Buying a car is a big deal. For a first-time car buyer, it’s a major milestone, and getting your first brand-new car is a thrill as well. That said, it’s also a big financial commitment. For that reason, many people rely on auto loans. Cook Mazda understands our customers’ driving needs and financial circumstances, which is why we offer Mazda finance assistance to help them make their purchases. Here are some tips about down payments.

How Much is the Down Payment

A down payment is the money you pay to the auto loan lender before your purchase. Many lenders don’t require a down payment. Making a down payment expedites the purchase, of course, but there are benefits as well. It not only lowers the monthly payments but lowers the interest rate too. Offering to make a down payment can also increase the chances of loan approval.

How Much Can I Afford?

How much you can afford to pay for a new or pre-owned Mazda requires a little homework. You need to understand your current budget and be confident you can make the monthly car payments. That includes assessing your current income versus monthly expenses. It’s good to have savings too, in case there’s a shortfall in any given month. Understanding your current finances also helps you determine how much of a down payment you can afford.

Explore MAZDA Finance Options in Aberdeen, MD

When you’re ready to purchase your Mazda sedan, SUV, crossover, or EV, get in touch with Cook Mazda. Our sales professionals are ready to discuss Mazda finance options. We work with our customers to help them get the best loan terms, so contact us today to get started!