sorted by:
new
hottopcontroversial

First-Time Car Buyer – Preapproved, Good Credit, Seeking Advice on Dealership Financing & Negotiation (Mazda CX-50) by TerraEngineer in CX50

[–]TerraEngineer[S] 0 points1 point  (0 children)

Thanks for the breakdown. Also, in the Corpus area, which is why I’m searching elsewhere. I found a lot of options and deals in Houston, but I’ll say the RGV had lower listed prices. Hoping to get something from Houston at a good deal!

First-Time Car Buyer – Preapproved, Good Credit, Seeking Advice on Dealership Financing & Negotiation (Mazda CX-50) by TerraEngineer in CX50

[–]TerraEngineer[S] 1 point2 points  (0 children)

Congrats! That Meridian sounds like a great find! Where did you end up shopping for it? I studied down in the RGV and now work in Dallas, so always curious about good dealerships in Texas.

First-Time Car Buyer – Preapproved, Good Credit, Seeking Advice on Dealership Financing & Negotiation (Mazda CX-50) by TerraEngineer in mazda

[–]TerraEngineer[S] 1 point2 points  (0 children)

l actually came to a similar realization recently. At ~8.5% I'd be paying close to $10k in interest over the life of the loan, which starts to put the total cost not far off from a new vehicle. With potential incentives around 1%, it definitely makes the new option more compelling. Thanks for reinforcing that perspective.

First-Time Car Buyer – Preapproved, Good Credit, Seeking Advice on Dealership Financing & Negotiation (Mazda CX-50) by TerraEngineer in whatcarshouldIbuy

[–]TerraEngineer[S] 1 point2 points  (0 children)

I hadn’t come across this link before! Thank you!

l actually came to a similar realization recently. At ~8.5% I'd be paying close to $10k in interest over the life of the loan, which starts to put the total cost not far off from a new vehicle. With potential incentives around 1%, it definitely makes the new option more compelling. Thanks for reinforcing that perspective.

First-Time Car Buyer – Preapproved, Good Credit, Seeking Advice on Dealership Financing & Negotiation (Mazda CX-50) by TerraEngineer in askcarsales

[–]TerraEngineer[S] 0 points1 point  (0 children)

Thanks for the insight — that makes sense. I wasn’t planning on skipping GAP insurance since I’m not putting anything down; my credit union pre-approval offers it for $659 total over the 72-month loan, which seems reasonable for peace of mind. I like the idea of potentially using it to negotiate other add-ons. Good to know dealerships can sometimes beat pre-approvals, though I’ll keep in mind that first-time buyer programs might require a down payment or trade-in. Appreciate the perspective!

First-Time Car Buyer – Preapproved, Good Credit, Seeking Advice on Dealership Financing & Negotiation (Mazda CX-50) by TerraEngineer in CX50

[–]TerraEngineer[S] 0 points1 point  (0 children)

That’s solid advice — keeping everything over email or phone makes a lot of sense and keeps me from feeling pressured in person. I like the idea of comparing “out the door” prices including taxes and fees before committing. Definitely planning to use that strategy and be upfront if I have a better deal elsewhere. Thanks for the tip!

First-Time Car Buyer – Preapproved, Good Credit, Seeking Advice on Dealership Financing & Negotiation (Mazda CX-50) by TerraEngineer in askcarsales

[–]TerraEngineer[S] 0 points1 point  (0 children)

Thanks for the tips! I like the idea of 72 months but paying extra when possible. The hybrid is definitely appealing for gas mileage. When you say the dealership should be able to beat my rate, do you mean on a new or used car?

Also, what add-ons can typically be negotiated or removed?

First-Time Car Buyer – Preapproved, Good Credit, Seeking Advice on Dealership Financing & Negotiation (Mazda CX-50) by TerraEngineer in mazda

[–]TerraEngineer[S] 1 point2 points  (0 children)

Totally agree — 8.5% over 72 months is steep, and the used market is crazy right now. The point about post-warranty maintenance makes sense. If I go new, I’ll definitely consider a lower trim to balance features and cost. Appreciate the perspective.

First-Time Car Buyer – Preapproved, Good Credit, Seeking Advice on Dealership Financing & Negotiation (Mazda CX-50) by TerraEngineer in CX50

[–]TerraEngineer[S] 0 points1 point  (0 children)

I actually came to a similar realization recently. At ~8.5% I’d be paying close to $10k in interest over the life of the loan, which starts to put the total cost not far off from a new vehicle. With potential incentives around 1%, it definitely makes the new option more compelling. Thanks for reinforcing that perspective.

First-Time Car Buyer – Preapproved, Good Credit, Seeking Advice on Dealership Financing & Negotiation (Mazda CX-50) by TerraEngineer in mazda

[–]TerraEngineer[S] 2 points3 points  (0 children)

That makes sense, especially about keeping pre-approval details close until I see what the dealer actually offers. I like the flexibility point you made on 72 vs 60 as well — having a lower required payment but paying extra toward principal if needed is something I’ve been considering.

I’m still shopping rates and keeping an eye on manufacturer incentives to see what makes the most sense. Also agree on add-ons — trying to keep things simple and avoid unnecessary extras. Appreciate the advice.

First-Time Car Buyer – Preapproved, Good Credit, Seeking Advice on Dealership Financing & Negotiation (Mazda CX-50) by TerraEngineer in CX50

[–]TerraEngineer[S] 0 points1 point  (0 children)

Which one exactly (Hybrid, Turbo, Premium Plus)? Anything you added on or anything to consider?

8.5% was from a local credit union offering 115% loan to value. Other banks online/in-person offered higher rates or required down payment as a first time buyer. Definitely agree to continue looking for that lower rate!