HOW TO GET PRE-APPROVED FOR MAZDA FINANCING

Ready to purchase and start driving the luxury car you’ve always wanted but need help with financing? You have options, and one of the best is to go in with pre-approval. So, how do you get pre-approved for Mazda financing? There are a number of different ways, and you can find out more about them by reading below.

WHAT ARE THE BENEFITS OF PRE-APPROVAL?

Before we get to the how, let’s go over the why. The following are a few of the benefits of getting pre-approved for vehicle financing:

• Shows sellers you’re a serious buyer
• Proves you have good financial standing
• Gives you an accurate estimate of the cars you can afford and how much you can put as a down payment
• Allows you to act like a cash buyer, which means you can avoid upsells and have a better hand in negotiations
• You can avoid dealer markups
• Helps you get the best interest rate

GET PRE-APPROVED FOR MAZDA FINANCING THROUGH YOUR FINANCIAL INSTITUTION

Banks and credit unions both offer pre-approval options for their car loans. Each financial institution may have its own individual requirements for this pre-approval. So it’s important to look into those ahead of time. Requirements can include a minimum credit score, being an existing member of the bank or credit union, certain materials to include with your application, and more. You may be able to become a member throughout this process if that would be beneficial to your financial situation in the long run.

The make and model of the vehicle you’re requesting pre-approved financing for may also be a determining factor. For instance, some banks or credit unions will put higher APRs on loans for cars that are over two years old.

You can usually research online to get an estimate of the rates different financial institutions will offer.

PRE-APPROVAL FROM ONLINE LENDERS

A lot of Mazda financing options allow you to apply online. This is a convenience many consumers appreciate. And some would rather just take care of the entire auto loan pre approval process through the internet.

This is a very real possibility. And online lenders are usually able to offer pretty competitive rates. You can enter your information in an online form provided on lender websites and get multiple offers.

WHAT DO YOU USUALLY NEED TO PROVIDE IN ORDER TO GET PRE-APPROVED FOR MAZDA FINANCING?

Overall, an important thing to remember is that applying for a car loan pre-approval is similar to applying for a traditional car loan. That means the basic requirements are usually about the same.

• You should have a solid idea of how much financing you will need for the Mazda and how long of a loan term you prefer. The intended loan term details will give an idea of how much interest you owe over time.
• Do your research and be ready with the important information about the specific Mazda vehicle in which you’re interested. This includes the age, make, and model, as well as the estimated gas mileage.
• Bring proof of residence. This includes your address, how long you’ve lived there, if you buy or rent the place, how much you pay per month in rent or mortgage, and a copy of your utility bill, lease, and/or mortgage agreement.
• You also need proof of identification—your Social Security number, date of birth, contact information, and a copy of your ID.
• Bring proof of income and employment. Providing your gross income is another way to show you can afford the vehicle of your choice. You may be asked how long you’ve been employed at your current job and for an overview of your employment history. You should also give the lender your employer’s name and contact information. They may want to confirm that your employment details are correct.
• If applicable, you should also include trade-in information. That usually means the title and registration of your current vehicle.

It’s important to note you won’t have to worry that applying to multiple lenders for pre-approval will hurt your credit score. As when applying for a loan, multiple hard credit inquiries that take place within a 30-day period will count as just one inquiry on your credit record. So just submit your applications within a month, and you should be good.

HOW LONG DOES IT TAKE?

The exact amount of time it takes to get pre-approved for Mazda financing depends on the lender. But no matter what, it shouldn’t take longer than two weeks.

HOW LONG DOES PRE-APPROVAL LAST?

Usually from 30-60 days. So, don’t wait around too long after getting pre-approved. After all, you surely want to get your Mazda sooner rather than later anyway!

WHAT IF THE DEALER HAS A BETTER OFFER?

No problem! You can then reject the offer you got from the pre-approval. You should always take the best deal you can, as long as it’s a legitimate offer.

IS PRE-APPROVAL THE SAME AS PRE-QUALIFICATION?

The short answer is no. A car loan pre-qualification is more of an estimate for the type of financing you could get. It’s not as solid as pre-approval. That means a pre-qualification doesn’t give you an upper hand in negotiations. Also, with pre-qualification, the estimated APR will likely change by the time you actually get the loan. When you get a pre-approval, the APR will not change.

Pre-qualification does have one benefit over pre-approval. It has less of an impact on your credit score. However, the impact pre-approval does have on your credit is only temporary. Is one option better than the other? That generally depends on individual circumstances. You’ll have to consider your priorities and make whichever choice is more aligned with those.

Check us out at Ingram Park Mazda in San Antonio. You can find more information on our dealership, our financing options, and our inventory by exploring our website. You can easily apply to get pre-approved for Mazda financing right from the site—and even from the comfort of your home. Our team of experts is readily available to answer any questions you may have about Mazda financing while applying.

We look forward to helping you get that dream luxury Mazda vehicle, and this convenient feature is just one of many reasons you’ll see that our dealerships stand out above the rest. Let’s just say, there’s a reason we’ve been around for nearly 50 years.