7 Top Tips to Protect Yourself From Your Honda Car Finance

With so many brokers and financial institutions claiming to offer the best car finance deals, it can be a little overwhelming to arrange your Honda car finance. However, before you agree to any Honda car finance deals, you need to protect yourself from dodgy dealers and cowboy brokers.

Read All the Paperwork:

While you may find the prospect of reading two or three pages of Honda car finance paperwork a little intimidating, it is still vitally important. You may be surprised at some of the costly terms and conditions detailed in the fine print.

Check the Payment Amounts:

Although you may have been told what your monthly payment will be, you should always confirm this amount on your loan contract. Dodgy dealers may add in extra amounts and charges that can mean you end up paying far more.

Confirm the Interest Rate:

While you may have seen a poster advertising a fantastic interest rate, you may not have qualified this rate. Financial institutions often use very attractive rates to get you in the door, but often these rates are only available to those with a perfect credit record. Always confirm what rate you have been offered and that you are happy with it before you sign.

Check the Finance Total:

The total amount financed shown on your loan contract should be the exact amount you are expecting. Some brokers charge arrangement fees that are added to the loan balance. Additionally, some dealerships will automatically add on the road costs on to the loan without checking whether you want to pay this first and avoid interest charges.

Check the Loan Term:

Many brokers and dealerships will match the monthly payment to your budget by extending the loan term. This technique can seem more affordable but will result in you paying far more in interest over the loan term. Additionally, you may find yourself owing more than the vehicle is worth should you need to change vehicles prematurely before the end of the loan term.

Check Your Deposit is Included in the Calculations:

Whether you have traded in your old vehicle or put some cash down, ensure that this amount has been listed in the documentation and included in the calculations. These figures should be accurate and as previously agreed.

Check Added Extras Have Not Been Included:

What may appear to be the best car finance deals can quickly become costly when life or disability insurance, extended warranties, GAP insurance and additional extras are added into the agreement. Unless you have specifically agreed to these additional charges, they should not be included.

Organising your Honda car finance can be a little tricky but if you take note of these top tips, you can ensure that you don’t end up paying over the odds. If you are looking for Honda car finance deals, contact us. We have a great selection of new and pre-owned Honda vehicles with some of the best car finance deals. Our sales team would be delighted to help you to find the best car and assist you with a competitive finance quote.

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Adney Smith is a writer across several reputed automotive web posts. He writes for many online journals and portals that are related to cars. He has keen interest on cars and follows the industry all the time.