5 Keys to Getting Car Financing at Your Jacksonville Mazda Dealer

So you’re ready to purchase a vehicle from your local Mazda dealer, but you’re a little unsure about the car financing process. The good news is, it’s actually pretty simple. By following a few simple steps, you’ll be able to arrange excellent financing at your Jacksonville, FL dealership.

5 Keys to Getting Car Financing at Your Jacksonville, FL Mazda Dealer

1. Know Your Credit Score

One of the most important steps you can take before you head to the dealership is to check your credit. Your credit history and score play a huge role in determining what type of financing you’ll be offered. Those who have excellent credit scores are usually offered the lowest interest rates, which means you’ll pay less out of your pocket over the life of the loan.

Checking your credit in advance should give you a pretty good idea of what type of financing you can expect to be offered. And if your credit score could use a little work, it may be smart to postpone your purchase for a few months while you work on improving your score.

2. Be Realistic About Your Budget

It’s easy to walk into a dealership and fall in love with the most expensive model on the floor. But it’s important to be realistic about which vehicle will best suit your needs and your budget. Think about what you can afford and what type of payment will fit into your monthly budget. If you’re borrowing less because you’re purchasing a less expensive vehicle, you may be more likely to qualify for a lower interest rate.

3. Make a Down Payment

Another way of lowering the total amount you’re borrowing is to make a down payment on the vehicle. It is possible to purchase a new car without putting money down, but it’s a wise move to put cash down if you can.

4. Aim for a Shorter-Term Loan

Shorter-term loans, which are repaid over fewer years, are always going to be your best financing option if you can swing them. Shorter-term loans usually carry higher monthly payments, and you’ll want to make sure you can accommodate those payments in your monthly budget. But the faster you pay off the loan, the less you’ll pay out in interest over time.

5. Pay Fees in Cash

In addition to the purchase price of the vehicle, you’ll also be paying taxes, fees, and in some cases the expense associated with a warranty. These fees are often lumped into the total purchase and become a part of the financed amount. But this means you end up paying interest on those fees. The smart way to go, if you can afford it, is to pay for those extra fees and taxes separately with cash. That means you’re paying just the fees, and not interest on the fees.

Armed with these financial tips, you’ll easily be able to arrange a terrific financing package. Head on over to Tom Bush Mazda today and pick out your next vehicle!

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