Before Applying for Finance

There are many things you can do to better prepare yourself before you even arrive at the dealership. Do some research! Before you can decide what vehicle to purchase, you'll need to have a good idea what your credit report looks like. Negative information, such as high credit card balances or late payments, or errors can make it nearly impossible to get credit.  A poor credit score can greatly raise your finance rate, making the vehicle you thought was affordable suddenly out of your price range.

Once you have an idea of what creditors are seeing, you can estimate a prince range. Check out the internet and auto buying guides to find vehicles that match your needs and price range. If you have less than perfect credit or a particularly tight budget, this step is very important.

Be sure to compare current finance rates being offered by different banks, credit unions, and dealerships. The worst thing a buyer can do is getting locked into a finance plan they can't afford because they are confused or pressured. Being knowledgeable about your options and limits is the best way to combat this.

Financing for Bad Credit

Less than perfect financial history is easy to acquire and hard to rid yourself of. This can be a huge problem when it comes time for a large purchase, such as a home or vehicle.  Although it is more difficult and time consuming, it is not impossible to be financed with bad or no credit.

You will need a valid driver's license, recent pay stub, proof of residence, and a current phone bill to get started. Through our online loan application, our financial experts can evaluate your credit history, work history, and income to determine the best rate for your situation. We'll do everything possible to help you obtain an auto loan that you deserve.

Paying your auto loan on time is one of the most important factors lenders use to determine your credit score. Essentially, financing your vehicle in a smart and affordable manner will help re-establish your credit.

Your privacy is important to us.

First Team Honda takes your privacy seriously and does not rent or sell your personal information to third parties without your consent. Read our privacy policy.

Welcome to Our Financing Department

Come to First Team Honda and speak to one of our financial experts. We'll create a loan program tailored to your needs to ensure you can afford to drive away with one of our new  or used  vehicles. We can do long or short term loans, adjust your monthly payments to fit your budget, and help you protect your investment in your vehicle. Less than perfect credit is no problem, we'll work with you! With our pre-approval form  , you can walk onto our lot without any financial confusion. We strive to get your financing approved quickly so you can drive your new vehicle as soon as possible. So for a car loan in Chesapeake,VA visit First Team Honda at 3444 Western Branch Blvd and let's discuss the best plan for you!

Most car shoppers rely on financing to purchase their desired vehicle. While some chose finance directly through the bank or credit union, a large number of people decide on "dealership financing".  It is usually considered more convenient to buy your vehicle and finance it at the same place, but there are also other reasons to get your loan directly from the dealership. First Team Honda's relationship with a variety of Chesapeake VA banks means they can offer buyers a range of financing options. Periodically, First Team Honda will offer special programs and low-rate deals that purely finance companies do not.

                         
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Used Car Financing

Many banks and other lenders require a 20% down payment, making a new vehicle out of many people's price range. Additionally, buyers with credit challenges will probably find better loan options in the used-vehicle market. Although the interest rate is often higher for a used car, the actual price of the car is significantly lower and therefore gives the consumer a greater chance of being approved for the loan.

Keep in mind, vehicles that are over seven years old may not qualify for financing. Also, new cars can be financed for a longer term than used cars. The math is simple; if you finance a six year old car for 66 months you'll be making monthly payments on a car that's over 11 years old! It's unlikely to be a sound investment, and therefore not usually approved.

At First Team Honda, it's fast and easy to get approved for a car loan.  We understand that dealing with past credit problems can be stressful and embarrassing, but we can help consumers with just this type of situation.  Come into our Chesapeake VA dealership or contact us today and find out what we can do for you!