There are a variety of options available when it comes to getting a new car. These include:
Secured car loans. Uses your new Mazda as collateral to get more favorable rates and terms on your loan.
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 financing. Mazda often offers lease and loan financing offers directly through dealerships. Borrowers typically also need excellent credit to qualify for the lowest rates, but dealerships will still work with borrowers who fall within a range of credit scores.
Compare available financing options for a Mazda
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
Auto loan (term loan)
Interest rate (APR)
4.00% origination fee ($887.52)
$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 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.
Sport: from $21,726
Sedan: from $17,826
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.
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.
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.
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.
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.
Should I go for Mazda financing?
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.
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 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.
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:
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.
The benefit lies in the matter of paying less interest. Your monthly payments will be higher, but you’ll be out of debt quicker.
If you’ve done all of your research and know which make and model you’d like, paperwork and prepping the car to drive off the lot can take anywhere from two to four hours — factor in extra time for negotiation a good price.
Yes. Many auto lenders offer online approval. You can apply online and get preapproved. This will help you know what purchase amount you can afford once you go to the dealership.
Alex Jeffs is the senior publisher for personal, car and business finance at Finder. He has been building websites since he was 14 years old and has tested cars everywhere from race tracks to Oodnadatta.
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