When it comes to getting behind the wheel of a new Mazda car, most drivers choose to take out a loan. While some buyers can afford to pay for a new or pre-owned Mazda car upfront in cash, the majority opt to work with the professionals at our Mazda financial services center at Fields Mazda of Asheville. A major component of any car loan is the down payment — here’s a guide to what that entails.
What is a Down Payment?
Before going into how much you should put down, we should first explain what a down payment is and why it’s necessary. Put simply, a down payment is a sum of money that you give to a car lender before you purchase a new or used car. If you don’t have the total purchase amount on hand when you purchase a car, you can still opt to put down a small amount to lower your monthly payments.
Down payments are not always required, but there are benefits to paying one.
What are the Benefits of Paying a Down Payment?
There typically aren’t any set rules for down payments, and most lenders will not require you to pay one. However, there are a few benefits to paying a down payment on your Mazda car, including:
- Lowers your monthly payments
- Improves your chances of getting approved
- Lowers your interest rate
How Much is the Down Payment?
The average down payment for a new or pre-owned Mazda car ranges from 10 to 20 percent. The higher your down payment, the lower your monthly payments will be.
Visit Fields MAZDA of Asheville for Your Financial Services
Learn more about down payments here at Fields Mazda of Asheville. Our finance professionals are ready to find a loan that works for you.
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