There is a new way to get a Honda in your garage. Honda Cars Philippines (HCPI) launched the new Honda Leasing Program at the 2024 Philippine International Motor Show to the delight of incoming first-car owners and those in the market for a secondary vehicle.
The Honda Leasing Program will offer a financing alternative that should be more flexible and affordable than the traditional process of buying a car.
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HCPI senior vice president, Atty. Louie Soriano, introduced the new program with: “Mobility is integral to our daily lives, yet the conventional model often entails substantial upfront costs and long-term commitments, which can be challenging for some customers. With this in mind, we initiated a business concept for a leasing scheme that was further developed by each partner, resulting in the Honda Leasing Program—a more flexible and affordable financing alternative.”
The conventional model Honda is referring to involves giving the dealership a downpayment (usually 20% of the car's total value) upfront, and then initiating a 60-month payment plan with a varying interest rate. That payment plan is typically facilitated through a bank, although some buyers prefer financing within the car company.
HCPI assured potential leasors that its leasing program will give out lower upfront costs and flexible payment terms. While Honda did comment on which of its models would be made available for leasing, the company mentioned that leasors will still have comprehensive aftersales maintenances services.
The Honda Leasing Program will be rolled out in partnership with RCBC Leasing and Finance Corporation, RCBC Rental Corporation, BDO Finance Corporation, and BPI Tokyo Century Rental Corporation—giving future Honda drivers even more options and flexibility in choosing a leasing payment plan.
Would you lease a car? Or is buying still the best option in the Philippine car market?
