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Compare Mazda financing options in Canada
Learn how to get Mazda financing, and compare the latest model MSRPs.
Thinking about buying a Mazda? Unless you can afford a $20,000 price tag in cash, you’ll need to find financing. Continue reading to find out how to lock in the right Mazda financing option for you.
What Mazda financing options are available?
There are a variety of options available when it comes to getting Mazda financing in Canada. These include:
- Secured car loans. Secured car loans use your new Mazda as collateral to get more favorable rates and terms on your loan. This is the standard financing option that you could get online, at a bank or from a credit union. Secured car loan rates can fall as low as 0%-2% for those with excellent credit, but typically range between 4% and 6%.
- Unsecured loans. This loan doesn’t require collateral and can be used to cover extra costs that come with buying a Mazda like registration fees. But you’ll need excellent credit to qualify.
- Mazda Financial Services Canada. Mazda often offers lease and financing offers at its dealerships directly through Mazda Financial Services Canada. Borrowers typically need excellent credit to qualify for the lowest rates, but dealerships will still work with borrowers who fall within an average credit score range. Mazda financing rates often fall around 2.5%-2.9% for terms of up to 84 months (7 years).
Compare Mazda financing options in Canada
We’ve compiled a list of reputable Mazda finance providers in the table below to help you easily browse and compare your options. You can click the Compare box beneath specific lenders to compare their features side by side.
Representative example: Levi buys a Mazda
Levi, a resident of Saskatchewan, recently got a new job in another city, so he decides to buy a car to drive to work. He visits a dealership and picks out a 2020 Mazda3 Sport GS priced at $25,800.00. Levi makes a 20% down payment of $5,160.00 and heads to his local bank to get an auto loan to cover the remaining $20,640.00 + 6% PST ($1,548.00).
Because he has a solid credit history, Levi is approved for a $22,188.00 auto loan with competitive terms. He is also charged a mandatory registration and insurance fee of $1,250.00/year (about $105.00/month) by Saskatchewan Government Insurance (SGI). This fee factors in a discount of almost $300.00 due to Levi’s high safety rating, which he earned over 10+ years of being a great driver with no incidents, suspensions or collisions.
|Cost of new car||$25,800.00|
|Loan type||Auto loan (term loan)|
|Interest rate (APR)||5.50%|
|Loan term||5 years|
|Additional fees||4.00% origination fee ($887.52)|
|Payment||$423.82 monthly or $195.40 biweekly|
|Total loan cost||$25,429.20 with monthly payments or $25,402.00 with biweekly payments|
*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.
How much does a new Mazda cost?
Although a big part of Mazda financing will come down to dealership negotiations, it helps to know the base price of the model you’re looking to get. We’ve collected the MSRPs (manufacturer’s suggested retail prices) of popular Mazda models to help you walk into your Mazda financing negotiations with expert haggling skills.
|Mazda3||With both a sedan and sport models available, the Mazda3 boasts a sleek design and an ultra-quiet, insulated cabin. Outside conditions as well as the driver’s behaviour are closely monitored through i-Activ all-wheel-drive technology, which responds promptly to any loss of traction, providing you with a super safe drive. The Sport model is a 5-door hatchback with a 155 horsepower engine and is engineered to be highly responsive to your style of driving, giving you a strong, comfortable driving experience.|
|CX-3||$21,450||Mazda made safety a priority with the CX-5. Blind spot monitors and traffic alerts come standard, even at the base price. SKYACTIV-VEHICLE with G-Vectoring Control (GVC) ensures that you stay comfortably positioned, even when making tight turns. The 5-seat design comes with foldable back seats and customizable storage accessories for added convenience.|
|CX-5||$28,950||This 5-door compact SUV has a well-equipped infotainment system with a Bose sound system, Apple CarplayTM, Android AutoTM and a safety sensor system through i-Activ AWD. Upgraded models have more powerful engines, and all models come with both 6-speed automatic transmission as well as a manual shifting mode.|
|Mazda6||$27,700||This mid-sized sedan has a well-designed, fuel-efficient engine capable of producing a 250 horsepower output with some models, which is more than most cars in its class. The base model comes equipped with an 8″ touchscreen stereo and a 360-degree camera to provide you with an all-around view of the car, features you’d normally only find on upgraded models of other brands.|
|MX-5||$33,200||Considered by many to be the world’s most popular sports car, this 2-seat modern roadster convertible has an engine capable of revving up to 7,000 RPM with an output of 181 horsepower. Several new design options are available for added curb appeal including a Dark Cherry or Brown folding roof as well as a rich Chroma Brown Nappa leather interior.|
