
Mazda cars can raise a grin, give you goosebumps, and keep your ride exciting. One thing they can’t do is pay for themselves, and if you’re turned down for a loan or lease, you may wonder about your options. If you’re initially turned down for Mazda financing for your dream vehicle, the Green Mazda team is here to help with a few simple suggestions.
Know Why You Were Declined
Start by understanding your financial picture. A low credit score is the most common reason a loan or lease is declined, and this can stem from different causes that require other solutions.
- First, check your credit report for inaccuracies, fixing any that are present.
- Next, evaluate your credit utilization, paying down balances if you’re close to maxed out.
- Also, look at your payment history; a history of late payments will harm your credit score, and improving your record will gradually raise your score.
- Finally, look at your debt-to-income ratio, and consider finding an additional income source.
Explore Your Alternatives
You have some options if you’re turned down for a loan or lease.
- If you were turned down for a lease, consider a loan; the criteria are looser.
- If you were turned down for a new car loan, consider a pre-owned Mazda model since the lower amount financed makes approval easier.
- If you have a friend or relative with excellent credit, approach them about cosigning; you must keep payments on time because a default will affect their credit and yours.
- Remember that a higher down payment can raise your approval odds; take time to save, and don’t forget that we offer excellent trade-in values.
MAZDA Financing Help at Green MAZDA
Remember, a financing rejection is a speed bump, not the end of the road. By taking proactive measures and working on enhancing your chances of obtaining Mazda financing for any vehicle in our inventory for the future. At Green Mazda, we're here to support you every step of the way. Contact our team for more information.