Flexible Auto Financing in Bountiful, UT

How Does Financing Work at Bountiful Mazda?

The car-buying process can be complicated and time-consuming. For starters, you have to scour the market to find the best used or new Mazda models for sale in Bountiful, Utah. From there, you need to consider how to afford the vehicle without compromising your essential needs. 

At Bountiful Mazda, we offer a range of financial services, whether you're looking to purchase or lease your ride. Our Mazda finance center will help you learn more about the financing process and explain how our team can assist you in securing your dream car. 

Mazda Financing Options Explained

There are multiple ways to help you get behind the wheel of your preferred model. Here are the top Mazda car financing options to consider.

Mazda Loan

You can purchase your Mazda by applying for financing through Mazda Financial Services (MFS), the manufacturer's finance company. With a Mazda auto loan, you can own the car as soon as you finish paying the required monthly payments over a specific period, which usually ranges from 24 to 72 months.

MFS allows for flexible Mazda loan payment plans. The terms of each typically vary, depending on factors such as the auto loan's duration and the model you're interested in. You'll also benefit from competitive interest rates and incentives, such as cash bonuses.

Alternatively, you can apply for an auto loan from traditional lenders, such as banks. However, financial institutions may request a larger down payment than MFS and charge higher interest rates.

Buying a Mazda has several advantages, regardless of whether you get financing through a bank or MFS.

• Ownership rights: Once you finish paying off the auto loan, you'll get full ownership rights of the vehicle. You can sell it or do whatever you want with it without risking getting on the wrong side of your lender or dealership.
• No mileage restrictions:  When you purchase your Mazda, there won't be any mileage restrictions. You'll be free to drive as many miles as you wish without incurring any additional charges.
• Customization: As the Mazda's rightful owner, you can modify various components, unlike lessees. Keep in mind that some modifications could void your warranty.

Mazda Finance Leasing 

Instead of applying for financing to buy a Mazda, you can lease the vehicle. This means you'll sign a contract that will let you drive your preferred model for two to five years and return it to the dealership afterwards. You may find this option more appealing if you're not committed to long-term ownership. It also allows you to pay less money upfront compared to buying, and you'll make lower monthly payments. 

Leasing a Mazda can have its downsides too. Most dealerships, including Bountiful Mazda, provide mileage restrictions, which can be as high as 15,000 miles per year. We advise you to consult with us before customizing your lease vehicle, unless the lease agreement permits it. Modifications can impact the vehicle's resale value and lead to operational challenges.

Understanding the Financing Process

The financing process can be confusing, especially if you're a first-time Mazda buyer. Below are the steps involved.  

Preapproval 

Getting preapproved is the first step to take when applying for financing to buy a Mazda. It allows you to complete an online credit application form for conditional approval from MFS or our dealership. Some of the details you must provide include: 

• Name (as it appears on your driver's license) 
• Social security number 
• Current contact details
• Proof of employment or income
• Current address 
• Bank statements 

The preapproval process helps you estimate the amount you can borrow, approximate the interest rates you might get, and calculate the monthly payments you'll have to make. This can help you decide whether to buy or lease your vehicle. 

Trade-In Evaluation

A trade-in evaluation identifies how much we can offer you for your current Mazda before you buy the new one. During this stage, we assess the car's value based on its model, year, condition, and market demand. 

When the trade-in value is higher than your loan balance, you'll have positive equity.  This can reduce your loan amount and monthly payments in the long run.  However, a trade-in value lower than your loan balance translates into negative equity. Our team will roll the amount into your new auto loan, so it will be higher. 

Choosing Between Buying and Leasing

After the preapproval process and trade-in evaluation, you can estimate the loan amount you're eligible for. Based on that, you can decide if buying or leasing a Mazda is the best choice. Our team at Bountiful Mazda is always ready to guide you through this step. We can start by assessing your driving needs and financial goals together. Then, we'll walk you through our special offers and incentives to see how you can get the best deal on your Mazda.

Finalizing the Paperwork

The final step of our auto financing process is completing the paperwork. At Bountiful Mazda, we value transparency. Whether you're purchasing or leasing your Mazda, we recommend reviewing every part of our finance agreement. Once everything is clear, you can sign it and drive your car home.

Mazda Financing FAQ 

Below are some common questions about Mazda financing.

Can I Still Finance a Mazda if I Have a Bad Credit Score?

Yes, many Mazda dealerships can still offer you the financing you need to buy or lease a car. However, you may have to pay a larger down payment or higher interest rates.

Should I Pay Off My Mazda Loan Early?

Mazda Financial Services allows you to repay your loan early without any penalties, but you should review your loan terms and speak to your dealership before making any decision.

How Much Should I Put Down on a Mazda?

There's no fixed amount you must pay as a down payment for a Mazda. However, according to our auto experts, you should pay at least 20% of the retail price to increase the odds of your loan's approval.

Finance Your Mazda With Bountiful Mazda in Utah

Ready to drive a new or used Mazda? At Bountiful Mazda,  we can help turn your dream into reality. Contact our team today for more information on our financing options.