Credit Tips for MAZDA Financing
Are you going to apply for Mazda financing to purchase one of the new or pre-owned Mazda models at our location? If so, we have some helpful credit tips. The advice that the team at Peruzzi Mazda has compiled can help you qualify for Mazda financing and may help you secure a plan with more favorable terms.
Understand Your Credit Score
Knowing how credit reporting bureaus calculate your credit score will help you improve your score over time. Different bureaus may calculate your credit score differently, but FICO® is a common measure of a person’s creditworthiness. Here are the factors that agencies use to calculate your FICO® score and the weight each one has:
- Payment history: 35 percent
- Amounts owed: 30 percent
- Length of credit history: 15 percent
- New credit inquiries: 10 percent
- Credit mix: 10 percent
Your credit score will have a large impact on your approval for financing, as well as your monthly Mazda payments. Typically, the higher your score is, the lower your interest rate will be.
Correct Your Credit Report
Several months before you start shopping for a new Mazda vehicle, review your credit report carefully. If you notice any inaccuracies, contact the relevant credit reporting agency to have them corrected. It can take weeks before your corrections drive up your credit score, so don’t wait until the last minute to review your credit report thoroughly.
Pay Bills on Time
Your payment history is a weighty factor that influences your credit score. For your payment history to work in your favor instead of against you, it’s critical to pay your bills in a timely manner. Doing so will demonstrate how seriously you take your debt obligations to lenders.
Reduce Your Account Balances
The amount of debt you owe is the second-largest factor that impacts your credit score. If you can afford to do so, it’s advisable to pay more than the minimum required payments every month. By paying just a little more per month, you’ll lower your account balances and improve your credit score.
Apply for MAZDA Financing in Fairless Hills, PA
Our Fairless Hills, PA Mazda dealership should be your destination if you want to qualify for Mazda financing. To work with finance experts who can help you purchase your dream car, pay a visit to Peruzzi Mazda today. We look forward to seeing you behind the wheel of the Mazda model of your choice soon.