Financing a Pre-Owned Honda: How to Do It Right

When shopping for your next vehicle, taking the pre-owned car route can be much cheaper if you do it right. Financing can be complicated and lead to a high monthly payment because of interest rates. Proper financing techniques and patience can get you a great deal on your pre-owned vehicle.

The staff at Garden State Honda has developed a brief guide that can help you get the best value for your next pre-owned car. Make it a point to have a game plan before you visit the dealership.

Tips on How to Finance a Used Honda

Knowing Your Credit Score

Your credit score and history are key factors in financing a vehicle, as these will determine your interest rate. You’ll want to improve your credit score as much as possible before buying a car. A high credit score qualifies you for a lower interest rate, potentially saving you thousands on your loan.

Research Lenders

You don’t want to start thinking about lenders until you’re at the dealership. Start by researching lenders on your own before you head in to find your next vehicle. Explore the various options for bank loans, dealership financing, and online lenders to determine which one best suits your lifestyle and budget. Having a pre-approved offer in your pocket when you walk in gives a reason to negotiate.

Consider a Bigger Up Front Payment

One of the best financing tips we can give you is to make a sizable down payment at the time of purchase. This will lower your monthly payments and save you money over time. A larger down payment has been shown to increase your chances of lender approval.

Take a Test Drive

One of the best ways to learn about a vehicle’s performance is to take it for a test drive. Before visiting the dealership, make sure to plan your route so you’ll experience your typical driving conditions. This is also a good time to check if there are any problems with the vehicle’s interior.

Look Out for Red Flags

Buying a used car involves a few additional steps compared to buying a new one, and one of the most crucial is obtaining a vehicle history report. You want to ensure the car you’re considering hasn’t been in a major accident or doesn’t have title issues, and it’s advised to have the car examined by an independent mechanic you trust.

Find Your Next Used Vehicle at Garden State Honda

At Garden State Honda, we know searching for your next vehicle can be overwhelming, so we work hard to make things as black and white as possible. Shop our extensive inventory of used and certified used cars online or in person at our Honda dealership near Paterson, NJ. Our team aims to provide a positive shopping experience and will assist you in finding the right vehicle and financing option that fits your lifestyle.

Get started online or by contacting us today. We are excited to welcome you to our dealership in Clifton, NJ.