MAZDA Finance Center Tips
Are you ready to get into a new Mazda vehicle from Medlin Mazda? We understand buying a new vehicle can be overwhelming, particularly with bad credit. Don’t worry – our Mazda finance center can help!
How Does Financing Work?
When you want a new car, you must come up with the entire investment upfront. Naturally, that isn’t something all buyers can do, or even want to do. That’s where auto financing comes in. When you finance a vehicle, you apply for a loan from a lending institution. Then, you’ll pay back the total investment in monthly installments over the course of your predetermined term.
Does Credit Play a Factor?
When you apply for financing, lenders will review your basic buying criteria and your credit history. If you have a low credit score, lenders can be hesitant to loan you money. After all, bad credit typically shows that you struggle with paying off your debt. A bad credit score will also affect your interest rate, which is the direct fee that you pay your lender. It will typically be higher with a low credit score, which can add to the cost of your loan.
How Do I Get Approved?
Don’t let your credit stand in the way of you and your next ride. Even with a credit score as low as 400, we can still help you get approved! Keep in mind, that can result in interest rates higher than you’d like. There are still other options for you too.
- Consider adding a co-signer with a higher credit score.
- Make a bigger down payment, giving you less to finance.
- Try to increase your score before buying.
Still have questions? Reach out to our Mazda dealership in Wilson, NC. We’d love to help today!