We know that it can be daunting to apply for auto financing, especially if your credit score is low. Don’t be discouraged — we can help you secure bad credit car loans at Pearson Mazda. We’re sharing the answers to some frequently asked questions about car financing and credit.
What Credit Score Should I Have?
As a general rule of thumb, you need a credit score of at least 600 to get a car loan. However, many lenders have their own requirements. Some require a minimum score of at least 675 or even 730.
Can I Still Get Financing?
If your score is lower than that, that doesn’t mean you’re necessarily ruled out. There are many lenders that specialize in loans for buyers with bad credit or even no credit at all.
How Does My Credit Affect My Loan?
Your interest rate is the most notable factor affected by your credit score. Typically, buyers with bad credit will see a higher interest rate, which means you’ll end up paying more for your car overall.
What Will My Payments Be?
We encourage you to determine your eligibility online to see how your credit score may be impacting you. We have a quick prequalification application, and you don’t have to worry about it impacting your credit score. You’ll unlock real rates, and you can get an estimate of your monthly payment as well.
What if My Payment Options Are Too Expensive?
If your payments are too high, there are a few options for you:
- Consider a more affordable or pre-owned vehicle
- Make a larger down payment
- Add a co-signer to your loan
- Opt for a longer loan length
Learn More About Bad Credit Car Loans at Our Mazda Financing Center
Don’t let a bad credit score discourage you. We’ve got options for you. Visit Pearson Mazda in Richmond, VA to meet with our financial experts and we can help you secure Mazda financing today!
