What Does it Mean to Finance a Car?

Hands Doing Calculations with Calculator

If you’re looking for a new Honda for your Freehold commute, familiarizing yourself with the car buying process will help you when you visit our local dealership. Follow along with the team at Honda Universe to learn what it means to finance a car and how car financing works, then read more about leasing vs. financing to find out which option is best for you!

How Car Finance Works

After you’ve found the right vehicle for your Toms River drive, the first thing you’ll want to do is browse our new vehicle specials or used vehicle specials to see how much you can save on your purchase. Then you’ll apply for financing to begin the car buying process. After you apply for your loan, the lender will request the following:

  • Your Credit Score
  • The Loan Amount
  • The Length of the Loan
  • Your Debt-to-Income Ratio
  • The Age of the Vehicle

If you have no credit or poor credit, you can still get approved for a vehicle loan. Read more about financing a vehicle with no credit or poor credit with our team.

Pick Your Lender

If you’re approved for your loan, you may have a few different lenders to choose from in Jackson. If the dealership offers in-house financing, you can compare the dealership offer to what a local bank or credit union is offering. Go over your budget to see how much money you can put down, then use our payment calculator to see how much your monthly payments will be to ensure you can pay back the loan.

Finalize Your Loan Terms

After you’ve chosen your lender, you can negotiate the price if you’ve researched the cost of similar vehicles in the area. Once you’ve settled on a price with the lender, you’ll finalize the loan terms with them. Make sure to read the fine print of the loan before you sign. Afterwards, you’ll take delivery of the vehicle and drive home in your new or pre-owned Honda!

Learn More About Car Financing with Honda Universe

When you’re ready to purchase a new or used vehicle from Honda Universe, visit us in Lakewood! You can browse our available vehicles and take a test drive in your favorite models. Make sure to read our car buying tips for more information on how to buy or lease a vehicle while you’re here!

 

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