Get Started with Financing a MAZDA3 Near Grand Prairie
Are you thinking about financing a new Mazda this year? Whether you have your eye on a sporty 2020 Mazda3 sedan or a practical Mazda CX-9 SUV, Hiley Mazda of Arlington near Grand Prairie has a few tips that we hope will be helpful as you consider your purchase options. Our full-service financing department is always here to help so don’t hesitate to call our Arlington Mazda dealership to speak with one of our experts if you have any questions!
Common vehicle financing terminology
Your credit history is perhaps the most critical aspect of the financing process. Lenders want to know that they can trust you to repay your debts on time and in full, so they’ll take deep dive into your credit history to determine your character. Credit assessment considers your repayment history, your existing debts, the accounts you have and how long they’ve been open, and your overall debt-to-income ratio.
Next, it’s essential to understand APR. The annual percentage rate is, essentially, the fee you’ll pay for the privilege of borrowing money. A high credit score and good credit history will go far to earn you a lower APR. You should be sure to ask your Hiley Mazda salesperson about current manufacturer incentives, as sometimes special offers can be extended on certain vehicles.
Your loan term is also important to be aware of. This speaks to the length of time you’ll be repaying your loan. A 60-month loan is a common term on new-vehicle financing, but you’ll find auto loans that range from three to six years. Naturally, the shorter the duration, the higher your monthly payment is likely to be, but you may save money on interest in the long run.
For more details on any of these or other financing terms, contact Hiley Mazda of Arlington today! Plus, don’t forget to browse our website for incentives on fantastic models like the 2020 Mazda3 near Grand Prairie.