5 Common Honda Financing Mistakes to Avoid

The Honda financing process can be difficult to wrap your head around if you’re trying to navigate it without help. Here are some of the common mistakes we notice among first-time and experienced car buyers alike. Steer clear of these missteps to ensure you budget properly, and visit Lester Glenn Honda to make the financing process easy.

Not Checking Your Credit Score Beforehand

Knowing your credit score will give you an idea whether you qualify for certain loan offers. Some car buyers show up to the dealership assuming their score is top-notch, only to be surprised when their score is lower than believed, making them ineligible for select offers.

Paying the Minimum Down Payment

The minimum down payment varies depending on the loan type and car make and model. Whatever the minimum, strive for a 20% down payment. Settling for the minimum means higher monthly payments and/or longer repayment duration.

Not Budgeting for the Total Expense

Some car buyers only look at the vehicle’s MSRP listed on the dealership website. Budgeting must consider all associated fees, such as:

Sales tax
Registration fees
Title fees
Documentation fees

Settling for the Longest Repayment Term

Loan terms vary and can range from 24 to 84 months. Sure, a longer term may mean lower and more manageable month-to-month payments. However, the longer the term the more time for interest to accrue, meaning you pay more over the long-run.

Not Willing to Compromise on Model or Trim

If a model or trim is outside your budget, it’s okay to settle for another model or lower trim, or even consider a pre-owned vehicle of the same model. Some car buyers settle for less-than-ideal loans or go over budget because they insist on a particular model.

Get Honda Financing Assistance at Our Sea Girt, NJ Dealership

A car purchase is a huge financial undertaking, so it’s important to budget smartly. The finance department at Lester Glenn Honda can help you establish a manageable budget plan and answer any Honda financing questions you might have.

Contact Information

First Name*

Middle Initial

Last Name*

Home Phone*

Primary Phone

Email*

Address*

City*

State*

Zip*

Personal Information

Driver's License*

Social Security Number (SSN)*

Date of Birth (mm/dd/yyyy)*

Residence

Monthly Rent / Mortgage Amount

Years at Current Residence

Months at Current Residence

Employment Information

Employer*

Work Phone*

Occupation

Length of Employment

Monthly Gross Salary*

Other Income

Comments

I have a co-applicant

Disclaimer

I agree to the following:*

I am at least 18 years old and a permanent resident of the United States.
I authorize this dealership to obtain a credit report in connection with our review of your credit application.
I understand that this dealership may call me in connection with this application.
I have reviewed this dealership's privacy policy.
I have truthfully and completely provided the required information on this application.

By submitting your information, you agree to the sharing of your information between American Honda Motor Co. and its retailers.

I agree

By submitting your information, you agree to our Privacy Policy.

Do not enter anything in this field