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Green Mazda strives to provide an exceptional car-buying experience for every customer. As you embark on this exciting experience, worries over the credit impact of a loan or lease may hold you back. Never fear; our team is here to answer your Mazda financing questions and set your mind at ease.
How Your Credit Score is Calculated
Credit scores are based on several different factors, such as payment history, credit utilization, credit history length, and credit mix. A loan or lease on a new Mazda car counts as a new line of credit and will impact your score. The good news is that impact will be minor – usually about five points – and temporary.
Auto Financing’s Longer-Term Credit Impact
What about the longer term? Here, the news is even better.
As long as your payments are on time, your score won’t just bounce back quickly – it may even improve. And if you rent your home instead of owning, there’s a hidden benefit: you’re diversifying your credit mix, which lenders also look upon favorably. After all, it shows you can be responsible with multiple types of credit.
Other Ways to Help Your Score
If you’re car shopping – especially among multiple brands and dealerships – you can minimize the impact on your credit score. Pre-qualifying for a loan, which uses a soft pull vs. a hard pull of your credit, has no effect. If you decide to apply instead of pre-qualifying, it’s best to submit all your car loan applications within a 14-day window, which allows credit scoring models such as FICO to consider them all as a single inquiry, reducing the impact on your credit score.
Flexible MAZDA Financing Options
We understand that everyone's financial situation is unique. That's why we offer flexible Mazda financing options that cater to your needs. Our experienced finance team will work closely with you to design a plan that fits your budget, so stop in today to get started.
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