AUTO LOAN BASICS FOR BUYING A NEW OR PRE-OWNED MAZDA

As the year moves forward, chances are high that you’re well into the swing of your new year’s resolutions. We wish you all the best with your goals for the new year and if your 2020 intentions include buying a new or pre-owned Mazda car, then Ingram Park Mazda in San Antonio is definitely here for you.

Let’s take a moment today to review a few basics of a typical auto loan. Whether you’ve financed before or not, we hope this brief synopsis will prove helpful as you consider your next new Mazda car.

What determines your worthiness for credit when purchasing a car?

First up is your credit history. This is your record of open accounts, your history of making payments on time, and your current debt-to-income ratio. The stronger your credit history, the more financing options, and favorable rates you’ll qualify for.

Next, consider your down payment. A down payment is straightforward; the more cash you can put towards the Mazda of your choice, the less you’ll need to finance. If you’re already setting money aside toward your down payment, that’s great! And remember, Ingram Park Mazda can also assess your current vehicle as a trade-in to increase your amount down.

When you pursue an auto loan, you’ll need to factor in the loan term. This is the length of the loan, which usually falls somewhere between three and six years, depending on the lender and the amount you’re financing. Naturally, a shorter loan term tends to come with higher monthly payments.

Finally, consider the specific car you wish to buy. New Mazda cars often come with great incentives, while pre-owned Mazda cars in San Antonio carry a lower price tag. Our sales experts at Ingram Park Mazda can help you determine which car suits your needs and budget.