Everyone at our Hartford, CT Mazda dealership knows it can be difficult for students to get a car loan. Often, this is the case because students don’t have the chance to establish a credit history until they’ve graduated from high school or college. Fortunately, the finance experts at Liberty Mazda are prepared to help students who have no credit as well as working professionals who have a less than perfect credit history get the financing they need to buy the Mazda vehicles they want.
Whether you want a new Mazda automobile such as the 2016 Mazda CX-5 or you’re interested in a pre-owned Mazda vehicle, we can help you secure the financing you need. Having a car loan does more than pay for the car you want, it gives you the chance to establish a credit history. Establishing a credit history early will help you secure financing for bigger purchases such as a home later in life.
An auto loan is an installment loan. When lenders and credit reporting agencies look at your credit history, they’re looking for a healthy mix of revolving credit and installment loans. A credit card, student loans, and a home equity loan are good examples of revolving credit. Since you may already have a student loan, you can improve your credit score by adding an installment loan to your credit history.
If you’ve never financed a car before, you may have to pay a higher interest rate than you would if you’d purchased a vehicle on a previous occasion. Don’t let that stop you from fulfilling your dream of being a car owner, though. You can always refinance your automobile after you’ve made your loan payments on time for a year or two.
If you want to learn more about how a car loan can help you establish or rebuild your credit, give the finance experts at our Hartford, CT Mazda dealership a call or stop by Liberty Mazda. We look forward to helping you find a Mazda car such as the 2016 Mazda CX-5 and arranging the financing you need. Contact us today.