Buying a new car is exciting, but it can also be a little nerve-wracking if you have never done it before or perhaps it has been a while. This is especially true when it comes to the financial aspect. Wellesley Mazda wants to help make things easier for new-car buyers with these Mazda financial tips.
Choose the Right Down Payment
The first thing to consider for your purchase is how much money you can spend immediately. The bigger your down payment, the less you will need to borrow from a lender.
You should aim for 20 percent of the sale price, but supply as much as you comfortably can. Using a trade-in vehicle can add to your down payment.
Think About the Loan Term
The loan term is the length of the loan, and this is something else to be strategic about. The longer this is, the smaller your monthly payments will be, but you will end up paying more due to the interest. This is why going with a term somewhere between long and short — like four years — is a good idea.
Consider the Monthly Payment
Finally, you have to think about how much you can afford to spend every month. A good rule to follow is not to exceed 10 percent of your income. In addition to the car payment, this should include things like fuel expenses, maintenance, and insurance.
Chat with a MAZDA Financial Expert in Wellesley, MA
If you are ready to get the Mazda financing process underway, Wellesley Mazda makes it simple. Just fill out our online application to get pre-approved for a loan. Once submitted, one of our financial professionals will contact you to go over the next steps.
