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Should I go for low financing or a discounted price on a Honda Accord?
I'm buying a Honda Accord from a dealership. I can choose either 0.9% financing for 60 months or a discounted price by $2,500. If I choose the discount, my interest rate from my credit union will be 3.25%. The normal price of the Accord is $26,970. Should I choose low financing rates or a discounted price?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Both low financing rates and discounted prices have their perks. Since you’ll be financing the vehicle, you’ll need to do some math.
If you get the financing, you’ll pay $460 a month and $621 in interest.
If you go with the discount, you’ll pay $24,470 for the car. Your monthly payment will be $442 and you’ll pay $2,075 in interest.
With the discount, you save just over $1,000, making it the more affordable option.
Just make sure that you also budget for
car insurance
, so you aren’t shocked by the price. Lenders require full coverage for financed vehicles in order to protect their asset.Full coverage can be pricey, especially if you use the lender’s insurance, but you can save money by comparing rates. Using a smart comparison tool like
Jerry
makes the process easy. Jerry does all the hard work for you, pulling quotes from the top 50 companies and delivering the best deals to your phone in minutes.”View full answer
- Gregory R.
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