Are you ready to purchase your first car? It’s certainly a very exciting time, but it can also be overwhelming. Our Mazda financial experts at Heritage Mazda Bel Air are sharing a few tips to help you prepare.
Set a Budget
Adding a vehicle to your expenses can be difficult if you don’t set a specific budget. Generally, experts recommend that you keep your monthly auto expenses under 20 percent of your take-home pay. This includes your loan payment and insurance, as well as the money you pay for maintenance and fuel every month.
Use an Auto Payment Calculator
When you’re shopping within a budget, it can be tough to know where to begin. With an auto payment calculator, you can plug in the total value of your dream vehicle and get an estimate of the payment you’ll pay. You can adjust several factors such as the down payment and loan term to see how your payment would be affected.
Check Your Credit
Your credit score can be a big factor when you apply for financing. We encourage you to check your score before you apply. If your score is a concern, see if there are issues that you can address before you apply.
Consider Leasing
Leasing is a better option for many buyers. By leasing, you are basically agreeing to a long-term rental of a car, which has to be returned at the end of your lease. However, you only pay for the car’s depreciation in value during your lease, which can help you save significantly.
Chat with Our MAZDA Financial Experts in Fallston, MD
Whether you are ready to finance or lease a new vehicle, we’re here to help. We encourage you to sit down with our financial experts to discuss your options. Stop by Heritage Mazda Bel Air to meet with our team and explore our Mazda inventory today!
