Does Credit Matter When Applying for MAZDA Financing?

When people contact our Mazda finance team, they often ask about the way their credit score might influence their ability to secure financing. If you’re curious about the same thing, you should know that your credit is an important factor as it relates to your ability to qualify for an auto loan and the terms included in your contract. Rest assured, the pros at Cook Mazda will help you secure the financing you need.

Minimum Credit Score

When financing a new Mazda car, your credit score is important because it is a measure of how likely it is that you’ll repay the money you borrow. Several agencies calculate credit scores using various criteria, such as the number of credit accounts you have, how many inquiries about your credit history have recently been made, and the amount of money you owe compared to your income.

Lenders often use different credit reporting agencies when they’re determining a person’s eligibility for a loan. Although that’s the case, there are two scoring systems that are used most often: FICO and VantageScore. Both of those systems assign credit scores in the range of 300 – 850. For lenders that rely on those systems, the minimum credit score that’s required to secure a car loan is usually 600 or so.

Loan Terms Impacted by Your Credit Score

If you use our Mazda payment calculator, you’ll see that several factors influence your monthly payment, such as your down payment and interest rate. Your credit score impacts those same factors. The lower your credit score is, the more you may have to put down. Similarly, the interest rate in your loan contract may increase if your credit score is shaky.

The better your credit score is, the more likely it is that you’ll secure financing in the first place. Although that’s the case, there are also lenders that will work with subprime and deep subprime borrowers.

Get Pre-Approved at Cook MAZDA

Drivers who are looking to finance a vehicle are invited to visit our Aberdeen, MD Mazda dealership. We work with motorists who have all sorts of credit histories, and we’ll be happy to work with you, too.