Getting car financing can be daunting because there are several options for you to choose from. Often, it’s financing at your Honda dealer that’s the best option, as there are many benefits to getting financing that way. There are different benefits for different people, so let’s take a closer look at them.
5 Benefits of Getting Car Financing at Your Honda Dealer
1. It’s an Option for People With Low Credit Scores
People with a poor credit history often find it very difficult to get approved for a loan from a bank or credit union. It’s much easier to get approved when you apply for financing at a dealership. Dealers are sometimes the only option for people with low credit scores, and your dealer will always try to find you the fairest deal possible because they want to keep you as a loyal customer and serve you to the best of their ability.
2. It’s a Low-Interest Option for People With Great Credit Scores
On the other end of the spectrum, if you have an excellent credit history, then you may end up getting financing from a dealer with an incredibly low interest rate. Dealers sometimes even run promotional offers where the interest rates on certain vehicles could be as low as 0%. It’s always worth checking with your local dealer to see if they have any promotional offers running.
3. It’s Convenient for Choosing Between Multiple Offers
If you want different options regarding repayment terms and interest rates when you’re looking for financing, then you’ll have to shop around if you’re looking for financing from a traditional financial institution. If you go to the dealer, then you’ll often get multiple offers without having to visit multiple places. The dealer applies to many different lenders on your behalf, so you can find different loan term options all in one place.
4. It Lets You Get the Car You Truly Want
Some financial institutions limit the dealerships you can get your new car from, as they’ll need you to pick a vehicle from a dealership within that lender’s network. However, there may not be a dealer in that institution’s network that has the car you want. If you find the car you want first and then apply for financing through the dealer, then you’ll make sure you get the model you desire.
5. It’s Fast
When you apply for financing through a dealer, you can do many different things in one day. You can trade in your old car, pick a new one, and then apply for financing, all within a couple of hours. Sometimes you’ll be offered financing just a few hours after you apply, too, making the process even faster.
If you’re looking for financing for a Honda car, then come by Penske Honda Ontario. We’ll talk you through the process and help you get financing as soon as possible so you can drive away in your new car.
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