Applying for financing can seem complicated, but it’s much easier if you avoid these common mistakes. Read these tips to prepare for applying, then come into Peruzzi Mazda and talk to our Mazda financial team about financing your next car today!
Focusing Only on Monthly Payments
It’s natural to focus on your monthly payment when you’re working out a financing plan, but that can cost you in the long run. Focusing on keeping your monthly payments as low as possible may lead to you pay significantly more in interest. Instead, look at all the factors in your financing plan, from your down payment to the interest rate.
Choosing the Longest Term Length
Picking the longest financing term can cost you in the end. Longer terms will lead to you paying more in interest over the lifespan of your financing plan and can be especially frustrating if you want to move on to a new car. Financial experts recommend a four-year length, which offers a good balance between monthly payments and total interest accrued.
Not Checking Your Credit
Before you come in, make sure there are no inaccuracies on your credit report, and be prepared to explain any discrepancies. Your score will significantly impact your approval and interest rate, so if it’s low, try to raise it before applying for financing. If you’ve paid off a significant amount of debt and it hasn’t appeared on your credit report yet, bring in documentation of your improved position.
Apply for MAZDA Financing at Peruzzi MAZDA
At Peruzzi Mazda, our team will walk you through every step of the Mazda financing process. Visit our Fairless Hills, PA, Mazda dealership to find your next new Mazda car and learn more about applying for financing today!
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