There are certain times when budgeting can be simple. You may know how much money you want to spend on your upcoming vacation or next spending spree. However, when it comes to auto loans what you want to spend and what you can spend are often very different. We have a few tips to help you determine your car budget at Sansone Mazda.
Do Your Research
What type of new Mazda vehicles are you interested in? Do you need the space of an SUV? Do you prefer the performance of the Mazda MX-5 Miata? Start by narrowing down what type of vehicle you want and need to make sure you are finding a match for you and your family.
Get Prequalified
You can fill out a credit application online or visit our Mazda finance center to determine how much of a vehicle you can afford. Keep in mind, you are only financing what’s left after your down payment. So, the more cash you have upfront, or the higher your trade-in value, the less you have to qualify for.
Determine Your Budget
Now for the real question – can you afford it? Even if you are approved for a certain investment, it doesn’t mean that will work with your budget. Try plugging your total cost into an Auto Loan Calculator. You can see how much certain factors, such as your interest rate and length of loan, can affect your monthly payment. Experts recommend you aim for no more than 10-15% of your gross monthly income. Don’t forget to include additional costs such as auto insurance and vehicle registration.
Still uncertain the best route for you? Visit with our Mazda finance center near Woodbridge, NJ to see what works. We can help!
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