Mazda, Santander Introduce Loan for First-Time Car Buyers

Santander Mexico and Japanese automotive company Mazda are launching the “Mazda first” program, which aims to allow those between 18 to 25 years of age earning up to MX$6,000 (US$301.26) to finance their first vehicle.

The program aims to help younger generations to buy their first car, especially if they do not have credit history and the standard proof of income that most lessors require. “The decision to launch Mazda First aims to offer young people the option of buying a Mazda in a more flexible way, adapting to them so that they can begin to build a positive credit history and become part of the Mazda family. We are convinced that this will greatly help the expansion plans we have for the Mexican market and, more importantly, that they will remember us as the brand that offered them the best alternative to get their first car,” said Miguel Barbeyto, President and General Director, Mazda Motor de Mexico.

The 72-month loan requires a 10 percent down payment and applies to any model available through Mazda Mexico. Interest rates start at 13.49 percent. The program is already available in the brand’s concessionaires around the country.

The Mexican market has changed, presenting large opportunities for automotive companies willing to adapt their strategies and business model. “We have lived challenging moments that made us reevaluate everything from our internal processes to the way we should approach clients,” Barbeyto said to MBN. 

Santander keeps strengthening its bet in the automotive sector. “We have innovated in the automotive credit market with our offer and today we are taking a new groundbreaking step hand in hand with an ally like Mazda, with whom we are united by the conviction to go further by surprising the market, on this occasion to serve young people,” said Felipe García Ascencio, Director General, Santander Mexico. Santander also works with Honda, Tesla and Suzuki, among other brands, and has a dedicated platform integrating the commercial and insurance offer called “Super Auto Santander.” These tools have allowed Santander to have 14.2 percent of the car leasing market.