Get the funds you need to finance your new Mazda.
This guide will take you through what you need to think about when it comes to financing a Mazda.
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What type of financing options are available to purchase a Mazda?
There are a variety of options available when it comes to getting a new car. These include:
- Secured car loans. This is a loan that uses your newly-purchased Mazda as collateral. The loan amount is usually tied to the purchase price of the Mazda and the title is signed over to you once the loan has been paid back in full.
- Unsecured loans. These loans usually have higher interest rates than secured loans but the loan amount can also be used for other purchases — such as extras for your car or insurance.
- Dealer finance. Dealerships may offer lower payments with competitive rates, however, these rates are typically for customers with excellent credit. You’ll also likely need a large down payment if you finance a car through a dealership.
Compare available financing options for a Mazda
What will 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 MSRP of popular Mazda models to help you walk into the dealership ready to haggle.
- Mazda 3. With both hatchback and sedan styles available, the Mazda3 is a good choice for people looking for sleek design. The base price is a bit higher than other similar cars, with the hatchback starting at $19,345 and the sedan at $18,095.
- Mazda CX-3. Considered a favorite by car reviewers, the CX-3 is a classy subcompact crossover SUV. For the base model, you should expect to pay at least $20,110.
- Mazda CX-5. Mazda made safety a priority with the CX-5. Blind spot monitors and traffic alerts come standard, even at the base price of $24,150.
- Mazda 6. The Mazda 6 starts at $21,945. This may seem pricey, but that’s because the base model comes equipped with a touchscreen stereo and a review camera, features you’d only find on the more advanced models of other brands.
- Mazda MX-5 Miata. Possibly one of the most affordable sports cars available, the starting Miata will only cost driving enthusiasts $25,295 — not a bad price to pay for a convertible.
These prices reflect Mazda’s Sport category. 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 end up.
What should I know before I finance a Mazda?
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.
- Loan term. Loan terms can 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.
- Interest rates. Compare interest rates to find the lowest and best rate. Your interest rate impacts your payments and the overall cost of your loan.
- APR. Check out the APR 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.
- 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 that 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. If you’re not thrilled with the rate and terms, there’s definitely a loan out there that’s more suitable if you look around.
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 factor 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.