For customers seeking great auto financing deals, standard financing offered by Honda Financial Services may be the right option. Financing is provided for almost all Honda products, including Honda and Acura vehicles, as well as Honda Motorcycles and ATV’s.
Honda Marine engines and Honda Power Equipment also fall in this category. The rates are fair, and terms have been created to meet the needs of the customers. There are convenient online facilities for accessing the respective accounts.
Honda Financial Services follows convenient procedures, whereby buyers and dealers agree on a certain down payment amount and loan term. The monthly payments are calculated based on the purchase price, the term of the loan, and the annual percentage rate (APR).
In order to expedite their purchase, customers can even apply for pre-approval online. Through the term of the agreement, installments consist of the principal and the financing costs. In the initial phases, the monthly payments cover primarily the financial expenses, but as the term progresses, the ratio of finance charges to principal decreases.
The vehicle is the customer’s property upon making the final monthly payment.
Typical auto financing choices are leasing or buying. Buying is the better option for customers who plan to keep their car for five to ten years. Buying a vehicle allows the owners to drive as many miles as they want, and to change the car’s appearance. Buying also gives customers the pride of ownership. The Planning Tools of the Honda finance website is useful for obtaining crucial information on leasing and buying.
The American Honda Finance Corporation provides finance for used as well as new cars. The American Honda Finance Corporation provides financing for nearly seventy percent of new Honda cars. These financing offers are sure to attract the attention of any customer considering the purchase of a Honda.
Customers are advised to take advantage of the the different schemes that are being offered by Honda on new cars if they wish to maximize their savings. Honda offers different financial incentives, depending on the specific car model.
For the Honda Accord the term of a loan is two years, and the interest rate is 2.9 percent. The interest rate for a Honda Civic is 2.9 percent and the term is two years. For a two year loan term for a Honda Element, the interest rate is 3.9 percent, while a the interest rate over a 36 or 48 month period is higher, at 4.9 percent.
The American Honda Finance Corporation commands an excellent reputation amongst Honda customers in the United States, who regard it as a gift. Nonetheless, the company has had its share of criticisms, allegedly discriminating against customers of African and Hispanic origin who are seeking financing for an automobile.
African Americans and Hispanics have been victims of high mark-ups on interest rates. When these customers have opted to finance their car loans through auto dealers, the lenders have quoted the dealers a particular price and finance rate at which the buyer is supposed to get the car loan, but dealers have quoted higher purchase prices, and pointed out the difference between the two prices.
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Last Updated on : 1st August 2013