Thinking of buying a new car? Our Honda finance experts at Hall Honda Elizabeth City have a few tips to help you shop with confidence.
Get Pre-Approved
Did you know you can get preapproved instantly on our website? Simply answer a few quick questions on our online form. We don’t need your birthday or social security number. And, it has no effect on your credit score. This process lets you know how much you’d be approved for and even what your monthly auto payment will be.
Aim for the 20/4/10 Rule
Have you heard of the 20/4/10 rule? It gives you an idea of what you should strive for when financing a new vehicle.
- 20 – try to make a down payment of at least 20 percent
- 4 – keep your loan term under four years
- 10 – your auto expenses should be less than 10 percent of your monthly income
Use an Auto Payment Calculator
Trying to get an estimate on what your auto expenses would be? We recommend utilizing an auto payment calculator. It can help you determine your monthly auto payment will be with just a few factors.
- Total price of your vehicle
- Down payment
- A.P.R. (estimated financing rate)
- Term (the total length of your loan, typically measured in months)
Get a Trade-in Estimate
Worried about making a down payment? We understand not every buyer wants to make a 20 percent down payment. You may want to consider trading in your existing vehicle instead and using the equity as a down payment. You can quickly get an estimate of your trade-in value on our site using our Edmunds True Market Value® tool. That way you have an idea how much its worth before shopping.
Still have questions? Reach out to our Honda dealership in Elizabeth City, NC – we’ve got answers!
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