Honda Financing Tips: Loans vs. Leases

 

Have you been weighing your Honda financing options and are unsure of your best route? The financial experts at Pacific Honda have some helpful tips for you regarding loans, leases, and everything you need to know about buying a new car.

 Is it Better to Buy or Lease?

There are benefits to both buying and leasing. Interested in having your car for a long time? Perhaps you are even thinking about working your way towards living one day without a car payment. If that’s the case, you should consider buying a car.

Enjoy consistently trading up your car for newer models and technology? Looking to spend less on your monthly auto payments? A lease might be best for you.  

How Does a Lease Work?

Leasing a vehicle is essentially borrowing a vehicle from our dealership. You can decide how long you’d like the lease; most leases last two or three years.

To determine how much you pay, you take the original cost of the car and then use the estimate of its value at the end of your term. The difference is divided into monthly payments. At the end of your lease, you can return your vehicle to the dealership or opt to buy it.

How Much Can I Afford?

You can easily get pre-approved for financing on our site to determine if you qualify for the car you are eyeing. Of course, even if you are approved, that doesn’t necessarily mean you’d be comfortable with its monthly payment.

An auto payment calculator can give you an estimate of your monthly payment. If you’ve decided leasing is your best route, you’ll want to use an auto lease calculator instead.

Reach out to our Honda dealership in San Diego, CA with any additional questions you may have. We’re happy to help!