Financing new CX-5 Question

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shindou26

Member
:
2002 Mazda Protege5
Hello eveyone! I'm planning on getting a new CX-5 this weekend and have some questions about financing. This will be my first new car purchase and I've already been pre-approved thru a credit union.

The dealer has already provided me a good offer using their standard financing. Do I have to use their financing at this time to get the rebates and perks or can I just ask them to use my pre-approved financing?

Also, what credit rating do you need to get the 0% financing? I have a 751 and wouldn't doing their 0% if it's a decent deal.
 
I think you go through their financing for the rate and rebates. At least for me. Then Chase bank bought my loan from Mazda.
 
I'm fairly confident you need to use their financing options to get all the rebates and what-not. But there is no reason you can't refinance a month or two later with your credit union if they'll give you a better rate under similar loan length.
 
banjos-n-beer said:
I'm fairly confident you need to use their financing options to get all the rebates and what-not. But there is no reason you can't refinance a month or two later with your credit union if they'll give you a better rate under similar loan length.
Click to expand...

OP was offered 0% though.
 
banjos-n-beer said:
I think OP is hoping for 0%.....

my credit rating is well north of 800, and I couldn't get 0% at the time... but it was offered about a month later.
Click to expand...

I want to say got 1.9% +$500 Loyalty rebate through Mazda.

OP don't let them force you on getting the extended warranty unless you 110% want it.

If they offer an oil change/tire rotation maintenance plan and you want it....negotiate that price and pay no more than $450/3 years. If they can't get it to $450 tell them don't even waste your time. If you get it to $450 your oil change and tire rotations will be $50 per visit for 3 years paid for up front. You can pay that amount cash towards the down payment as to not be added to the loan. Typically they charge $80 per visit so you save about $270.
 
OP you can take dealer financing, it will be a Chase loan mostly. You can re finance for a fee of about $70 or so.
Some say you need to wait 1 or 2 months before re financing else the dealer wont get few credits, i dont know how true this is.

For your Credit score you should get 1.75% or so from Credit Unions - I had a credit score similar - dealer gave me 5%. But my deal was really one of the top ones in August 2016 - so i knew they would not give me a good rate.
I switched under 30 days.
 
CX-5um said:
OP don't let them force you on getting the extended warranty unless you 110% want it.
Click to expand...

You can get extended warranty at any time. There are many reputed aftermarket ones. Normally they say that cars are more complicated, electronics blah blah blah - Dont buy there. Go home and if you plan on keeping this car for 8-10 years - do some research you will get a better deal.
But the way new technology is coming up - in 4-5 years time you will get all safety features on a lower trim, hence I will sell it after 5-7 years.
 
Don't get too caught up in on the 0% financing. They get their money either way. That's why it's either 0% or cash back. It equals out. If you can get a better interest rate with the credit union, do that. AFTER you take the Mazda financing offers and cash back. Win win situation.
 
shindou26 said:
Hello eveyone! I'm planning on getting a new CX-5 this weekend and have some questions about financing. This will be my first new car purchase and I've already been pre-approved thru a credit union.

The dealer has already provided me a good offer using their standard financing. Do I have to use their financing at this time to get the rebates and perks or can I just ask them to use my pre-approved financing?

Also, what credit rating do you need to get the 0% financing? I have a 751 and wouldn't doing their 0% if it's a decent deal.
Click to expand...

Anything over 740 is excellent credit and you should qualify for the best rate possible, assuming your debt to income ratio is good.
 
piotrek91 said:
Anything over 740 is excellent credit and you should qualify for the best rate possible, assuming your debt to income ratio is good.
Click to expand...

That is true in theory. But if you are getting a great deal - then maybe dealership wanted to make money from you via interest. This is one advantage Carmax has over traditional car dealerships. There was a time dealerships never did F&I - you got your own finance and just bought the car. Then the dealerships started having finance dept. The one with no windows and AC usually set uncomfortably low. It made the experience worse.
 
Kaps said:
You can get extended warranty at any time. There are many reputed aftermarket ones. Normally they say that cars are more complicated, electronics blah blah blah - Dont buy there. Go home and if you plan on keeping this car for 8-10 years - do some research you will get a better deal.
But the way new technology is coming up - in 4-5 years time you will get all safety features on a lower trim, hence I will sell it after 5-7 years.
Click to expand...

I would never buy a extended warranty myself. "I am the extended Warranty!!!"

latest
 
The Mazda dealer at the time I purchased (December) told me anything north of 720 would be grounds to qualify for 0%. That being said, I was able to get 0% financing in addition to 14% off MSRP on my AWD Grand Touring, so don't go in and think that you can't take the 0% and get a fair amount off the car at the same time. You totally can
 
CX-5um said:
I want to say got 1.9% +$500 Loyalty rebate through Mazda.

OP don't let them force you on getting the extended warranty unless you 110% want it.

If they offer an oil change/tire rotation maintenance plan and you want it....negotiate that price and pay no more than $450/3 years. If they can't get it to $450 tell them don't even waste your time. If you get it to $450 your oil change and tire rotations will be $50 per visit for 3 years paid for up front. You can pay that amount cash towards the down payment as to not be added to the loan. Typically they charge $80 per visit so you save about $270.
Click to expand...

I got the $500 Loyalty rebate because my daughter owned a Mazda (Bought used) on a cash deal, no trade in.
 
shindou26 said:
Hello eveyone! I'm planning on getting a new CX-5 this weekend and have some questions about financing. This will be my first new car purchase and I've already been pre-approved thru a credit union.

The dealer has already provided me a good offer using their standard financing. Do I have to use their financing at this time to get the rebates and perks or can I just ask them to use my pre-approved financing?

Also, what credit rating do you need to get the 0% financing? I have a 751 and wouldn't doing their 0% if it's a decent deal.
Click to expand...
751 is sufficient if available. Calculate interest rates and then compare to the rebates/savings.
 
I've never heard of any aftermarket warranty being reputable. Lol

Sent from my LG V10
 
The only time I would consider an extended warranty is if it's from the manufacturer itself. Be careful with that, as some dealers will try to trick you into believing whatever third-party warranty company they offer is the "official" Mazda warranty. It's likely not.

The dealer I purchased my CX5 from gave me a great deal, but they *really* tried pushing the third-party warranty down my throat (Hendricks AutoGuard). I said 'no' 4 times before they brought in another salesperson to try and sell it to me. When they did this, I brought up the warranty company's own website on my phone and searched for service locations (the dealer knew I was relocating from Georgia to New Jersey in about a year give or take). When I showed them that the closest dealer to the state of New Jersey who accepts that service agreement was all the way down in Virginia, they quickly moved along.
 
banjos-n-beer said:
I think OP is hoping for 0%.....

my credit rating is well north of 800, and I couldn't get 0% at the time... but it was offered about a month later.
Click to expand...

Same here. In 2015, I couldn't get 0% from Mazda although my Credit was just above 800. Didn't matter to me cause I took Mazda/Chase offer at less than 2% interest, got an extra $500 rebate in the process and paid off the loan 30 days later.
 
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