Most modern Americans need a car to get to work every day, run errands, manage childcare, and more. The biggest hurdle to overcome when purchasing a vehicle essential to modern living is financing your new vehicle. Fortunately, your local Mazda dealership in Silver Spring, MD has several financing options so you can drive a new car without straining your budget.
1. Diverse Financing Options
The number one reason to finance your new vehicle through your dealership’s finance department is the variety of finance deals available to you. Your dealership can create a finance deal centered on a Mazda lease or an auto loan, which originates either through Mazda’s finance arm or a local lender. If you aren’t sure what financing method is right for you, a Mazda finance expert can help you decide based on your budget, credit history, estimated payment, and more.
In general, you may want to lease your Mazda vehicle if you have a tighter budget, since a monthly vehicle lease is less expensive than the payment for a monthly auto loan. Leasing your car also means fewer vehicle costs and fewer upfront costs overall. However, when you purchase your vehicle with an auto loan, you don’t need to worry about mileage limitations or wear and tear fees, so this might be a better option if you have long-term car ownership in mind.
2. Fast Pre-Approval
Getting pre-approved for an auto loan is the first step to understanding how much car you can afford. You can submit a loan pre-approval application at your dealership’s website and usually hear back within a few days. Once you know how much you are approved for, you can start shopping within your budget or adjust how much you need to save for a down payment. Online loan pre-approval is also much more convenient than visiting a bank.
3. Incentives and Deals
You may want to finance a new car through your dealership because of dealership or manufacturer-sponsored deals and incentives. Certain drivers may qualify for 0% APR incentives for purchasing specific Mazda models, which means you can save a lot of money on a new vehicle lease or auto loan since your monthly payments won’t go toward interest for several months.
You can also strike a deal with a trade-in valuation on your old car, which can knock hundreds of dollars off the sticker price for your new model. Some drivers use a trade-in valuation instead of saving up for a down payment, but you can also use the value of your trade-in to pay for upfront costs when you lease a vehicle.
Dealership financing is a convenient way to hammer out an affordable monthly payment, whether you intend to lease or buy a vehicle. Talk to the finance team at Koons Mazda Silver Spring in Silver Spring, MD about your finance options today.
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