Bell Honda Financing

Honda Auto Loans in Phoenix, AZ

At Bell Honda, our primary goal is to help our Phoenix area customers get behind the wheel of a great vehicle that is affordable for them. For many of our customers, an essential part of the auto buying process involves applying for a loan. However, some drivers in the Phoenix area are not certain that an auto loan is the right way to pay for their purchase. Perhaps you are debating between applying for a loan or a lease. In some cases, there may be concerns about being able to qualify for an auto loan because of low credit scores. Before you can take home your new Honda, you need to learn more about auto loans and what your potential loan terms may be.

Is Financing a Car a Good Idea?

There are some wonderful benefits associated with using an auto loan for your purchase. For example, you can enjoy considerable flexibility setting up terms that work in your favor. The down payment amount may be determined based on your financial ability and the lender's requirements. Some lenders may accept no money down, but others may require you to make a small down payment. You also have flexibility regarding the term of the loan. A typical loan term usually ranges between three to six years, but some lenders offer financing outside of this range. By having the flexibility to choose your own term length and down payment, you have the ability to create a loan payment that may be more affordable for your budget.

This is in comparison to an auto lease, which is another payment option that some Phoenix drivers may be thinking about. A lease usually requires a sizable startup fee, and there is also typically a second fee paid at the end of the loan term. The monthly payments may be reasonable, but the lease term only extends for a couple of years. A lease also has a limit regarding the number of miles that you can drive, and exceeding this limit will result in another fee.

There is one other important difference to keep in mind. When you lease your Honda, the leased vehicle must go back to the dealership at the end of the agreement's term. On the other hand, when you buy your Honda with a loan, you own the vehicle entirely after the loan has been paid off. By paying off your loan, you can enjoy the financial benefit of being able to drive a vehicle without making a regular payment on it.

Is There a Minimum Credit Score to Finance a Car?

Many Phoenix drivers who compare the payment options closely for their next Honda may ultimately decide that applying for an auto loan makes sense. If you are thinking about applying for a loan to purchase your new Honda vehicle, you may be wondering if you meet the loan requirements. All auto lenders have requirements that must be met, and some requirements are much more lenient than others. If you are specifically concerned about low credit scores, rest assured that our financing team offers the same assistance to all of our customers regardless of credit scores. If you are interested in exploring some of the loan programs that may be available to you, now is a wonderful time to reach out to our financing team at Bell Honda.

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