Mazda finance options

Has the old car you’ve had since you were 16 finally died? Or maybe you’re just ready for an upgrade? Whatever the case, if you’re considering purchasing a Mazda, it’s important to think about your finance options.

This guide will take you through what you need to think about when it comes to financing a Mazda and what your options are.

Mazda models available in Australia

There are nine new Mazda models currently available for purchase in Australia, including hatchbacks, sedans, SUVs and a sportscar. These are:

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Name	Product	Interest Rate (p.a.)	Comparison Rate (p.a.)	Min Loan Amount	Loan Term	Application Fee	Monthly Service Fee	Monthly Repayment
Loans.com.au - New and Dealer Used Car Loan		From 4.67% (fixed)	5.22%	$5,000	3 to 5 years	$400	$0		You'll receive a fixed rate from 4.67% p.a. based on your risk profile Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment. Note: Settle the loan before 30 November 2020 and enter the draw to win a $1,000 fuel voucher. Terms & conditions apply.	Go to site More Info	Compare	loading Fetching your data...
IMB New Car Loan		5.45% (fixed)	5.8%	$2,000	1 to 7 years	$275.12 ($250 Application fee + $25.12 PPS registration fee)	$0		You'll receive a fixed rate of 5.45% p.a. A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one up to two years old.	Go to site More Info	Compare	loading Fetching your data...
CUA Secured Fixed Car Loan		6.79% (fixed)	7.16%	$5,000	1 to 7 years	$265 ($175 Establishment Fee + $90 Security Administration Fee)	$0		You'll receive a fixed rate of 6.79% p.a. A secured loan with a high maximum borrowing amount up to $100,000. Redraw facility and no monthly fees.	Go to site More Info	Compare	loading Fetching your data...
IMB Secured Personal Loan		6.45% (fixed)	6.8%	$2,000	1 to 5 years	$275.12 ($250 Application fee + $25.12 PPS registration fee)	$0		You'll receive a fixed rate of 6.45% p.a. Benefit from this competitive rate by securing the loan with a vehicle up to 6 years old. Use this flexible loan for any purpose.	Go to site More Info	Compare	loading Fetching your data...
Stratton Finance New Car Loan		From 4.05% (fixed)	5.63%	$10,000	3 to 7 years	$700	$8.25		You'll receive a fixed or variable rate depending on the lender you are approved with Apply for up to $250,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.	Go to site More Info	Compare	loading Fetching your data...
Credit Concierge Car Loan		From 4.45% (fixed)	5%	$10,000	1 to 7 years	$350	$0		You'll receive a fixed rate of 4.45% p.a. with a comparison rate of 5% p.a. Get access to over 20 providers to fund a new or used car.	Go to site More Info	Compare	loading Fetching your data...
Beyond Bank Low Rate Car Loan "Special Offer"		4.89% (fixed)	5.16%	$25,000	1 to 7 years	$175	$0		You'll receive a fixed rate of 4.89% p.a. Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.	Go to site More Info	Compare	loading Fetching your data...
RateSetter Car Loan		From 4.89% (fixed)	5.44%	$10,000	3 to 7 years	$399 (from $249 to $799)	$0		You'll receive a fixed rate from 4.89% p.a. Borrow up to $100,000 with a RateSetter Car Loan and benefit from no early repayment or exit fees.	Go to site More Info	Compare	loading Fetching your data...
Greater Bank Secured Personal Loan		From 6.49% (fixed)	6.88%	$5,000	1 to 7 years	$275	$0		You’ll receive a comparison rate of 6.88% p.a. on funding from $5,000 - $100,000. Loans are available on terms of up to 7 years and asset security is required. Get approved in as little as 24 hours.	Go to site More Info	Compare	loading Fetching your data...
Jump Payments Car Loans		From 4.47% (fixed)	5.28%	$5,000	1 to 7 years	$295 (Varies by lender, starting from $295)	$10		You'll receive a fixed rate from 4.47% p.a. and comparison rate from 5.28% p.a. Borrow between $5,000 and $250,000. Get access to customised finance options.	Go to site More Info	Compare	loading Fetching your data...
Greater Bank New Car Loan		From 5.49% (fixed)	5.87%	$5,000	1 to 7 years	$275	$0		You'll receive a fixed rate of 5.49% p.a. Apply for this loan to finance a brand new car or demonstrator vehicle and find out if you've been approved in 24 hours.	Go to site More Info	Compare	loading Fetching your data...
NRMA New Car Loan		From 5.69% (fixed)	6.39%	$5,000	1 to 7 years	$499	$0		You'll receive a fixed rate from 5.69% p. a. Purchase a new or used car up to 2 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.	Go to site More Info	Compare	loading Fetching your data...

