How Car Loans Work And How Fredericton Mazda Makes It EasyBlog Aug 22nd , 2018
Let’s get one thing out of the way: Mazdas are incredibly affordable for every budget. You get the most bang for your buck out of any brand out there, and look good doing it.
Vehicle financing is one of the most common things that we get asked about during the sales process. It’s not as big and bad as many people think. It is always great to be the bearer of good news and get to tell shoppers that there are affordable car loans available within their budget! Here’s how it all works.
First Steps to Financing
Before you submit an online application or come into the dealership, we suggest taking a look at your budget. Having a rough idea of what you’d like to spend on a monthly basis is important. While lenders will tell you what is a realistic amount to borrow, they can, at times, be overly generous. Have a serious conversation with yourself or your partner about how much of your monthly income you plan to spend on a vehicle and how that vehicle will impact your lifestyle.
From there, most folks know at least what style of car or SUV they’re looking for. Using a simple calculation, you can determine roughly what the monthly cost of a specific vehicle over your desired number of months will be. Browse our online inventory of new Mazdas and used vehicles from all makes and models to get shopping. From there, pick your favourite and book a test drive with our friendly sales team today.
Todd Stephens, Finance Manager
The Important Details
When looking to help you secure a car loan, our finance team looks at your unique situation to determine what lenders and programs are best. We consider your lifestyle, budget, and credit history. From there, we know what lenders will be most likely to approve you and provide you with the best rate available to you.
From a lender or bank’s point of view, they consider some important factors:
Your current income and employment status
Your down payment towards the vehicle
Current debt elsewhere, such as a mortgage or credit card
Your credit rating
Just to name a few! While the exact calculation is a little more meticulous, knowing where you stand in these departments can help you select a vehicle at the right price and help to secure the best deal.
The Big Moment: Applying for your Loan
Once you’re aware of your budget and we’re ready to get started, you can fill out our online application or visit the dealership. From there, we’ll do our research and submit your application to get you approved for your dream car.
The ideal rate out there is the best rate out there for you, so keep that in mind. The rate that you get is the percentage of interest that will be compounded over the life of your loan. Once we set you up, you’ll know exactly what you’ll be paying monthly, and what part of that is your principal (car’s price) and what is interest. No surprises.
It’s quick, easy, and nobody does it better than at Fredericton Mazda. Our finance team is always eager to help, whether you have no credit and are just getting started, have bad credit and need to improve it, or have great credit and are simply looking for your next vehicle. We also work with students and new Canadians often, so don’t be shy!