Finance Center

Finance a Honda Vehicle in Minot, ND

If you are in the market for a used car or a new Honda vehicle in or around Minot, ND, you are in luck. Here at Ryan Honda of Minot, we have an abundance of both new and used cars for sale, and our staff members are always ready to get you behind the wheel of one of these options. But after you fall in love with a car on our lot, you need to make the decision on how you want to pay for it. This is where our Honda financing team comes into play.

Our auto loan professionals are always in-house and ready to help you navigate the market of lenders and options. From filling out the application to picking the rate and loan type that works best for you, to signing on the dotted line, we are here to help. At Ryan Honda of Minot, you are never alone in the car-buying process.

How to Apply for an Auto Loan

Once you have found the car, truck, or SUV that you want to purchase, the next step is to apply for a loan to pay for it. We make this simple with our easy-to-follow online auto loan application. All you have to do is fill out some information you already know, such as your name, address, income, and social security number. Then, we will crunch the numbers and get back to you about the loans for which you have been approved. 

At Ryan Honda of Minot, we have a variety of lenders at our fingertips and are pleased to offer rates from local banks, national banks, and credit unions. This provides our customers with an abundance of options, ensuring you get the best rates and the best options for you - because we value you and your time. And if you have questions, we will explain anything you do not understand. You deserve to know what you are signing up for; we will make sure that you do.

Is it Hard to Qualify for a Car Loan?

It is a fact: no one’s financials look the same. You may be wondering if you would even qualify for a car loan. While the only way to know for certain is to apply, the general answer is usually that you will. Because of the vast selection of financial institutions out there, most people with a source of income will qualify for auto financing. In fact, there are loans dedicated to those with lower credit scores; these are often called “second chance auto financing” or “bad credit car loans”. So no matter your income or credit score, we will work with you to find a plan that works for your wallet. 

Benefits of Financing a Vehicle

If you are feeling hesitant about taking out a loan for a vehicle, you are not alone. Many people feel nervous when they are buying a new car, no matter where they are in the process. But taking out a loan is actually beneficial in a couple of different ways. For one, when you agree to finance a new or used car, your options open significantly. If you buy a car outright - with only the money in your savings account - you will likely be limited to vehicles purchased directly from their current owner. This is never a good idea because you will not receive a full history report of the vehicle and may not fully recognize any issues that come with it; you might buy a lemon. When you finance, you can purchase your vehicle from a reputable dealer, with warranties and reports that fully explain the vehicle’s history and current condition.

The other major benefit to financing a vehicle is that you do not have to hand over all of your savings at once. When you finance, you are able to pay for the car over time, taking the heavy load off of your shoulders. Plus, the more often you make your monthly car payment on time, the more your credit score will increase. And you do not have to finance the entire cost of the car. You can use cash or a vehicle trade-in as a downpayment, lowering the amount needed in the loan. All in all, financing a vehicle really is a win-win. 

Should I Lease or Buy My Next Vehicle? 

The alternative to buying a vehicle is leasing one. Neither option is better than the other, but depending on your lifestyle, you may prefer one over the other. So which is better for you? Should you lease or buy? Well, as you now know, there are many financial benefits to financing a vehicle. Another perk is that with full ownership of the vehicle, you can customize it to your liking. Plus, when you buy, you will end up with equity in the vehicle, and no limit to the number of miles it can be driven.

That said, leasing a vehicle is a good option as well. When you lease a vehicle, you are essentially “renting” it for a set amount of time. In most cases, you will have lower monthly payments with a lease. Plus, you only have to put a small amount of money down on the vehicle, if any. And possibly the best part? When you continue to lease over the years, you will always have the newest vehicle and best features on the market. 

When push comes to shove, whether you should buy or lease your next vehicle should come down to your desires and lifestyle. If you drive a lot of miles or want to own the car in the long run, you should probably purchase a new or used vehicle. But if you keep your miles limited and always want the opportunity to upgrade your vehicle to something new, you may want to check out a lease. And if you still are not sure which option is best for you, we can help you navigate the options one-on-one at Ryan Honda of Minot. 

New & Used Cars for Sale Near Stanley, ND

When you are ready to shop for a new vehicle near Stanley, ND, we are ready to help you. And of course, once you find the perfect new Honda or used car, we at the Ryan Honda of Minot finance center will give you all the best payment options. From leasing, to buying upfront, to financing, our knowledgeable staff will be by your side throughout the entire process. So contact us or swing by our Minot Honda dealership today! We cannot wait to assist you.