Do You Have Less-than-Perfect Credit in West Springfield? Worried About a Bad Credit Car Loan? Balise Mazda is Here to Help
At Balise Mazda, we pride ourselves on offering true financing solutions in West Springfield for drivers of all types. While some car dealers in Chicopee, Westfield, Hartford, and Manchester CT boast about guaranteeing financing, they leave out the tiny detail that they only guarantee loans to shoppers with perfect or near-perfect credit! And that leaves a large portion of Massachusetts and Connecticut drivers out in the cold for the financing needs.
Balise Mazda is different.
We don’t blame drivers with bad or no credit for their situation — a large number of people who struggle with credit have been burdened with student loans, or medical bills, or factors that were largely out of their control. Rather than making it harder for you to get into a great new or new-to-you vehicle, we attempt to streamline the process so you can start building a positive credit history now.
How is Balise Mazda able to help local drivers get financing, even with poor credit, no credit, or thin credit?
We work with a variety of banks, credit unions, and lenders in Massachusetts and across the country to be able to help you find a financing solution that works. Sometimes the best rates and offers can come through setting up payments with a small local lender; other times, big national lenders are more willing to take on your request; and often, Mazda Financial is willing to step in and lend a hand to help you get approved for a lease or loan.
FAQ About Applying for/Qualifying for Financing With Bad or No Credit
- Can I qualify for a car loan with bad credit? Absolutely–bad credit is a small hurdle in the financing world, but it is by no means a roadblock. We’ll work with you to see what your situation looks like, and what you can afford.
- Can I qualify for a car loan with no credit? No credit doesn’t mean bad credit; in fact, it can sometimes be easier to qualify for financing with no credit than it is with bad credit. Everyone needs to start somewhere, so start at Balise Mazda! We’ll help you get started right, with affordable payments on an auto loan or a Mazda lease.
- But I had to file bankruptcy just a couple years ago. Who’s going to lend me any money with that on my record? We can understand how your situation can seem hopeless, but there are indeed special loan programs for people with scars on their credit reports. Plus, your credit score isn’t the only factor in whether you’re approved or rejected. Your credit history, other open accounts, and current income all carry weight here. Even if you’ve had a repossession or a charged-off credit card, you can potentially be approved for a bad credit car loan with special terms. Depending on the lender, those terms might include weekly payments, automatic debit, and a slightly higher interest rate, but remember that it doesn’t have to last forever. After some time, as you work to improve your financial standing, you can apply to refinance your loan under more favorable terms.
- How quickly can I improve my credit score? If your score falls below 580, it’s considered “poor.” Naturally, everybody with a low score wants to raise it quickly, but things like this take time, dedication to the goal, and some hard work – much like getting physically fit does. As long as you keep paying your bills on time, month after month, and you don’t open any new credit cards, your score will rise steadily, bit by bit. You may temporarily have to give up some things you enjoy, such as going to concerts, buying new clothes, or eating out. This can be hard to stick to, but always keep the big picture in mind. It’ll definitely be worth the sacrifices you make.
- Where can I see my credit report? There are three credit reporting companies that generate credit reports: Equifax, Experian, and TransUnion. You can get a free copy of your report from each of them every calendar year, and it’s important that you do. Look each one over carefully to make sure it’s accurate. If you see something on still on there that you know you’ve settled, call the creditor (not the credit bureau) and be prepared to prove – for example, with a canceled check – that you’ve taken care of the debt in question. Any error on your credit report is working against your score and potentially holding you back from loan approval not just today but for as many years as it stays there.
- Will applying for a loan make my bad credit worse? Your credit score will only drop noticeably if you get a loan and do not pay on time; for many drivers who go through the credit pre-approval process at Balise Mazda, they actually see their credit score improve over the term!
- Will my rates be higher because of my credit history? Possibly–unfortunately, a low credit score often translates to higher rates because it’s a larger responsibility for the lender to take on. However, Balise Mazda works hard to facilitate strong relationships with our lenders, and we can work to negotiate a low APR on your behalf. You might get financing rates that are considerably lower than expected.
- I’ve never applied for a loan before–can I get approval? We love working with first-time buyers. We believe that everyone needs a hand when first breaking into the financing and auto loan world, and we’re here to help.
- Can I afford payments on the car I want? That depends on your individual budget, and on a variety of factors including rates, insurance, model, down payment, and length of term; explore our payment calculator to estimate what your monthly payments might be on a card loan. We can help you customize these figures to make it work.
- How do I start the process? You can skip ahead to our online pre-approval process if you’re ready to get started. But if you have questions about your credit, about financing, or about your unique options, we encourage you to contact us online as soon as possible. You might be surprised what you could be approved for!