Auto Loan Center at Showcase Honda

Honda Auto Loans in Phoenix, AZ

Regardless of whether you have plans to buy one of Honda's stylish coupes or sedans soon or you are thinking about buying an SUV, a minivan or a truck, you understandably may be thinking about financing. After all, finding a realistic way to pay for your new vehicle is an essential aspect of the buying process. One of the more common payment methods involves applying for a car loan. While auto loans are traditional, some people wonder if the newer option of a lease is a smarter idea. If you have a lower credit score, you may wonder if you could qualify for either of these options.

Is Financing a Car a Good Idea?

Many people who lease their vehicles are happy to tell others how fabulous life is with an auto lease. While there are definitely benefits associated with a lease that are well-suited for some people, there are many instances when an auto loan is a better idea. Understanding more about how leases and loans work and what their pros and cons are will help you to clearly determine the preferred payment option for your new Honda.

If you choose to lease the vehicle that you select from our lot at Showcase Honda, you will pay an initiation fee for the lease, and you will also pay a termination fee at the end of the lease. Another possible fee that could be due at the end of the lease term relates to mileage. Your lease terms will specify the mileage that you are permitted throughout the length of your lease, and a fee will be charged for each additional mile that exceeds this limit. One of the great things about an auto lease is the affordable monthly payment in comparison to an auto loan. However, remember that the lease will end, and you will have to turn the car in to the dealership. You can then choose to begin the lease process over with a new vehicle.

You can see that a lease has a low payment and gives you an ability to always drive a late-model vehicle. However, it is fee-heavy, and it has mileage constraints that are not ideal for many drivers. If you are a Phoenix driver who opts for a loan, you can choose to make a down payment upfront, but this is not a firm requirement with many auto lenders. You can also choose to extend the loan term in an effort to lower the payment. By doing so, you could actually generate a lower payment than what you would get with a lease in some cases. One of the best things about an auto loan is that the car loan will eventually be paid off, and the car will be yours outright. You can drive this vehicle without any monthly auto payments, which is a very affordable prospect.

Is There a Minimum Credit Score to Finance a Car?

Many Phoenix area drivers who spend time comparing the pros and cons of auto loans versus leases will decide that a loan is a smart option for them. The next question pertains to loan qualifications. Because each auto lender has unique lending requirements, it is best to reach out to our financing department at Showcase Honda for assistance. Our financing team helps all customers explore auto loan options regardless of their credit rating.



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