After you have looked around and decided to buy a new Honda Accord, the next step is to decide how you are going to pay for it. Although there are several options to choose from, one of the best may be to use Honda financing. It may also help you to get all of your new car needs at the same place.
Honda financing is available for all of their new cars, including the Honda Accords. They make their financing offers available for all Honda vehicles that are less than five years old, purchased at a Honda dealer, and that have less than 80,000 miles on them.
At the time of this writing, Honda has two special finance offers for 2013. These offers apply to those buying a new Honda Accord Coupe, or the Honda Accord Sedan. If you are financing for 24-36 months, they offer a 0.9 percent APR; but for longer periods of between 37-60 months, it is for 1.9 % APR. This may change, however, and you would need to contact the nearest Honda dealer to find out what the current interest rates are.
College graduates have the opportunity to receive special financing arrangements from Honda. A graduate is considered to be someone who has graduated in the past two years, or who will graduate within the next four months. The borrower must either provide proof of current employment or have a firm commitment from an employer of a start date within 120 days from signing your finance agreement. An individual with a nursing degree (any level) from an accredited institution may also qualify.
Honda offers the graduate program financing as a way to build credit if you do not already have it. If you do have credit already, it needs to be good. There is also an option available to defer payment for up to 90 days after getting the new car. A deposit of five percent needs to be paid at the time of the loan.
Another financing option from Honda uses what they call an alternative method – the Leadership Purchase Plan. This plan actually gives you the title with your name on it, and it is not necessary to put anything down on your new car. In essence, you make the payments equal to the depreciation of the vehicle, along with all finance charges. You can do this for either 24 or 48 months, and then you have the option to buy the car, buy another car, or to just walk away. There is also a $1500 Wear and Use Waiver with a limited mileage allowance. The Leadership offer may not be available in all states.
If you think you would like to buy a new Honda Accord and get Honda financing for it, you can apply on the website for credit-preapproval. Some personal information will be required, but you will be able to have your answer quickly – and possibly your new Honda Accord, too. Before buying your new car, you should be aware that the Honda financing department requires that any vehicle that they provide a loan for has full insurance coverage during the entire loan term.