You might be familiar with what auto finance and lease deals are, but do you know which payment plan meets your needs the best? Because financing and lease deals both have their benefits and drawbacks. The right choice simply depends on your lifestyle, financial history, and personal preferences. Once you've gained a better understanding of each payment option, complete our secure auto finance application and a team member from Bill Kay Honda in Bourbonnais, IL will contact you shortly.
As always, our finance experts are available to answer your questions with a quick phone call to (877) 316-5359.
When You Should Buy...
- If you are considering a used Honda car, truck, or SUV, a finance deal is your only option since leasing isn't available for pre-owned vehicles.
- If you want to work towards gaining full ownership, financing a vehicle from Bill Kay Honda in Bourbonnais, IL is the preferable option because you're paying for the entire cost of the vehicle.
- If you plan to keep your new vehicle for more than six years, purchase it. In the long run, it will save you money since you will pay once for the entire vehicle instead of multiple times for new lease plans.
When You Shouldn't Buy...
- If you're confident that you can keep the cabin and exterior of a new vehicle in mint condition, consider a lease.
- If you would like lower monthly payments, purchasing isn't the best option. Since you're paying for the entire cost of the vehicle, payments are typically larger than if you lease it.
When You Should Lease...
- If you're looking for a company car, a lease deal allows you to use your payments as a tax write-off.
- If you have a credit score of 700 or higher, you have a better chance of being approved for an auto lease.
- If you want up to date technology or a higher trim package, a lease plan makes models out of your budget affordable.
- If you want a low maintenance vehicle, you will get the full benefits of the factory warranties included with the new Honda car, SUV, or minivan.
When You Shouldn't Lease...
- If you would like to add aftermarket customizations, lease terms limit vehicle personalization.
- If you drive over 12,000 miles a year, a lease plan could become expensive due to the penalties for exceeding the mileage restrictions specified in your contract.
- If you're unsure if you can avoid excessive wear and tear to the cabin or exterior, you will be responsible for paying for any repairs or damage to recondition the model.
When you're ready to apply for an auto lease or finance plan with our Honda dealership, complete our online application and a finance specialist will contact you shortly to discuss your options. If you have any questions, contact the team at Bill Kay Honda in Bourbonnais, IL at (877) 316-5359.