There are a lot of details to consider and figure out when shopping for a vehicle, not the least of which is looking at different models, comparing and exploring what is available, and deciding what car you will enjoy driving for many years. Just as important as choosing the right car, truck, or SUV, however, is choosing the right financing to ensure you get the vehicle you need with payments that work for you. Most of us cannot simply buy a car outright for cash, so proper financing ensures you get the vehicle you need while sticking to your budget.

Here at Schaumburg Honda, our financing specialists are committed to providing fantastic customer service while helping you to get the right financing solution. Just as there is no single vehicle that is right for every driver, there is no single type of financing that is ideal for everyone. Our job is to get to know you, understand what you are looking for in your vehicle and what your budget looks like, and then find the solution that is perfect for you. That way, we can see you drive away completely happy in a vehicle you love, with payments that fit your budget.

Our Financing Team Is Here for You

Even though financing ultimately comes down to numbers, we believe that it starts with people—including you and our amazing team. We have worked hard to bring together a great group of people who are committed to providing honest, transparent customer service while helping you find the right financing for your next vehicle. That means our financing specialists will listen to you, understand what you need, and focus on making sure you get a financing solution that works for you. We know that figuring out financing can be stressful and cause anxiety for some people, which is why we work so hard to take any worry and hassle out of the process. You deserve to have someone on your side to help you find the right financing, which is exactly what you get here with us.

Find the Right Loan for Your Vehicle

Figuring out the right financing for your situation starts with deciding on what type of financing will best meet your needs. If you want to own and enjoy your new vehicle for a long time but do not have the money to pay cash right now, then an auto loan is the perfect solution. Here at Schaumburg Honda, we have a great relationship with various lenders, making it easy for us to show you different offers and determine what will work best for you. We can compare interest rates, loan durations, and other details to see how well each offer will meet your needs. Whether you want to buy a new or used model, the right auto loan makes everything much easier.

Is Leasing a Better Option for You?

If you are not interested in owning a vehicle long-term, then leasing a new Honda could be the perfect choice for you. With a lease, you get to enjoy a new model for several years. Instead of paying off a loan to buy it, you essentially only pay the depreciation that occurs while you drive. This is a terrific choice if you do not want to make a lengthy commitment to a particular vehicle, but it is not right for everyone. At the end of the lease term—usually three years—you return the vehicle, sign some final paperwork, and then you are free to walk away or lease another model. You can even buy your car at the end of the lease if you realize you cannot part with it, giving you tremendous freedom.

Using Your Old Vehicle as a Trade-in Is Easy

No matter what kind of financing you are interested in, one of the best ways to keep your payments low is by reducing the cost of your next vehicle. A down payment is a great way to reduce the price of your next ride, and using your old vehicle as a trade-in will also lower the cost and reduce how much financing you need. You can use the simple tools here on our website to estimate the value of your trade-in, making it easier to have a realistic sense of your financing picture. Once you bring your vehicle to us, we will give it a quick inspection and make you a fair offer, keeping things simple and hassle-free for you.

Frequently Asked Questions About Financing

Does my credit score affect my financing?

Yes, your credit score typically has a direct impact on your financing offers. The higher your credit score, the better your offers will usually be—lower interest rates and other beneficial terms are common if you have good credit. Your credit score is how you demonstrate to potential lenders that you can be relied on to make payments on time, so a high score makes financing easier.

How does the interest rate affect a loan?

The answer to this can depend on several factors, but in general, your interest rate directly affects how much you pay back beyond your original loan amount. A high interest rate results in paying back quite a bit more than the borrowed amount, while low interest keeps your overall costs down. This is why it is so important to work with financing specialists who will help you compare loan offers and make sure you find the most advantageous one available.

Does comparing loan offers affect my credit score?

When your credit score is pulled as you apply for a loan, it can cause your score to go down slightly, though it is not usually a dramatic decrease. You have a window of time, however, where all such applications are combined into a single instance. This means that we can look at multiple offers with you and compare them without each one negatively impacting your credit.

Can I trade in a vehicle that's not paid off?

Yes, you can use your old vehicle as a trade-in even if you are still paying off the loan on it. We will handle all the paperwork and deduct the remaining balance of the loan from the trade-in value of your car. If you still owe more than the vehicle is worth, we can fold any excess into the financing for your new car, making it easy to pay it off.

Should I get GAP insurance?

Guaranteed Asset Protection (GAP) insurance can be a hotly debated issue when you talk to people about shopping for a car. GAP insurance covers the difference between what you still owe on a vehicle and the amount your car insurance will pay if that vehicle is totaled or stolen. Imagine you still owe $40,000 on a car that is wrecked in a collision, but your insurance only values it at $35,000—you have to pay off that $5,000 difference out of pocket. GAP insurance covers that difference, making it a great choice for added peace of mind while you drive.

Get the Financing You Need Today

Shopping for a vehicle and finding the right financing can be overwhelming, which is why it is so important that you work with friendly people who are ready to help with everything you need. Here at Schaumburg Honda, we are incredibly proud of the team we have brought together and are committed to providing you with unbeatable customer service. You deserve to have someone by your side throughout the financing process who is focused on what is best for you. With one of our financing specialists working for you, it is easier to explore which financing solution is right for you, compare different options, and get financing that meets your needs. Come visit us at Schaumburg Honda today and experience a fantastic way to shop for a new or used vehicle.