MAZDA Financing Tips: How Large Should My Down Payment Be?

Our Mazda financing center can walk you through the financing process step-by-step. With a car purchase comes a down payment, but what exactly is the ideal amount, if there is one? Learn how much you should pay and why the amount is recommended here.

Recommended Down Payment

There’s no maximum down payment amount allowed. The more you can pay upfront the better. Generally, most dealers say 20% of the car’s retail price is the ideal down payment amount.

Why 20%? If you can put down at least 20%, this will benefit you in several ways. For starters, being able to pay this amount upfront shows to lenders that you have some financial stability, making you a more attractive borrower.

By being able to pay more, you also shorten your total repayment term. The longer you spend paying off the vehicle, the more interest you pay over time.

Minimum Down Payment

The minimum down payment varies, but it’s usually 10%. However, to qualify for some loans, you may have to foot a higher down payment. In fact, it’s not unusual for a higher down payment to be a pre-requisite particularly if you have a sub-prime credit score and don’t have a co-signer.

Accepted Forms of Down Payment

When you visit Superior Mazda with the intention to buy, be sure to have one of the following payment methods on hand:

• Cash
• Cashier’s check
• Credit card
• Debit card

Our MAZDA Finance Center Is Here to Help

Our dealers have a wealth of experience assisting buyers of all financial backgrounds acquiring their desired vehicle. Mazda trade-ins are also one way you can lower the payment total and make budgeting more manageable. Learn about these options and more at our finance center today!