Finance Center

Finance a Honda Vehicle in Minot, ND

If you’re in the market for a new Honda near Minot, ND, Ryan Honda of Minot has an abundance of new and used cars for sale. Our staff members are always ready to get you behind the wheel of one of these options, and after selecting a car on our lot, you need to decide how you want to pay for it. This is where our expert knowledge of Honda financing in Minot comes into play.

Our Honda auto loan professionals are in-house and always 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’re here to help. At Ryan Honda of Minot, you’re never alone in the car-buying process.

How To Apply For An Auto Loan at Ryan Honda Minot

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

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. If you have questions, we can explain anything for you, because you deserve to know what you’re signing up for.

Is It Hard To Qualify For A Car Loan?

In short, 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, you generally will. Because of the vast selection of financial institutions out there, most people with a source of income qualify for auto financing. In fact, there are loans dedicated to those with lower credit scores, and are often called “second chance auto financing” or “bad credit car loans”. So no matter your income or credit score, we work with you to find a Honda auto financing plan that works for your wallet. 

Benefits Of Financing A Vehicle

If you’re hesitant about taking out a loan for a vehicle, you’re not alone. Many people feel nervous when buying a new car, no matter where they are in the process, but taking out a loan is actually beneficial in a few 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’re likely limited to vehicles purchased directly from their current owner. This is never a good idea because you don't receive a full history report of the vehicle and may not fully recognize any issues that come with it. 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 not spending all of your savings at once. When you finance, you can 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 increases. You also don’t have to finance the entire cost of the car – you can use cash or a vehicle trade-in as a down payment, 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? There are many financial benefits to financing a vehicle, including full ownership of the vehicle and the ability to customize it to your liking. Plus, when you buy, you end up with equity in the vehicle, and no limit to the number of miles it can be driven.

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

When push comes to shove, the decision to buy or lease your next vehicle comes down to your desires and lifestyle. If you log 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. If you’re still not sure which option is best for you, we can help you navigate the options one-on-one at Ryan Honda of Minot. 

New and Used Honda Vehicle Financing in Minot

When you’re ready to shop for a new vehicle in Minot, we’re here to help you. Once you find the perfect new Honda or used car, our finance center gives you the best payment options. From leasing to buying upfront or financing, our knowledgeable staff is by your side through the entire process. So contact us or swing by our Minot Honda dealership today – we can’t wait to assist you!