Buying a car for the first time requires some financial planning. While it can seem intimidating, understanding the ins and outs of financing before buying a car can go a long way toward getting a Mazda that fits your budget. Remember, at Joe Myers Mazda in Houston, Texas, we’re here to help answer any Mazda financing questions you may have.
In the meantime, here are some financing tips for first-time buyers.
Know Your Budget and Credit Rating
We may all dream of owning the newest Mazda with the highest trim, but that doesn’t always fit our budget, especially as first-time buyers. It’s essential to have an idea of what you can reasonably spend. You should also have an estimate of your credit rating to calculate the amount of your down payment and monthly payments.
Also, it helps to use the 20/4/10 rule whether you’re buying your first or fifth car.
Use the 20/4/10 Rule
Remembering the 20/4/10 rule when getting Mazda financing as a first-time buyer is helpful. This rule of thumb states that you should put at least 20% of the total cost of the car down, choose a four-year repayment plan, and spend a maximum of 10% of your income on vehicle costs. Using these percentages, you can be sure to get a car within your budget.
Once you have your information and budget calculated, it’s time to get Mazda pre-approved to finance your first vehicle.
Get Pre-Approved
We believe in giving the best customer service possible. That’s why our Mazda finance department is here to help you get pre-approved for auto financing.
Getting pre-approved means you’ll have an idea of how much money you can borrow from a lender. It also means less time at the dealership and more driving your new car. If you don’t have time to see us in person, you can get started by visiting our website and getting pre-approved now.
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See How Easy MAZDA Financing Can Be at Joe Myers MAZDA
If you’re in the Houston, Texas area, visit the Joe Myers Mazda showroom to see our full line of new and Mazda Certified Pre-Owned inventory. Even if you’re a first-time buyer, we’re dedicated to getting you the Mazda financing you need. We’re always happy to help answer any questions or help schedule a test drive.
