Mazda is offering 0% interest rate car loans on nearly every model during May 2010. Some Mazda cars and SUVs  are available with the no interest financing for 60 months, while others are limited to 36-month loans.

The 2010 Mazda 3, Mazda 6 and Mazda CX-9 are on sale during the month of May with 0% financing for 60 months.

For May, the 2010 Mazda 5, CX-7 and Tribute are also available with no interest car loan incentives, but only for 36 months.

That means that a 2010 Mazda CX-9 could be quite a bit less expensive monthly than a CX-7 if you buy during May. With no down payment on a 36-month no interest car loan, a base CX-7 will cost you $624 a month. Stretching the bigger and more expensive CX-9’s payments out to 60 months gets the monthly payment for the car loan down to just $493 a month.

The 2010 Mazda CX-9 has lower monthly payments than the CX-7 during May.

Mazda’s car loan incentives for May are much better than the lease deals being offered. A Mazda 3 lease will cost you $239 a month, while a Toyota Corolla lease is just $119 a month. Even if you’re wary of buying a Toyota after the recalls, it would be tough to justify paying $120 more each month for the Mazda.

The only Mazda models not offered with 0% financing during May are the MX-5 (formerly known as the Miata) and the RX-8. Mazda’s sports cars are being offered with lease incentives this month though. The 2010 Mazda MX-5 convertible can be leased for $269 a month on a 36-month lease. The bigger and faster 2010 Mazda RX-8 is available with a 36-month lease for just $339 a month.