Different types of drivers will have different Mazda finance needs. For instance, college students purchasing their first car may have a hard time qualifying for a loan due to their limited credit history. The team at Kerry Mazda will help students and parents through the financing process, so your college kid can focus on taking the next step in their journey.
Consider Credit Scores
Credit scores have a huge impact on the financing opportunities available to new drivers. The higher your credit score, the more favorable your loan options will be. Since new drivers typically have limited credit history, they may struggle to qualify for a loan, in which case, a parent will likely need to cosign. When you act as cosigner, your credit score will also need to be checked.
Submit an Application
The finance application process is fairly straightforward, and requires a driver to submit information on their current employment, credit history, and debt-to-income ratio. Cosigners will typically need to submit the same information to help new drivers qualify. It’s important to note that cosigning comes with significant responsibilities, and you’ll want to take the time to decide if it’s right for your family.
Explore MAZDA Student Deals
Did you know that Mazda offers significant savings and support for college students and new graduates? For up to six months before graduation and two years after graduation, college students are eligible for competitive APR rates on new and Certified Pre-Owned vehicles. It’s useful to account for these savings when setting a budget with your college student.
Begin the MAZDA Financing Journey in Florence, KY
These are just some of the ways you can support your college student as they begin the new vehicle purchasing process. Kerry Mazda has the tools and resources to help you get started. Visit our dealership for financing information and exciting new Mazda vehicles today.
