Here at Baglier Mazda, we believe the Mazda financing process should be easy and accessible, even for first-time buyers. That’s why we’re sharing all you need to know about financing your very first car. Here are some tips and tricks to help you find a vehicle you love — at a price you love.
Check Your Credit Score
It’s important to check your credit score before you begin the vehicle purchasing process. First-time buyers may not realize that credit plays a very important role in the new vehicle purchasing process. In fact, it may even be worth it to take some time to raise your credit score, in order to be eligible for more favorable terms.
Use the 20/4/10 Rule
If you’re not sure where to start when it comes to the vehicle financing process, you can always refer to the 20/4/10 rule. The guideline suggests that you should put no less than 20% of the total vehicle cost down on the day of purchase, and that you pay your vehicle off in around four years. It also recommends that your total monthly transportation costs, including car payment, fuel, and insurance, do not exceed 10% of your total monthly income.
If applying the 20/4/10 rule to your dream vehicle puts it out of your price range, it may be worthwhile to shop around for other options or consider getting a high-quality pre-owned model.
Stick to Cars in Your Budget
Speaking of price ranges: once you’ve set your budget based on your credit score and auto loan options, you’ll want to narrow your vehicle search. To prevent heartbreak later on, you may want to only test drive and research Mazda cars whose prices fall within the confines of your budget.
No matter what your financing needs may be, from a first-time purchase to a Mazda trade-in, Baglier Mazda is here to help. Get started with the support of our expert financing team today!
Connect with us
