Middletown Honda is the Top Choice for Auto Financing Near Bloomingburg
Drivers looking for quality auto financing near Bloomingburg, NY choose Middletown Honda. We have an experienced and qualified finance center to help guide you through the sometimes confusing process of getting your next vehicle financed. Situated just 9 miles from Bloomingburg, you can come see our current inventory and explore financing options by following these quick directions:
- Head southeast on NY-17 E
- Take exit 120E for New York 211 E
- Merge onto New York 211 E
- Middletown Honda is on the right at 520 Rte 211 E, Middletown, NY
Financing with Ease
Financing a new vehicle can be a difficult process to go through. The staff at Middletown Honda can help guide you to the goal of your next vehicle. Whether you are buying or leasing, our staff has the tools to determine the best option for you.
What is Leasing?
Leasing a car is similar to the process of renting the vehicle. If you are planning on replacing the vehicle periodically every few years, leasing is a good option as this option requires you to return the vehicle to the dealership after a set amount of time, generally 3 years. Leasing may be a cheaper option than buying in the short-term as it requires a lower down payment to start the term. Leasing may also give you more value out of the car as a lease is based on a percentage of the value of the car and not the total price of the car.
Drawbacks to Leasing
While leasing is a better option than buying a vehicle for some, it does have some drawbacks. Leasing agreements generally carry several restrictions including:
- A mileage limit – Many lease agreements limit the maximum mileage you can put on the vehicle. Exceeding mileage restrictions may result in overage charges.
- Limitations on alterations – You are generally not able to make major modifications or alterations to the vehicle as you are essentially renting it.
- No equity building – After completing the lease term, you cannot generate funds from the sale of the vehicle. You must start a new lease agreement or secure a loan for purchase of the car.
What is Buying?
Much like leasing, buying your next vehicle requires a down payment and monthly payments, however, the amount of the loan is based on the total value of the vehicle and after the term of the loan has been completed, you then own the car. Until the loan has been paid off, the vehicle is the property of the lender, however, you are building equity in the vehicle while making the payments as you are able to sell the vehicle if you choose to do so. There are no mileage restrictions or limitations on the changes you can make to the vehicle.
Drawbacks to Buying
Buying a vehicle can be the best option for many Bloomingburg drivers, however, like leasing, there are some drawbacks to this option:
- Resale Value – The resale value is determined by market factors and when you choose to sell the vehicle, it will sell for a lower price than what you had initially purchased it for, resulting in negative equity.
- Higher Down Payment – Generally, a higher down payment is required to purchase with a loan and some drivers may not be able to afford a sizable down payment all at once.
- Term Length – The purchase loan term is generally longer than a leasing term, up to 7 years and it is the job of the purchaser to ensure that the monthly payment fits within their budget.
Middletown Honda Can Help You With Auto Financing
Visit our location at 520 Rte 211 E in Middletown, NY to talk to our expert financing staff about getting your next vehicle. Contact us online or call 855-473-3053 to get the finest auto financing service in the Bloomingburg area. We hope to hear from you soon!