If you are in the market for a used Mazda in Frankfort, you may be thinking of ways to keep a car loan payment to a minimum. Fortunately, there are many different strategies that can help you pay more upfront and reduce the amount that needs to be financed.
Trade in Your Current Vehicle
Perhaps the easiest way to slash the sticker price of your next car is to trade in your current vehicle. Any positive equity accrued in it will be applied directly to the cost of the vehicle. Let’s say that you have $5,000 equity in your vehicle, and the used Mazda in Frankfort that you want to buy is $15,000. After applying the $5,000 in equity, you would only need to finance $10,000.
Make a Down Payment
It is customary to pay sales taxes and other fees before taking delivery of a vehicle. It is also relatively common for buyers to put down an amount equal to the first installment payment on their auto loans. However, you can feel free to put as much down as you can afford to pay when closing on a vehicle purchase. If you can afford to, it may be in your best interest to pay for the car entirely with cash.
Haggle With the Sales Staff
You could attempt to ask a dealer or private seller to reduce the sale price of the car that you want to buy. While there is no guarantee that this will work, it could help to shave hundreds or thousands of dollars off the final purchase price. That could help to reduce your monthly payment or allow you to pay off the car in fewer payments.
The folks at Hawk Mazda will do everything possible to meet your needs and budget. L