Everything you need to know when Financing a Car

Cook Mazda in Aberdeen is here to answer any and all questions you might have about financing a car. When thinking about all the pieces that go into buying a car it can be stressful; especially after you throw in financing terms and rates. That is why we provide a transparent process that gives all the information you need to make informative decisions. Rate, terms, buying vs. leasing, these are all frequently asked questions by our customers. Our expert financing staff here at Cook Mazda has put together the answers for any questions you might have. If you don't see the answer you are looking for, you can always give us a call and a member of our financing staff will educate you on anything you want to know.

•  Calculating the rate
•  Credit Challenged Loans
•  Lease vs. Buy
•  Warranties

 How are auto loan rates calculated?

When understanding what goes into calculating the rate, the finance staff here at Cook Mazda in Aberdeen has you covered. Cook Mazda explains to every customer in a way that makes sense, how the banks calculate your auto loan rate. When the lending institutes calculate an individual rate, they look at many factors.

• Credit score and history
• Employment status and history
• Provable income
• Co-signer

Your credit score and history are one of the main factors for calculating an auto loan rate. Demonstrating the ability to repay loans and expel debt is examined closely in the credit history. The finance staff here at Cook Mazda in Aberdeen can also help you choose the right vehicle when determining rate. Why choosing the right vehicle helps when determining the rate on your auto loan? The bank looks closely at the amount financed and how much the car is worth. When applying for a larger auto loan you might notice that the rate could increase due to the amount financed.

 Credit Challenged Loans

What if I have bad credit or no credit?

Challenged credit or no credit has a misconception that you can't get approved for an auto loan. At some dealerships this may be true; at Cook Mazda we have several accepting lending institutes for customers in these criteria. The expert financial staff here at Cook Mazda can help evaluate your situation and provide some options that will benefit you in the best way.

First Time Buyer Program

When it comes to no credit customers, Cook Mazda in Aberdeen offers several first-time buyer programs. This is a category that the staff here at Cook Mazda knows a lot about. As a first-time buyer it can be nerve reckoning to acquire your first loan. Many dealers who offer first-time buyer programs require a significant down payment, co-signer, or even collateral such as a paid-off trade. Here at Cook Mazda in Aberdeen we have flexible first-time buyer programs that understands your situation and will work with you.

 Lease vs. Buy

The difference between leasing a car or buying a car can become very vague sometimes. Most customers don't know the difference and benefits of each option. Cook Mazda in Aberdeen provides the benefits and faults of each option and will work with you on determining which will benefit you best.

Benefits of leasing

Most customers have the wrong idea about how a lease works. Some customers will even say that it is a rip off. Depending on a customer's situation a lease can be very beneficial. When leasing a car you…

• Don't own the vehicle and are not responsible for the vehicle at the end of the lease term.
• Only pay for the portion of the vehicle you use which does not leave you with a large amount of debt
• Shorter term which lets you have a new car on average every 3 years
• Smaller payment because you're paying for a portion of the vehicle

Benefits of buying

• At the end of the term you own the vehicle
• You can drive the car as much as you want

 Warranties

Do I really need a warranty

When technology advances so does the price of cars and the price of fixing cars. As customers we want the latest and greatest model with all the best safety equipment. Therefore, Cook Mazda in Aberdeen offers several warranties to keep you and your investment protected. A lot of customers will say that buying a warranty is not needed and is another way for the dealer to make money. In a lot of dealerships this might be true which gives honest dealers like Cook Mazda a bad reputation. The staff here at Cook Mazda will educate you on the benefits of purchasing a warranty and which warranty option is best for you. Shop rates can reach over $100 an hour and because of technological advances, the price of parts is increasing. With a full coverage service contract, you can keep yourself protected and finance the amount into your car loan. That way you're not paying straight out of pocket and in a lot of cases only adding a couple dollars to your monthly payments.

Do yourself a favor and stop by Cook Mazda in Aberdeen and speak to a finance specialist to learn more about securing your investment.