There are many different criteria that are considered when you apply for Mazda financing. These criteria include a credit score. Heritage Mazda Bel Air is outlining the score range we recommend and the other factors we take into consideration when you apply for auto financing.
Your Buying Criteria
When you apply, we’ll discuss many factors such as your current housing info and employment. Lenders also look at your income and existing debt to determine how much you should spend on a car. They also consider your credit history and score, because it shows how responsibly you borrow money.
Recommended Credit Score
Lenders can set their own requirements, so there isn’t a set credit score that you need. As a general rule of thumb, you’ll need a score of at least 650 to get an auto loan. However, some lenders may want a score of at least 661 or some even higher.
Improving Your Odds
Your credit score is just one of many factors that are considered when applying for a loan. For many lenders, if you can show that you have steady income and a solid work history, that can definitely help. Making a larger down payment can also show that you have disposable income available, which makes you less of a risk to lenders.
Adding a Cosigner
If you’re still concerned about applying, you might want to consider adding a cosigner to your loan. A cosigner is another person that agrees to take over your loan payments if you can no longer do so. When you apply, their buying criteria is also considered, which can improve your approval chances and rates.
Apply for MAZDA Financing in Fallston, MD
If you still have questions or concerns, don’t worry. Our team is here to help throughout the application process. Visit Heritage Mazda Bel Air to get started today!
