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Mazda offers one of the widest range of vehicles of any manufacturer in Australia, from sporty roadsters and hatchbacks to the hardworking BT-50 ute. But its position as the country’s second-best selling car manufacturer (behind Toyota) is largely down to its extremely popular SUVs.
Among them are the Mazda CX-3 and CX-5 which regularly make the list of top-selling cars on the road.
Whichever one you go with, the interest rate and fees you’re charged will play a major role in determining whether or not you’re getting a good Mazda finance deal.
In particular, even a small difference in car loan interest rate will be very noticeable when you’re repaying the loan.
|Vehicle||Estimated cost||Monthly repayments (6% p.a. interest)||Monthly repayments (8% p.a. interest)||Monthly repayments (10% p.a. interest)|
Mazda CX-3 (Neo Sport FWD Auto)
Mazda CX-5 (MAXX Sport AWD Auto)
Mazda CX-60 (G40E Evolve Hybrid Auto)
Mazda BT-50 (Dual Cab GT Pick Up)
To qualify for a Mazda car loan, you’ll need to:
Here’s what’s involved if you apply for a loan for a new or used Mazda:
If approved, you’ll be granted either pre-approval for a car loan up to a certain amount (this is your budget when you go shopping for a Mazda), or final approval if you have already picked out a car.
The interest rate on your finance will be tailored to you, based largely on your credit score.
With some lenders it’s possible to get approval on Mazda finance the same day you apply.
If you’re buying an electric vehicle (Mazda’s MX-30 Electric) or a plug-in hybrid (the CX-60) you may be eligible for a special finance discount through a green loan. This is a type of personal loan offered by some lenders specifically for low-emission vehicles and other green purchases.
If your Mazda is eligible, financing it this way means you could get a discounted interest rate and lower fees.
If you are eligible for a novated lease through your employer, this is another option for financing your Mazda with several major benefits.
The vehicle can still be used 100% for personal use, but the finance payments are made from your pre-tax salary by your employer. This brings significant tax savings on Mazda finance compared to a car loan.
You’ll be able to cover the running costs for your Mazda through your salary as well, for extra tax savings. There is also a GST saving on the purchase price of the vehicle and ongoing running costs with a novated lease.
If you’ll be using your Mazda for business more than 50% of the time, you will have the option to finance it through a business car loan (sometimes referred to as a chattel mortgage). There are tax advantages to using business finance if you’re eligible.
This can also be an option for self-employed borrowers looking for Mazda finance. If the vehicle will be used mainly for personal use, a low doc car loan is another option for self-employed borrowers. It means you can apply without the standard documents (e.g. payslips) that major lenders expect.
Mazda also offers finance directly to customers who buy one of its vehicles. It offers a fixed rate car loan as well as its ‘Mazda Assured’ product which comes with a balloon payment and is designed for people who intend to trade in and replace their Mazda regularly.
With dealer finance, something to watch out for is that it’s often sold to car buyers based on the convenience factor, and not because it represents the best deal available.
You may end up paying considerably more for the convenience of taking out finance at the same time as you buy your Mazda.
Shopping for the best finance separately will mean you have access to a wider range of options, and it generally won’t take any longer to be approved.
As I mentioned earlier, the interest rate you get on your Mazda is very important. But getting the best deal on Mazda finance overall means considering other factors as well.
If you take out finance on a Mazda, you may have the option to get a car loan with balloon payment. What this means is you’ll pay off a portion of the vehicle in a single lump sum at the end of the finance term. With a standard car loan, you pay off the entire balance gradually.
Having a balloon payment means the regular repayments on your Mazda will be lower, but the overall cost of the finance will be higher.
Interest rates on Mazda finance vary depending on the lender you choose and your circumstances (for example, your credit score plays a big part). To get the lowest rate possible:
Compare as many lenders as possible Look for a secured car loan Check if you’re eligible for a novated lease through your employer
It can be possible to get approval on Mazda finance the same day. Exact timings will depend on the lender and how quickly you can provide any requested documents to support your application (bank statements, pays slips etc.). In some cases, particularly if the application is complex, it could take longer.
This will depend on the lender you choose. If you get a loan for a Mazda through a major bank, you will generally need to have a ‘good’ credit score (usually above 660). But smaller lenders are generally more flexible and may accept borrowers with an ‘average’ credit score (above 460).
There are also lenders who specialise in offering bad credit car loans. This may be an option for financing a Mazda if you have issues in your credit history.
Shopping around for the right loan can save you thousands of dollars in interest and fees.
Car Loans guides and resources
Where to next? Read our other car loan guides to understand more about your options for financing your next car.
*Information about comparison rates Comparison rates are designed to allow borrowers to understand the true cost of a loan by taking into account fees and charges, the loan amount and the term of the loan. The comparison rate is based on an unsecured fixed rate personal loan of $30,000 over 5 years. WARNING: Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.