Can you afford to acquire a new car? You might be surprised. Not only do our Honda models come with a reputation for reliability and accessible prices, but you also have the choice of loan or lease. But where a car loan makes you accountable for a vehicle’s full MSRP plus interest, a loan might be a better fit for those who want lower payments, and maintenance costs.

Which should you pick? It all comes down to how you drive, your budget, and overall predictability. For those who want a good idea of what they’ll be paying for their car over a certain period, leasing is the way to go. Monthly payments are decided by the residual value a vehicle will lose during the lease period, and while mileage restrictions may apply, fees are generally lower. There’s also an option to purchase the car outright when the lease term ends.

But where the leasing model might work for those who favor lower payments and overall cost of ownership, the pride of paying off a car is also valid. Although costs may be higher in this instance, once you pay off the loan, the vehicle belongs to you. Better yet, loans come with no mileage restrictions, and so long as you stay ahead of the payments, your vehicle will gain equity.

If you need guidance, the experts with our financing department can help out. Start out by contacting our Honda dealership in Oxnard, CA, and we’ll get the ball rolling.

Categories: Finance