EXPLORE HASSLE-FREE MAZDA FINANCING OPTIONS FOR NEW CAR PURCHASES

It seems like the impact of inflation on car prices might finally be wearing off. According to CarScoops, the average price of a new vehicle sold in the US in August 2023 was $48,451—a year-on-year increase of only $42. Indeed, used car prices actually declined year-on-year, a welcome respite in an age where everything feels so expensive. Still, new car prices being so high can be daunting if you’re in the market for a new car—who has $50k lying around?

In this blog post, we’ll look at some popular, hassle-free options for paying for a new car and why you should consider driving a new Mazda off the lot today. Let’s look at the world of Mazda financing.

WHAT ARE THE BEST MAZDA FINANCING OPTIONS FOR A NEW CAR?

In general, there are quite a few common types of car loans that you can use to finance your Mazda (or other new car). One of the big differences in car financing is a secured vs. unsecured vehicle loan.

·         Secured car financing: This is probably the most common type of loan for a vehicle. This means that when you take out the loan, you use an item—typically a lien on the car itself—as collateral. If you fail to make your payments, then the bank has the legal authority to take the collateral (repossess your car, usually) and sell it to make their money back.

·         Unsecured car financing: If a loan is unsecured, it means there is no guarantee or collateral. The lender can only trust that the loan recipient will pay the loan back in a timely manner. Since this is an inherently riskier type of loan to offer, these are rarer than secured loans and typically don’t have as good of terms (for instance, requiring more money down or higher interest rates).

While all loans are either secured or unsecured, there’s another question buyers will have to consider when choosing the best Mazda financing: who are they going to borrow the money from? Most car buyers go with one of three options: the dealership, a financial institution, or an online lender. Let’s take a closer look at each:

MAZDA DEALERSHIP FINANCING

Financing through the dealership is probably the easiest and fastest way to secure financing and take home your new Mazda. Dealerships like Ingram Park Mazda offer buyers the ability to make the purchase, get loan pre-approval, and sign the final paperwork all at the same time. And since they are motivated to sell you the car, they are often more flexible if your credit isn’t the best right now. It is the ultimate convenient way to get a great interest rate and drive away with your dream car.

FINANCIAL INSTITUTION

Another common option for financing a new Mazda is going through a regular financial institution, such as a bank or credit union. Many of these institutions offer a variety of auto loan options, and some even provide extra bonuses for current account holders or members. Banks and credit unions tend to be a little more stringent about how much risk they’re willing to take when they lend money, but it can be worth applying for pre-approval to see what you’re eligible for.

ONLINE FINANCING

Online lenders are becoming more and more popular in an age where people are also buying cars online. The idea is that you can purchase your new Mazda, apply for a loan, and close the deal all from the comfort of your own home. The downside of the online financing option is that you don’t get the chance to interact with an in-person human being. If there are any issues, they will all need to be handled virtually or over the phone.

WHY SHOULD YOUR NEW CAR BE A MAZDA?

Mazda cars have a reputation for great design and high efficiency. The Mazda KODO design philosophy, which means “soul of motion” in Japanese, believes in infusing every Mazda vehicle with a sense of movement, vitality, energy, and life. Mazda designs cars to not just be functional ways of getting from Point A to Point B (though, they’re certainly that too) but also living, drivable works of art. What’s more, the proprietary Mazda SKYACTIV engine technology gives Mazda vehicles higher gas efficiency, something that’s becoming even more important as gas prices creep uncomfortably high.

Mazda also offers options that fit whatever you’re looking for. Do you want a competitive market-sized three-row SUV? The Mazda CX-90 boasts an interior that “wouldn’t look out of place in a luxury car,” according to TrueCar, and can comfortably seat up to seven. If you want something a little smaller (and a little easier on your wallet), you can opt for the Mazda CX-50, a great small SUV that handles well and has an engine that can really thrill.

Mazda also offers more affordable models like the CX-30 SUV and, for those who prefer fuel economy over everything else, the Mazda3 sedan. And, of course, if you’re the type who wants an economy-friendly sports car convertible that has the look and thrill of a premium brand while not having the price tag of one, there’s always the trusty MX-5 Miata.

HOW TO CHOOSE THE BEST MAZDA FINANCING

Whatever type of car you’re interested in, there’s a Mazda that’s right for you. If you’re ready to purchase and decide on the best financing option, start by considering your needs. Do you prefer to work with people in person? How fast do you need the vehicle? Do you need the convenience of shopping for, test driving, and securing financing for a new Mazda all in one go, or do you have time to shop around and compare interest rates and get multiple pre-approvals to see which lender can offer you the better deal? With so many great options for Mazda financing, you should be able to find the one that works best for you. At Ingram Park Mazda, we’re confident that our financing options can help you get behind the wheel of a shiny new Mazda with minimal hassle. Contact us today to learn more.