Whether you're deciding to buy a new vehicle or a pre-owned ride from Yonkers Honda, one of the most important decisions you'll make is how to finance it. Both loan and lease options provide a path to purchasing a vehicle, but part of the purchasing process is deciding which option is right for you.
With a loan, you're borrowing money from a lender to purchase your Honda outright. The lender will provide you with an interest rate and a set repayment schedule that you'll need to adhere to if you want to pay off your loan in full. Usually, loan terms last anywhere from 36-72 months, and you'll be expected to make a down payment of ten to twenty percent of the total cost. Although this option requires a larger initial commitment up front than leasing, it gives you the option to customize your vehicle and more freedom to drive your Honda how you like near the Bronx.
Leasing is somewhat like renting a car for an extended period of time. The leasing company will own the Honda, but you'll be required to make monthly payments based on how much it's worth. After your lease term ends, you can choose to return the Honda and sign a new lease agreement or purchase the vehicle outright with any remaining equity. Leasing also has a lower barrier to entry as there are usually no down payments required, and terms can be as short as 24 months.
Ultimately, the decision to lease or loan a Honda comes down to your lifestyle, financial situation and driving habits on roads near New Rochelle. Those who plan to keep their Honda for more than five years may want to opt for a loan so that they can own their car outright. On the other hand, those who don't want to commit to one vehicle for a long period of time may find leasing to be a better option. No matter which route you choose, our knowledgeable staff at our dealership near White Plains have the expertise to help you make an informed decision.
Are you ready to start the Honda loan or leasing process? Contact us at our dealership near Tarrytown to get started today! We look forward to helping you drive home in the Honda of your dreams.
Yonkers Honda
2000 Central Park Ave
Yonkers, NY 10710