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How much does it cost to buy a Mazda?

According to Redbook, the purchase prices of popular 2019 Mazda models are as follows:

Other costs to consider

• Servicing and repairs. All cars require ongoing servicing and maintenance to ensure they stay in good working condition. You'll also need to pay for any unexpected repairs for your vehicle.
• Registration and insurance. You'll need to purchase compulsory third party (CTP) insurance and register your car in order to use it in Australia. There are also a number of optional insurance products to help protect you against theft, fire, accidents and any other damage. The cost of optional insurance will vary based on your specific plan, as well as your driving history, age and gender.
• Stamp duty. The duty you pay when purchasing a car will differ based on your state or territory. You can use our stamp duty calculator to see how much you'll pay.
• New car extras. If you plan on getting add-ons such as leather seats or parking sensors, you should factor the cost into your budget.
• Fuel. Your fuel usage will be determined by the amount you use you car, as well as the fuel efficiency of the model you choose. The ATO classifies a fuel-efficient car as one with a fuel consumption of less than 7L/100km, meaning all current Mazda models can be considered fuel-efficient according to this guideline.
• Cost of finance. If you take out a car loan or use another form of finance to help purchase your Mazda, you should consider the cost of the loan as part of your overall costs. See below for more information on your financing options.

What type of finance options are available?

You have a number of finance options available when it comes to getting a new car. These include:

• Secured car loan. A secured car loan requires you to use the car as security against the loan. You'll generally receive a lower rate than on a normal loan, but the lender may take ownership of the vehicle in the event you don't repay your loan.
• Unsecured loan. If you don't wish to use the vehicle as security, you can opt for an unsecured loan to finance your car. These loans usually have higher interest rates than secured loans and may have lower maximum loan amounts.
• Novated lease. This involves an agreement between you, your employer and a third-party financier where you pay for your vehicle out of your pre-tax salary. Your employer will be responsible for making the repayments to the lender directly from your salary, allowing you to reduce your taxable income.
• Commercial hire. This involves you renting the car and having the benefits of ownership without actually owning the car. This can be a good option for business owners and people who want the car but don't want to own it outright.
• Chattel mortgage. This is a business finance option where a lender loans money to the business for the car and then puts a mortgage on the car, which is repaid over the term of the loan.
• Dealer finance. Many large carmakers such as Mazda also offer car finance through their dealers. Most dealer finance options require you to make a lump-sum balloon payment at the end of the loan term.

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Things to consider before financing a Mazda

Here are a few things to consider before deciding to finance a Mazda.

• Fees. Make sure you’re aware of all of the fees you may have to pay before applying for a loan. This can include upfront fees, such as application and establishment fees, or ongoing fees such as monthly or annual fees.
• Loan term. Figure out realistically how quickly you can afford to pay off your loan and find a loan term that meets this.
• Interest rates. Compare interest rates to find the lowest and best rate for you. This is a crucial detail to look at as this impacts your repayments and the overall cost of your loan.
• Comparison rate. The comparison rate factors in any additional fees or charges to give you the true cost of the loan. It's always worth finding out the comparison rate when looking at a range of loans.
• The amount you want to borrow. Different lenders will have different loan amounts they'll be willing to lend. Make sure you find a loan product that meets your borrowing needs.

What you will need to apply for a loan

Eligibility criteria and application requirements differ between lenders, but you'll generally need to meet the following criteria to be eligible for a loan:

• Be 18 years of age or over
• Be an Australian citizen or permanent resident
• Have a steady income that allows you to afford the repayments
• Be employed in some capacity (some lenders will accept Centrelink applicants)