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Mazda Financial Services Review 2022

Mazda Financial Services Review

Mazda Financial Services is a joint venture between Mazda and Toyota Motor Credit Corporation. Toyota Motor Credit Corporation is the only lender at Mazda dealerships in the United States. They offer loans and leases on both new and certified used Mazda cars. Mazda Capital Services, a partnership between Mazda and JPMorgan Chase Bank, used to finance Mazda cars.

Pros

  • Qualified buyers can get special financing and discounts
  • Different types of loan terms

Cons

  • Only new and certified pre-owned Mazda vehicles can get loans or leases.
  • When you apply for prequalification, a hard credit inquiry is made.
  • To get a loan, you have to know what car you want to buy.

What you should know about car loans from Mazda Financial Services

Here’s what you need to know if you want to buy or lease a Mazda.

Toyota Motor Credit Corporation is the only company that offers financing.

If you want to get a loan through a Mazda dealer, your only choice will be Toyota Motor Credit Corporation. If you want to be able to compare offers from different lenders, you’ll have to do that on your own instead of through the dealership.

There are special loans and discounts

Mazda Financial Services has special financing plans to help recent or incoming be college graduates lease or buy a new or used car. It also offers discounts like…

  • Customers who buy or lease a new Mazda and are already eligible for discounts.
  • Customers who give a car to Vehicles for Change, a charity that gives cars to poor families, will get a discount.
  • Active-duty service members, reservists, veterans, and retirees who qualify for the military get discounts.

When you apply for prequalification, a hard credit inquiry is made

Some lenders let you apply to see if you are already qualified for an auto loan. If you’re approved, you can see estimated rates and loan terms without hurting your credit score. But if you apply for prequalification with Mazda Financial Services, it will result in a hard credit inquiry, which may affect your credit scores.

To apply for prequalification, you also need to know what car you want to buy and which Mazda dealership you’ll buy it from. You’ll have to reapply if you change your mind when you get to the dealer. This is because decisions about credit scores are partly based on the model, year, and features of the car you choose. So, if you apply for financing for a certified pre-owned Mazda but fall in love with a new car when you get to the dealership, you’ll need to fill out a new application.

An in-depth look at car loans from Mazda Financial Services

Here are a few more things you should know about Mazda Financial Services if you want to buy or lease a Mazda.

Leases and loans from Mazda Financial Services have flexible terms — These terms range from 24 to 60 months for leases and from 36 to 72 months for loans. If you want to pay back your loan faster, you’ll have to look for a different lender. If you choose a longer loan term, your monthly payments may be easier to manage, but you may end up paying more in interest.

Accepts co-applicants — You can apply with someone else, which may help you get a loan or get a lower interest rate.

Loan terms are not clear — The Mazda Financial Services website has a payment calculator that lets you see an estimated monthly payment and finance charges based on the information you give and the vehicle you want to buy or lease. But if you apply for that car loan online and are prequalified, you won’t know your actual APR, loan term, or monthly payment until you go to the dealership to finalize your loan. This makes it impossible to know ahead of time if you’ll be able to get a good rate or terms.

Insurance protection products—Mazda Financial Services also offers a number of protection products for vehicles, such as vehicle service agreements, gap insurance, and prepaid maintenance plans.

Is a car loan from Mazda Financial Services the right choice for you?

If you know you want to buy or lease a Mazda from a Mazda dealership and you qualify for one of the company’s special financing or discount programs, a loan from Mazda Financial Services could be a good choice.

But if you’re still considering car options and haven’t yet decided on a make or model, Mazda Financial Services may not be ideal. You can only lease or buy a new or certified pre-owned Mazda with financing from Mazda Financial Services. You’ll have to look elsewhere if you want to buy an older used Mazda or change the terms of a loan you already have.

How to apply for a loan from Mazda Financial Services

Mazda Financial Services can help you get a loan in all 50 states and Washington, D.C. (with some restrictions).

You can fill out a loan application on the website for Mazda Financial Services or at a Mazda dealership near you. If you apply online, you have to go to a dealership to finish the loan process. To finish the loan, you need to bring a valid form of ID, your trade-in (if you have one), and a down payment, if you have one. At the time of purchase, the dealer may also ask for more information.

Before you apply for an auto loan with Mazda Financial Services, you should check your credit report so you know what to expect. Remember that most of the time, people with good credit can get better rates than people with bad credit. Since you can’t compare loan offers from different lenders at a Mazda dealership, you might want to get quotes from a few lenders before going to the dealer. Then, you can compare these offers to the loan rate and terms that Mazda is giving you to find the best loan for your needs.

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Oliver Moore