Looking to buy a new vehicle and weighing your decisions? We’re answering a few of our frequently asked questions that come up during the Honda financial process at Heritage Honda.
Should I Finance or Lease?
There are undoubtedly perks to both financing and leasing. It’s important to consider your plans for the vehicle to determine your best route.
- Financing – Lets you build up equity in your vehicle and eventually live without a car payment if you choose.
- Leasing – More affordable than financing. You can also continuously upgrade your vehicle without the hassle of selling.
How Does a Lease Work?
To determine the cost of your lease, we look at its current value and the estimated value at the end of your lease. You’re responsible for covering the depreciation of its value in monthly payments until the end of your lease. Then, you can opt to buy the vehicle or simply return it to the dealership.
How Much Can I Afford?
It's recommended to keep your total car costs under 20 percent of your income. That includes your auto payment, as well as added costs including insurance, registration, and maintenance. An auto payment calculator can quickly give you an estimate of your monthly payment with a few determining factors.
- Total investment
- Interest rate
- Term
- Down payment or trade-in value
What’s My Trade-in Worth?
We invite you to bring your vehicle to our Honda dealership in Parkville, MD anytime for a free estimate of your trade-in value. You can also quickly get an estimate online by submitting your VIN number or license plate number. Or, you can manually enter the details of your vehicle to get an estimate.
- Make, model, year, and trim level
- Mileage
- Condition
Have other questions? Reach out to our team today!
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