The COVID-19 pandemic raised havoc with personal finances for many U.S. residents. The aftermath left some individuals with a credit score dozens or even hundreds of points lower than it had been previously. When trying to shop for a used vehicle in excellent condition, a consumer can have difficulty being approved for financing. Doing business with a Naperville Mazda dealership could be the answer.
Several Options
Some used car dealers don’t offer financing, leaving the prospective buyer to try acquiring a bank loan. That can be problematic for someone with a credit score below 650. In contrast, a Naperville Mazda dealership may have several options for financing, including lenders that approve customers with low credit ratings. The dealers are committed to helping consumers buy a satisfactory vehicle they can afford.
Down Payment Considerations
Sometimes an underlying issue is needing a loan with just a small down payment. The individual might wonder whether a higher down payment can be made with a credit card if he or she still has one in good standing. That often depends on how large the payment will be. Retailers must pay a processing fee on credit card transactions, and this can be as steep as 3%.
It might be possible to roll that fee into the automobile loan. However, it’s crucial for the consumer to be certain that paying the card and loan payments will be affordable in their budget. A more reasonable option would probably be to choose a lower-priced vehicle.
To learn more about automobile financing through a manufacturer dealership, find contact details for Hawk Mazda.
