Tuesday, December 14, 2021

Questions to Ask About Honda Financing

A new car in your garage is a great way to end 2021. Before heading over to Keyes Honda, there are a few questions you should ask yourself before you commit to a payment plan. Here are some questions we get often at our Honda finance center near Sherman Oaks, CA

What’s the Down Payment Amount?

Typically, the better your credit score, the lower your minimum down payment amount will be. On average, most down payments fall between 10- and 20-percent of the car’s value. Keep in mind that you can always put down a higher down payment if you choose to. 

What’s the Total Cost?

The price listed on the dealership website and the MSRP sticker on the car is just the base price. The final cost will include additional fees, such as: 

  • Sales tax 
  • Licensing fees 
  • Title fees 
  • Documentation fees 

You’ll have to cover these costs up front in addition to your down payment, so keep that in mind. 

Do I Qualify for a Loan with a Low Credit Score?

In most instances, our financing department can help you qualify for a loan even if your credit score is less than ideal. However, the loan annual percentage rate and terms/conditions won’t be as favorable. 

Generally, a credit score of 670 and above is considered good, so that’s a number to aim for if raising your score. 

Is Financing Available for a Pre-Owned Car?

Yes, we provide finance and loan options for vehicles in our pre-owned and Certified Pre-Owned inventory. The process is the same as financing a new car. 

From the Honda Accord to the Honda Odyssey, we provide financing assistance across all models and trims. If you have further questions, one of our dealers will be more than happy to help. 

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