While some drivers opt to pay for a new or pre-owned Mazda car in cash, the majority choose a Mazda financing plan. In addition to providing top-notch service at our Mazda service center, selling OEM Mazda parts, and selling a wide variety of new and pre-owned Mazda models, our dealership also has a full-fledged Mazda financing center. These are some of the most common questions that our finance professionals receive.
What is the Difference Between a Lease and a Loan?
First-time buyers often conflate the words “loan” and “lease.” The two terms are not interchangeable. A lease can be thought of being similar to a long-term car rental, where you either return the leased vehicle or buy it out at the end of the lease term (typically 36 months).
In contrast, a loan refers to borrowing money from a lender and paying it back in monthly installments, plus interest, until you own the car outright.
How is the Interest Rate Determined?
In addition to paying back part of the principal every month, you will be required to pay an interest rate. This interest rate varies from driver to driver and it is based on a variety of different factors, including:
- Credit score
- Length of the financing term
- Income
- Down payment amount
I Don’t Have Great Credit. Can I Still Obtain a Loan?
Even if you don’t have the best credit score, or even if you have no credit history, our lenders will do their best to match you with a loan that works for your needs.
Do You Accept Trade-Ins?
Our dealership accepts your used car trade-ins, which helps to lower your monthly payment on a new car. Determine your trade-in value by utilizing our helpful car trade-in tool.
Apply for MAZDA Financing Today
Get started on your Mazda financing today at Fields Mazda of Asheville. Our professionals look forward to getting you behind the wheel.
