Auto service financing helps customers get their vehicles repaired and maintained more easily and efficiently. Midlands Honda offers excellent auto service financing plans with flexible monthly payments. Here's what you need to know about the auto service financing options by our dealership in Columbia, SC, serving customers from the Lexington, Sumter, and Orangeburg, SC areas.
What is the Down Payment Requirement?
The down payment that customers have to make varies between 9.99% and 35.99% APR. Following are the different percentage of down payment based on various criteria –
- NY residents have to pay between 9.99% and 15.99% APR
- MD residents need to put down payment around 9.99% to 23.99% APR
- For MA residents that down payment percentage stands at 9.99% to 17.99% APR for loan amount under $1000
- For loan amount that is above $1000 and under $3000 the down payment is between 9.99% and 20.99% APR
- 9.99% and 14.99% APR is down payment for loans above $3000.
Transportation Alliance Bank and TAB Bank provide the financing, and they are responsible for determining the eligibility and credit terms.
The Process of Pre-Qualification
The pre-qualification process helps in determining whether or not an individual is eligible for auto finance services. All customers have to go through this process and must have their state-issued ID or driver's license, email address, and an authentic debit card. Moreover, the applicants must be the legal age of 18 and possess an APO/AFO address or physical street address. Post passing this pre-qualification process; you can check out the monthly payments, APR, and overall finance charges. Your pre-qualification is valid for 14 days.
You must show your state-issued ID or driver's license to finance the service or repair of a part prior to the expiration of pre-qualification. Furthermore, you will have to put in a certain amount as down payment using your bank-issued debit card and select the desired payment methods for future installments.
Three-Months 0% APR Restrictions
The three months 0% APR is available only at participating dealers. They also offer six and twelve months’ plans that are subjected to a certain amount of interest. The overall finance amount, down payment, and APR depends on your state residence, the term of the loan, and creditworthiness.
Deferred Interest Restrictions
Participating dealers also provide deferred payment options. It is only available for people who can repay the complete finance amount within 1 month of the agreement. Moreover, if the customers fail to pay the full amount within one month, then they will be liable to pay the accrued interest.
How to Get Auto Service Financing From Midlands Honda?
The overall process of acquiring auto service finance is quite straightforward and can be executed in the following steps-
- Apply Online – Customers can easily apply for this service online by submitting the requested documents and verifying their eligibility.
- Complete the Application- After passing the pre-qualification, you have to visit the dealership to complete the rest of the application.
- Make Your Purchase - Thereafter, all there is left to do is to make the purchase depending on the kinds of auto service finance you have selected.
Auto service finance helps you deal with unexpected repair and maintenance costs. By obtaining these services by a reliable dealership can assure that you get your money's worth. Midlands Honda, with its comprehensive and flexible plan, allows customers to get the right kind of financing based on their requirements.
