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Mazda car loans and finance options
How to get the car loan you need for your new Mazda.
Has the old car you’ve had since you were 16 finally died? Or maybe you’re just ready for an upgrade? Whatever the case, if you’re considering purchasing a Mazda, it’s important to know what car loans and finance options are available.
This guide will take you through what you need to think about when it comes to Mazda car loans and what your finance options are.
Compare car loans for that Mazda
How much does it cost to buy a Mazda?
According to the Mazda website, there are 12 new Mazda models currently available for purchase in New Zealand, including hatchbacks, sedans, sportscars, SUVs and utes. The prices are as follows:
- Mazda 2: from $28,095
- Mazda 3: from $36,895
- Mazda 6: from $46,295
- Mazda CX-3: from $31,990
- Mazda CX-30: from $41,490
- Mazda CX-5: from $40,995
- Mazda CX-8: from $55,990
- Mazda CX-9: from $59,990
- Mazda MX-5 Roadster: from $49,595
- Mazda MX5 RF: from $54,395
- Mazda BT-50: from $41,895
- Mazda BT-50 All New: from $47,490
Mazda’s 1/3, 1/3, 1/3 offer
Mazda is making it easier for customers to own a Mazda car or SUV with a 1/3, 1/3, 1/3 finance deal. You’ll pay a third of the retail price upfront, along with on-road costs, loan establishment fee of $365.35, plus any accessories fitted. The balance is then paid in two annual payments with no interest charges.
Other costs to consider
- Servicing and repairs. All cars require ongoing servicing and maintenance to ensure they stay in good working condition. You’ll also need to pay for any unexpected repairs for your vehicle.
- Registration and insurance. It’s not compulsory to have insurance in New Zealand, but third party insurance at least is recommended to cover the cost of any damage you cause to another vehicle. There are also a number of optional insurance products to help protect you against theft, fire, accidents and any other damage. The cost of optional insurance will vary based on your specific plan, as well as your driving history, age and gender.
- New car extras. If you plan on getting add-ons such as leather seats or parking sensors, you should factor the cost into your budget.
- Fuel. Your fuel usage will be determined by the amount you use you car, as well as the fuel efficiency of the model you choose.
- Cost of finance. If you take out a car loan or use another form of finance to help purchase your Mazda, you should consider the cost of the loan as part of your overall costs. See below for more information on your financing options.
What type of car loans & finance options are available?
You have a number of options available for car loans and financing when it comes to getting a new Mazda. These include:
- Secured car loan. A secured car loan requires you to use the car as security against the loan. You’ll generally receive a lower rate than on a normal loan, but the lender may take ownership of the vehicle in the event you don’t repay your loan.
- Unsecured loan. If you don’t wish to use the vehicle as security, you can opt for an unsecured loan to finance your car. These loans usually have higher interest rates than secured loans and may have lower maximum loan amounts.
- Commercial hire. This involves you renting the car and having the benefits of ownership without actually owning the car. This can be a good option for business owners and people who want the car but don’t want to own it outright.
- Dealer finance. Many large carmakers offer car finance through their dealer. Most dealer finance options require you to make a lump-sum balloon payment at the end of the loan term. Some, such as Mazda, offer finance deals to make owning a new car easier.
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.
What you will need to apply for car loans
Eligibility criteria and application requirements differ between lenders, but you’ll generally need to meet the following criteria to be eligible for car loans:
- Be 18 years of age or over
- Be an New Zealand citizen or permanent resident
- Have a steady income that allows you to afford the repayments
- Be employed in some capacity
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