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Two Common Auto Finance Terms Explained

Auto financing might be more accessible if it had simpler language. Customers of our Garcia Honda Albuquerque have actually said this to us in the past, and we can't agree more. That's why we decided to briefly examine and explain common but confusing auto finance terms.

Fixed-Rate and Variable-Rate

Fixed-rate is a financing term referring to a loan with a fixed interest rate. Over the life of the loan, the interest stays the same as does your monthly payment, and you can see whatever final total your loan may cost over its life. 

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How to Decide Between Refinancing a Loan or Trading a Vehicle

If you are looking to save money on your car payment, you could choose to trade your current vehicle in for a less expensive model. Alternatively, you could work to refinance your loan to lower your interest rate or extend the term to lower the monthly payment.

At Garcia Honda Albuquerque, we want you to know as much as possible about both of these options. Refinancing your loan to one with a lower interest rate is generally only possible if you have good credit. Market conditions may also play a role in whether refinancing is a viable option.

 

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Refinancing vs. trading in your car

What options do you have to avoid a repossession? Well, in many cases, you don’t have to lose your vehicle at all. You can simply talk to your loan company and get an extension or even see about a refinance option. While some companies won’t offer any additional options, there are times when you have positive equity that you can trade the vehicle in for something much smaller and more affordable.

If you want to trade in your vehicle, then you want to make sure you’re in a positive equity state. Otherwise you may have to downsize…
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Should You Buy Or Lease Your Next Honda from Garcia Honda?

Leasing or buying a new Honda car, truck or SUV is exciting, but can also be stressful. It's understandable to be confused about which option is better for you, and of course your budget. Our financing team can help you figure out what option is best for you.
 

An ever popular option for those looking to save on monthly payments, leasing is an attractive choice for those looking to get behind the wheel of a new Honda. Leasing is not just a car rental, though it can seem that way.


 

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Leasing Your Next Car is Smart!

Don't you just hate to waste money on a new car with old features and the same old boring design? It's hard to stay on the cutting edge when you have already brought an outdated car to the scene. The best option is leasing because it allows for greater flexibility in buying and selling options. You can lease any car but you cannot buy any car. The only downside of leasing is the upfront money is higher but other than that leasing is awesome.

You get a well maintained and vetted car for a set number of years…
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Looking to Buy or Lease a New Honda? Look No Further Than Garcia Honda

Have you ever faced a big decision—say a move to another state, a new promotion at work, or applying for a job that would require more skills and education on your part—and felt torn? On the one hand you love the steady reliability of your current situation. On the other, you can’t help but imagine how the change would help you to grow professionally or personally.

It can be the same when you’re faced with making a big purchase. Sure, a new car isn’t the same as buying a new house, but it’s still…

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What’s Different about the 2017 Honda Ridgeline? Garcia Honda Can Tell You

Are you a fan of the Honda Ridgeline? If so, you’ll likely be over-the-moon excited to hear that the new, 2017 version is coming out soon. Curious to see what’s changed and what has remained the same? Don’t worry. Cool features such as the dual opening tailgate and in-bed storage are definitely not going anywhere. There are some new additions to the 2017 Honda Ridgeline though.

You’ll notice right away the more “truck-like” appearance that this version sports. In place of the tapered cab, this new version looks much more like a traditional truck cab.

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