What You Should Know about Honda's College Grad Financing Program
Graduating from college calls for celebration as you begin a new chapter in your life. It’s a time when you’re trying to get an internship or your first job, both of which may require you to purchase a vehicle. To help put a new car within reach, Honda has a financial incentive program for recent graduates. Take a closer look at how this program works.
The Discount Details
For 2016, those who qualify can receive a $500 discount on a 2015 or newer Honda vehicle purchase or lease. For those who purchase their vehicle, the discount applies toward the down payment. In addition, buyers have the option to put off their first payment for 90 days, with the first 60 days being interest-free. The deferment only applies to purchases, not leases. You can’t use the discount on certified pre-owned vehicles nor used cars.
If you decide to lease, the $500 reduction comes off the cap cost. That means the monthly payments and total due at signing are based on the amount that remains after applying the discount. Under the program’s terms for leases, you can’t use the $500 discount if you’re already taking advantage of the zero due at signing program.
Who’s Eligible for the Discount
The program is open to anyone who’s graduated with an Associate’s, Bachelor’s, or Master’s degree. To qualify, the degree must come from an accredited college or university, or a registered nursing school in the United States within the past two years. Eligibility is also open to anyone who will graduate from a qualified school within the next six months.
In addition to the education requirements, the program also requires participants to have a down payment equal to at least 5 percent of the purchase price. You also must present proof of employment or a letter of commitment from your future employer indicating a start date that’s no more than 120 days from the start of the purchase or lease contract. Finally, the program is only open to future or recent grads who have no past credit problems.
The Benefits of the Program
Aside from the upfront $500 savings, there are other benefits to buying a new car right out of college. First, financing a car and meeting your monthly payment obligations will help you establish credit. Building credit is important for your future when you want to finance larger items such as a house or condo. Because the program is targeted at recent grads, Honda offers competitive financing and lease terms that make a new car affordable for many people.
In addition to the financial benefits, there are other reasons to buy a new car after graduation. Once you secure your first job, you need reliable transportation. You don’t want to begin your career by demonstrating poor attendance. New cars are less likely to break down, ensuring you have the means to get to your job each day. Don’t let an unreliable vehicle put your job at risk.
To receive the college graduate discount on a purchase or lease, you must provide the dealership with documentation proving that you meet all qualifications.
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