A new car is always a big purchase, so it’s important to know what you’re getting into. Honda Dealership has strict requirements for new car sales, but they are there for your protection. Here are the requirements that every customer needs to be aware of when buying a new Subaru at our dealership.
At least 21 days before picking up the vehicle you must provide the dealer with a credit application form in order to get financing approved in advance which also will help in making sure that the right finance rate is given to you. Also, in order to get a pre-owned car at our Honda Dealership, you will need to give the dealer your driver’s license, driver’s record, social security card, and insurance information.
When visiting the Honda dealership to buy your new car it’s important that you bring any trade-in vehicle, if you have one with you. The vehicle must have an appraisal price that is no more than its book value. This will help when coming up with an offer when dealing with our dealership.
We understand that you want the new car to have a low rate for cash. In order to make sure that you get approved for a lender rate, it is important to provide all your personal financial information and be prepared to provide documentation of your existing credit history.
While at our dealership we must also determine if you have no or very few previous claims or accidents on record with your insurance company and we do this by pulling the carfax off the vehicle that you will be purchasing. We will need this for our finance department as well as our legal department. (Most lenders or insurance companies will not finance or insure or provide warranty coverage on vehicles that have had any claims.)
The trade-in value of your car should be no more than your car’s book value. This will help when figuring out what this offer will be. For example, if the trade-in is worth $11,000, you will need to know the lowest offer being offered for a new Subaru at another dealer. If it is still over $10,500 then you are not alone and your offer could potentially become slightly higher. While at our dealership meeting with our finance department you can decide what type of financing plan works best for you.
What is a trade-in?
Is your car worth more than what you owe on it? The answer may be yes. However, the reason we ask the question is that any car that you buy from us must have an appraisal or loan value that is no more than its book value. The only exceptions to this rule are vehicles listed as Classics, Honda Certified Pre-Owned Vehicles, and vehicles that are over 30 years old. These vehicles will have appraisals done by our dealership for this purpose. Anything under 30 years will not have an appraisal done on it.
If your car is a former rental, a taxi cab, a police car, a livery car, or even if it has been used as an official “Show Car” or for racing purposes you need to make sure that the dealer is aware of this information prior to negotiating any type of deal with them. This will help If you ever want to trade in this vehicle at another dealer.
We only do appraisals on vehicles that are ten years old or more. Vehicles that are less than ten years old are only given an appraisal price if they are certified pre-owned vehicles, certified by Honda or if they are Honda certified used vehicles.
How can I lower the initial offer?
You can lower an offer by being prepared with a financing plan that is best suited for what you want to purchase. If you have a trade-in and know of a lower value for your car please let the finance department know the amount prior to going into a meeting with them. You can also lower your offer by having some or all of your credit issues resolved, this will give you more room on the credit side. When meeting with the finance manager, if your down payment is too high they may be able to work with you on lowering it depending on this information.