|CX-30||$24,700||The Mazda CX-30 offers a luxurious SUV driving experience. The i-Activ AWD monitors your driving conditions 200 times per second, giving you a highly responsive driving experience. This model also comes with a SKYACTIV-VEHICLE technology, G-Vectoring Control (GVC) and a maximum 250 horsepower engine. The cabin is designed for quiet, comfort and elegance.|
|CX-9||$40,300||The Dynamic Pressure Turbo engine in this 3-row, luxury SUV creates a smooth driving experience. This model also comes with i-Activ AWD monitors, SKYACTIV-VEHICLE technology and G-Vectoring Control (GVC). It also comes equipped with a 12-speaker Bose sound system, and Mazda Connected Services, which allows you to start your car and check its status from the MyMazda app on your phone.|
|2022 MX-30 EV||$42,150||This fully electric Mazda model is only available in Quebec and British Columbia starting in the Fall of 2021. It offers fast charging – from 20% to 80% in as fast as 36 minutes with a Level 3: DC 50 kW fast charger. The batter range is as much as 161 km on a full charge. Add to that Mazda Connected Services, where you can start and monitor your car from the MyMazda app on your phone, and you get an impressive design for this zero-emission vehicle.|
These prices reflect Mazda’s 2021 base models, unless otherwise noted. You should expect to pay more for the Touring and Grand Touring categories. Keep in mind that the more features you want your car to have, the pricier it’ll be.
Should I go with Mazda Financial Services Canada?
Financing directly through Mazda Financial Services Canada might seem tempting — you can get it right from your dealer and you don’t have to do any research ahead of time. But keep in mind that the best rates typically only go to borrowers with excellent credit.
If you want to make sure you’re getting a good deal, then you might want to shop around to see what’s available to you. Getting pre-approved for a loan from an outside lender is a great way to negotiate a better deal with your Mazda dealer — after all, they want your interest payments to go to them, not someone else.
What should I know before I sign up for Mazda financing?
Here are a few things to consider before deciding on which Mazda financing option is right for you.
- Fees. Find out about any fees that come along with your potential loan. Upfront fees you could see are application and origination fees, while ongoing fees are monthly payments or any annual fees. Check if there are any fees for early repayment of the loan.
- Loan term. Loan terms typically range anywhere from one to seven years. Figure out realistically how quickly you can afford to pay off your loan and find the loan term that can satisfy your needs. A longer loan means lower monthly payments, but a shorter loan means less total interest paid on your loan. Your best bet is to figure out the highest monthly payment that you can reasonably afford and establish a loan term based on that – that way, you’re wasting as little on interest fees as possible.
- Interest rates. Compare interest rates to find the lowest and best rate. Your interest rate impacts your regular payments and the overall cost of your loan.
- APR. Check out the APR (Annual Percentage Rate) on any loans you might be interested in as this gives you more of an idea as to how much the loan will actually cost overall. The APR reflects the yearly cost of having your loan, including interest fees and all costs associated with getting the loan.
- How much you need to borrow. Keep in mind that the loan amounts vary by lender. When applying for loans, aim for an amount the covers the cost of the vehicle, plus any fees or taxes.
3 tips when comparing Mazda financing options
- Can you afford it? Make sure monthly loan payments are something you can afford before taking on a loan and getting caught up in the feeling of your awesome new car.
- Are payments flexible? Make sure the loan you get allows additional payments or early repayment of the loan without penalty — these convenient features can save you money.
- Do your research. Consider all your available finance options and figure out if you’ve found the best loan option for you. If you’re not thrilled with the rate and terms, you should try to keep looking for a deal you’re more comfortable with. See our list of reputable car loan providers in Canada to help compare your options.
Costs to consider before applying for Mazda financing
It’s also important to think about the car’s running costs. Although you might be able to afford the loan payments for the car, you need to factor in costs such as:
- Oil changes
- Car maintenance
- Registration and insurance
It’s important to budget in these expenses before applying for a car loan. You should also consider whether or not the minimum payments will leave you with enough money to cover other ongoing expenses in your life.
Frequently asked questions about Mazda fiancning
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