The first step towards buying a new vehicle is creating your own budget plan. If you intend to purchase a car on finance you will, potentially, need to find a deposit or use your existing car as a trade-in. Knowing your budget means you will know which cars are affordable and which are definitely out of your league.
Having decided the car which is most suited to your needs and your budget you will need to check your credit rating. The better this is the easier it will be to obtain finance and it will be at a more attractive rate. There are a variety of methods you can choose to obtain the necessary funds for your new 2016 Mazda 6:
Personal Loan
The personal loan is taken out from your bank or other, independent finance house. It is not usually secured on anything and the length of the loan and amount you can borrow will be controlled by the funds you have available to repay it, your current earnings and the purpose of the loan. One advantage of the loan is that the vehicle will be purchased with cash and will be yours; a failure to repay the loan will not mean an automatic repossession of the vehicle.
Mazda Finance
Mazda are currently offering two options for financing your new Mazda 6:
- Zero percent finance. This option is only available for a limited period. A deposit is required and it is only available to people with a good credit rating. To benefit from this offer it is essential to sign up for your new Mazda earlier, rather than later.
- Leaseback for just $199 per month. This is an exceptionally good rate for the quality of the vehicle you are getting. The rate is set for three year, at the end of which the vehicle can be returned, the lease renewed or you may have the option to buy the car. You will need to talk to your local Mazda dealership to confirm the best option for your situation. The lease does require a down payment of just over $2,000 and there will be taxes and registration costs to pay in top of this. There is also a $595 purchase fee which is included in the lease payments.
Guarantor
If your credit is not as good as it could be then you may be able to secure finance through any of the above options by obtaining a guarantor. This is someone who will make the repayment on your behalf if you do not. Family, particularly parents are a good choice to ask if they are willing to be a guarantor.
Private Funds
It is possible that you have a rich relative or friend. You may be able to ask them to loan you the necessary funds. If they say yes, be sure you can afford the payment schedule you agree. Borrowing money from close friends and family can often be a disaster for the relationship.
Alternatively you can always save the money, either from your current earnings or by taking an extra job, it will be a longer wait for the car but it may well be worth it!