The Mazda financing process may feel complicated when you first get started, but it doesn’t have to be. At Northtowne Mazda, we’re here to walk you through the process, and to provide the tools and resources you need to feel confident along the way. Learn about best practices for first time buyers at our dealership.
Check Your Credit Score
Your credit score is one of the most important factors to consider when purchasing a vehicle. It tells lenders how reliable you are to lend money to, which is why drivers with higher credit scores will typically be offered better financing terms, like longer term lengths or smaller interest rates. If you don’t have a significant credit history as a first-time buyer, lenders will look at your employment, income, and debt-to-income ratio. They may also require a co-signer.
Consider Pre-Owned
One of the best ways for first time buyers to save on their very first model is by purchasing a pre-owned vehicle instead of a brand-new car. Pre-owned vehicles are much less expensive, meaning you’ll have a lower down payment, smaller monthly payments, and less accrued interest over time. You’ll also have a lower rate of depreciation, meaning more of the vehicle’s value will be returned to you when the time comes to sell or trade in.
Use the 20/4/10 Rule
If you just don’t know where to begin, turn to the 20/4/10 rule. It recommends putting down 20 percent of the vehicle’s value on the day of purchase and paying the car off in less than four years. It also recommends spending less than 10 percent of your monthly income on transportation expenses, including car payments, insurance, fuel, and service.
Begin MAZDA Financing with Confidence in Kansas City, MO
Whatever your financing needs may be, you’ll find the support you deserve at Northtowne Mazda. We provide the information and support you need to pick out the right car at the right price. Visit our dealership to take the first step.
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