If you like the idea of having ownership of your car, prefer paying off your loan, and don't like the risk of possible lease-end charges, then you should consider finance as an option. As a finance customer, throughout the term of your finance contract, your payments will consist of part principal and part finance charges. Each payment you make increases the amount of equity you've built up in your vehicle.
You are the owner of the vehicle. All retail loans are open and you may pay out the finance contract at any time without prepayment penalties. Simple interest method to calculate interest charges. No kilometre charges. No wear and tear charges. Build equity. Flexible terms. Once all the payments have been made, you own the automobile.
Monthly finance payments are typically higher than monthly lease payments as you are financing the total cost of your vehicle. You are responsible for insurance coverage. Required coverage typically is detailed in your financing agreement. You are responsible for maintaining the automobile. A maintenance schedule is outlined in the owner's manual.
After making your payment each month for the duration of the financing contract, the vehicle is all yours. So what comes next? Negotiating a trade-in with your dealer may be a great way to come up with a down payment for your next Honda. You can also sell your vehicle privately or keep driving it for years to come - it's your decision to make. For more information about your options at the end of your finance contract, please contact our Customer Care Centre at 709-579-1999 or toll free at 1-800 667-9900.