Financing Your New Honda through a Specialist
Written by admin on December 6th, 2010If your choice of car is a Honda and you are looking for Honda car finance then the best way to find information regarding the wide range of financing options is to go online with a specialist car loans website. The range of financing includes choices such as personal contract purchase, hire purchase or credit purchase and you can find the best deals online quickly and easily.
Personal contract purchase is a very popular option when it comes to Honda car finance, this option is an ideal way of financing your car if you are not likely to be sticking with the same car for a long time. The repayments are generally low and you pay a lump sum at the beginning, monthly repayments for a defined period of time and then a final lump sum at the end of the agreement. However you do have options at the end of the agreement, you can either pay the final sum and the car is yours, return the car or part exchange the car and get another.
Hire purchase is a very traditional method when it comes to looking for Honda car finance and this simply means borrowing the money for the car and repaying it back over a period of time. The amount that you will borrow will depend on the deposit you can afford to put down and of course the more deposit the lower the monthly repayments will be and the less interest you will accumulate on the loan. Once the loan is completed then the car belongs to you, hire purchase is a type of secured loan and the car will be the security if you should default on the loan repayments.
Another option very similar to personal contract purchase is the credit purchase, sometimes called the lease purchase. The difference between the two is that the credit purchase has no option to return the car at the end of the agreement which means you have to find the lump sum to pay off the loan. You can spread the cost of the loan over a longer period of time to keep the monthly repayments low along with putting down a large deposit against the car. This type of Honda car finance usually comes with a very low rate of interest which can make owning a car affordable.
Whichever type of car finance you choose for your circumstances you can get the lowest quotes and best rates of interest by going with a specialist website and allowing them to search on your behalf. A website such as this will search with companies who specialise in offering Honda car finance and will give you the quotes for the particular type of finance you have chosen. All types of finance will have terms and conditions and these should be delivered to you along with the quotes so you can read them and determine if there are any hidden costs, the key facts will also point out in black and white how much the loan will cost and show the amount of interest that will be added. It is essential that you compare the key facts along with the rates of interest if you want the best deal possible with no hidden surprises.
