Auto Financing for First Time Buyers

Auto Financing for First Time Buyers

The first time you buy a car can seem daunting with all the decisions you will have to make, and a first-time car buyer might not know where to start. But don't worry, Pearson Mazda is here to help. Our finance team put together a few of the most common questions. Here are a few steps to guide the first-time car buyer through the process and hopefully make it an enjoyable one.

Should First Time Buyers Buy or Lease?

Should you buy or lease your first car? That's a natural question when you look at the sticker price of new vehicles. If you consider how much your monthly payment will be, leasing is the easy answer, as leasing a car is generally less expensive than buying. Another plus is that you don't have to worry about paying for costly repairs as the car ages. However, the monthly payment is not the only factor. You have to consider that the vehicle is not yours at the end of the lease, and there's the mileage factor. When leasing, you are given a set number of miles you can drive each year.

Consider Buying Used

If you have even thought about buying a new car, you have seen that they can be kind of pricy. The average monthly new car payment is $161 more than the average monthly payment on a used car. Plus, vehicles less than five years old typically have most of the same safety features and technological features but at a much lower cost.

Why First Time Buyers Should Finance at a Dealership?

Most first-time buyers don't have that much credit history, which sadly can make it challenging to get a loan. However, getting approved for financing through a dealership is easier. Dealerships usually have relationships with multiple finance companies and may be able to secure funding for you when others can't. Some dealerships even have special financing programs for people with lower credit scores.

Why Buy from Pearson

If you are a first-time buyer or if your credit is challenged, then visit us at Pearson Mazda. We have a full range of lenders waiting to service our customer's credit needs. We are confident we can find the best financing to fit your needs. Our finance team has a network of lenders to help you build your credit. The Pearson Mazda Promise always finds you the right financing to meet your needs and never obligates you to more than you can afford.

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