Fundamentals of Our No Money Down Program
Buying a new Honda CR-V, Accord or Civic with no money down has a lot of appeal, especially if you need a car right away so you can get to your job and strengthen your financial position. At Jeff Wyler Honda in Florence, KY, we have a program that allows you to purchase or lease a Honda from our new inventory or buy one from our certified inventory with little or no money down. Here's how the program works and some of things to consider before moving ahead.
How Our No Money Down Program Works
When you buy a Honda through our dealership with no down payment, you're financing the entire cost of the purchase, including taxes, registration fees, and any other related costs. As a result, a Cincinnati, OH buyer is borrowing more money, and that can have implications for his or her financial position over the long run. The No Money Down Program is available for buyers or lessees who qualify and you can to get approved in advance by submitting our online credit application.
The benefits of buying a car with no money down
First and foremost, buying a new Honda or a quality used vehicle with no money down lets an Alexandria, KY buyer drive the car home immediately. That's a big advantage if you need a vehicle for work so you can save up enough for a down payment. It also allows you to keep a greater amount of cash that you can use for emergencies or to make a down payment on a house. In addition, it's a chance to build up your credit by making your payments on time, which can improve your credit score.
The drawbacks of getting a car with no money down
It's important to know that buying a car with no money down will cost you more over the long run. When you finance the vehicle 100%, you'll have larger monthly car payments and that could put a squeeze on your budget. What's more, lenders will typically charge higher interest rates with no money down financing, so car payments will be even higher for Covington, KY buyers.
One more drawback is that you run the risk of having negative equity, which means you'll owe more than the car is worth. If you trade-in your vehicle too quickly, you'll have to absorb the cost of depreciation and you'll have to pay off the loan, which isn't good for your financial health. Talk with one of the friendly, knowledgeable people in our finance center who can explain more about the pros and cons of no money down financing.
Some suggestions on how to get approved for no money down financing
The first step is improving your credit score as much as possible. We understand that can take some time but it's well worth the effort for an Independence, KY buyer. A higher credit score makes you more attractive to financing companies who are more likely to approve a no money down loan or lease. It also helps you get a better interest rate and more favorable loan repayment terms. Another good idea is to buy a less expensive car in our used inventory.
Take steps to pay down your debts and make payments on time before you apply. Another very good step is to use your current car as a trade-in. That can be an acceptable substitute for making a down payment because it can reduce the net cost of buying your next car by thousands of dollars. We can tell you more about our variety of lending programs at Jeff Wyler Honda in Florence, KY.
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Jeff Wyler Honda in Florence
949 Burlington Pike
Florence, KY 41042
- Sales: (859) 488-6840
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