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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 get the best deal available for you.
There are a variety of options available when it comes to getting a new car. These include:
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.
Although a big part of buying a car is the dealership negotiations, it helps to know the base price of the model you’re looking to get. We’ve collected the 2019 MSRP (manufacturer’s suggested retail price) of popular Mazda models to help you walk into your dealership 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||from $23,071||Mazda made safety a priority with the CX-5. Blind spot monitors and traffic alerts come standard, even at the base price. SKYACTIV-VEHICLE DYNAMICS 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||from $27,926||This 5-door compact SUV has a well-equipped infotainment system with a Bose sound system, Apple Carplay (TM), Android Auto (TM ) and a 5-year complimentary subscription to SiriusXM (TM). Upgraded models have more powerful engines, and all models come with both 6-speed automatic transmission as well as a manual shifting mode.|
|Mazda6||from $29,176||This mid-sized sedan has a well-designed, fuel-efficient engine capable of producing a 227 horsepower output, 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||from $33,822||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.|
These prices reflect Mazda’s Sport category as of 2019. You should expect to pay more for the Touring and Grand Touring categories. Keep in mind that the more features you want you car to have, the pricier it’ll be.
Financing directly through Mazda 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.
Here are a few things to consider before deciding to finance a Mazda.
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:
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.
Secured credit cards could be an option. But you could qualify for an unsecured card if you lower your debt.
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