Are you considering financing a new vehicle? Our Mazda finance team at Woodhouse Mazda is addressing our frequently asked questions to help you determine if it’s right for you.
What Credit Score Do I Need to Get Approved?
Generally, a 600 credit score is necessary to get approved for financing for new Mazda vehicles. However, many lenders are still willing to work with buyers with bad credit or no credit.
How Much Can I Afford?
Experts recommend keeping your auto expenses under 20 percent of your monthly take-home pay. Make sure that you factor in your auto payment, insurance, fuel, and maintenance costs.
How Long Do I Have to Pay Back My Loan?
When you first apply for auto financing, we’ll work together to set up your terms. Typically, auto loans range from 36 to 84 months. A longer loan will have smaller monthly payments, but you’ll pay less interest with a shorter term.
Do I Have to Make a Down Payment?
A down payment is recommended, but it isn’t always necessary. There are several perks to a sizeable down payment:
- Reduces the amount of interest you pay
- Gives you smaller monthly payments
- You build up equity faster
- Protects you against depreciation
Should I Buy Instead?
We typically recommend buying to anyone who puts excessive mileage on their vehicle yearly since leases have a mileage limit. Buying is also a better option for people who love the pride of ownership. Plus, you’ll build up equity in your purchase and can eventually use it as a trade-in.
Visit Our Auto Finance Center Today
Ready to apply for auto financing, or need more answers before signing on the dotted line? We encourage you to stop in and chat with the financial experts at our auto finance center today!
Categories:
Finance
