Lute Riley Honda

If you're looking for a great auto financing deal, traditional financing from Honda Financial Services may be just the right option for you. Financing is available for nearly all Honda products including Honda and Acura vehicles, Honda Motorcycles or ATV's, Honda Marine engines, and Honda Power Equipment products, with competitive rates and terms designed to meet your needs and with convenient online Account Access.

How Traditional Auto Financing Works

It's pretty simple. When you apply for financing, you and your dealer will agree on a down payment and the term - and then calculate your monthly payment based on the purchase price, term, and annual percentage rate (APR). To save time at the dealer, you can even apply for pre-approval online.

All About Equity

Throughout the term of your auto financing contract, your payments will consist of part principal and part finance charges. At the beginning, your monthly payment covers mostly finance charges, but as the term progresses, the ratio of finance charges to principal changes. Each payment you make increases the amount of equity you've built up in your Honda or Acura car, Honda Motorcycles or ATV's, or other Honda product; payment by payment, as the amount of principal you're paying increases, the amount of finance charges decreases.

Then What?

After making your payment each month for the duration of the financing contract, the vehicle is all yours. So what comes next? Negotiating a trade-in with your dealer may be a great way to come up with a down payment for your next Honda or Acura. You can also sell your vehicle privately or keep driving it for years to come - it's your decision to make.

Auto Financing Options: Lease or Buy?

Is buying right for you? Great question. If you typically keep your vehicle for five to 10 years, then buying may be your best option. Buying a vehicle means you can drive as many miles as you wish and make changes to your vehicle's appearance. Buying also gives you the pride of ownership. For more information about lease vs. buy options, use the Planning Tools on this site.