Applying for a Mazda finance offer is an exciting prospect, but you want to make sure you know what you’re doing first. If you aren’t careful, you might make a mistake that could hurt your chances of securing financing. That’s why the Peruzzi Mazda team has listed the top three financing mistakes and how you can avoid them.
Not Understanding Term Lengths
You may think that it’s better to seek financing offers that have the shortest term possible, but this often isn’t the best course. In general, we recommend looking for financing terms between three to five years. Any shorter and you may need an incredibly high credit history or large down payment to get an offer, but any longer and you’ll rack up a lot more in interest payments.
Minimizing Your Down Payment
It might be tempting to go with the minimal down payment so you won’t have to pay as much at signing. However, this will increase your monthly payments and may prevent you from finding the best terms. You should put down at least 20% of the total vehicle price when you apply for financing, or more if you can afford it.
Not Applying for Pre-Approval
If you want to make the financing application process simple, we recommend applying for pre-approval before you visit our dealership, which you can do through our website. That will give you a solid estimate on a financing deal based on your financial situation and desired model. We can then work with this estimate when you come in to sign your Mazda financing plan and drive off with your vehicle.
Explore MAZDA Finance Options in Fairless Hills, PA
Now that you know what to avoid, it’s time to explore Mazda finance plans. Contact Peruzzi Mazda today to schedule an appointment with our financing experts.
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