Tips for Vehicle Financing in Rochester NY
When you’re financing a vehicle, new or used, it’s very important for you to keep calm and take things slowly. This is especially true for those that are new to the financing and credit world, such as a first-time car buyer. To help you make an educated decision and to make the best deal possible, we at Marketplace Mazda have compiled several vehicle financing tips for you. Continue reading to learn more!
1. Consider Alternative Options
Most young or first-time vehicle buyers often take an auto loan for their first vehicle, with many choosing to go through the dealer’s lender. Many don’t even realize they can go to other financing sources. Often third-party financing is cheaper than the dealership, and so we encourage researching other routes for financing. This includes local credit unions, your bank, and others.
2. Purchase Used over New
While new vehicles are obviously the most prized, being pristine in condition with little to no wear or tear, there are some drawbacks. A new vehicle will lose at least 11% of its value upon the initial sale and another 37% after five years. A used vehicle can be a better value overall, keeping more of its worth after leaving the lot.
3. Read Your Contract Carefully
Anytime you buy a vehicle you enter into a legal agreement with its seller. This is true whether you’re buying your vehicle on Craigslist or at a dealership, and this agreement is generally binding. Therefore, it’s critical that you read over these papers carefully and make sure you read the terms before you sign.
These are just three of the many financial tips we can offer for you. These are three of many tips to consider when you’re purchasing a new or old vehicle. To learn more about financing tips or what vehicles you can enjoy at our dealership, contact our agents at Marketplace Mazda today!