When looking for a car, it can be easy – too easy, really – to get focused on things like its paint color and the tech it comes with amenities. Savvy shoppers, however, start by focusing on finances. Because buying a vehicle is an expensive proposition, you have to think about the money aspect. The Mazda finance center at Patrick Mazda wants to help you get started with these down payment tips.
Putting Up the Right Amount of Money
There’s no magic number when it comes to a down payment, as you should supply as much as you comfortably can. It’s really in your best interests to include a sizable down payment, because the more you put up, the less there will be to borrow and pay back. Aiming for 20 percent is a good goal, as this will shrink your loan amount by a lot. This may also help you secure a better interest rate.
Funding Your Down Payment
There are different ways you can fund your down payment. First, if you have money saved, this could be a good source. It’s also possible that there’s something of great value sitting in your driveway right now: your old car. If your new vehicle will be replacing this, think about using the older model as a trade-in. Be sure to check out Kelley Blue Book or other reputable sources to find out how much it is worth.
Get the MAZDA Financing Process Started in Auburn, MA
Once you know how much you can put down for your car, it’s time to get the financing process started. Patrick Mazda makes it simple. Just fill out our online application and someone from our financing department will be in touch to go over the next steps. Contact us today to get started!
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