come see us today for more information!