When you are ready to purchase a Mazda vehicle, it is important to think about how to get the most for your money. This is why before starting the Mazda finance process, you should create a comprehensive budget. Kelly Mazda has key areas to focus on when planning your next automotive purchase.
Being thoughtful with your down payment is critical, as this has a big impact both in the short and long term. The more money you can supply up front, the better off you will be, as this will shrink your loan. Plus, with less money to pay back, you can lower your monthly payments and perhaps pay off the loan faster.
When planning to buy a new Mazda model, you should aim for 20% of the sale price for your down payment. If you don’t have that on hand, consider using an older vehicle as a trade-in to make up the difference.
Once you know what you can immediately spend on your car, the next step is to think about how much you want to spend every month. Here you should try not to exceed 10% of your income. This doesn’t just include the vehicle payment, however, but all related expenses — fuel, maintenance, and insurance are all costs to keep in mind when calculating your monthly payment.
There are a number of things you can do to reduce your financing expenses. As mentioned, you can trade in a car. You could also think about going with a pre-owned Mazda vehicle instead of a new model, as this could trim thousands of dollars off of your loan.
Additionally, keeping an eye out for special deals or manufacturer incentives can also help you potentially save a lot of money.
It is important to know what you can afford when buying a car, as you don’t want to overextend yourself. If you need help figuring this out, get in touch with the financing professionals at our Mazda dealership in Scranton, PA. If you are ready to get the financing process started, you can fill out our online application to get pre-approved.