[dugrant153]

Is it true that the financing companies and banks will loan to you ONLY if 1/3 of your income can cover your monthly payments?

 

[schulkw]

Not in my experience. When I got my Protege, I had $13,000 in credit card debt and I only made $18K, and they gave me a loan for $10,500. But thankfully now, I have about $3000 in credit card debt and I make $30K/yr. yay for me

 

[dugrant153]

hmm... maybe it's different in Canada...
I wish that was the case for me... cuz I'm definitely out of running for a Mazda 3 unless they're willing to take me regardless of what I have...

 

[schulkw]

I got approved for $21,375 w/ Mazda Credit last week, so now I know I can get one.

 

[dugrant153]

I got approved for $21,375 w/ Mazda Credit last week, so now I know I can get one.

really?! wow... monthly payments, I'm assuming?

 

[schulkw]

I got approved for $21,375 w/ Mazda Credit last week, so now I know I can get one.

really?! wow... monthly payments, I'm assuming?

Yeah, monthly. I only want around a $300/mo payment so that means $18,000 w/ 0% interest.

 

[dugrant153]

hey, that ain't too bad!
and with 0% interest?!

 

[Yuki]

how did u get the credit???

 

[schulkw]

how did u get the credit???

The $21K?

 

[dugrant153]

how did u get the credit???

The $21K?

yeah... how didya?

 

[wahyinghung]

Also it depends on your job, credit rating and the amount of down payment you are putting down towards the car.

 

[schulkw]

I paid $10K on my credit card and I don't have any late bills.

 

[atl]

It really helps too pay all of your bills on time. I had a hard time getting my 6 because I was late on my old car. Damn Terrorist Bastards causing me to loose my job for 5 months. :evil:

 

[schulkw]

That sucks.

 

[Absinthe]

Yeah, mine got approved too.... on over CDN$24K

 

[dinu01]

I'm not worried about CR approval but rather that the financing rates are high - 5.9%/60mths is too much. I want 2.9%

 

[schulkw]

I'm gonna tell 'em I won't buy unless its 0.0%. I don't think they have control over that, but it'll give 'em a chance to offer something else (like cash back to offset the difference).

 

[chickmod]

They actually do have some control over the interest rate-it depends on how their relationship is with the bank. I got 0% b/c my dealer is pretty high volume and they have a good relationship with the bank, thus more pull when negotiating interest rate.
Also, I got preapproved for a credit line before I went in to buy my car, thus saving humiliation if I wasn't approved. Go to Mazda's website and apply. Make sure you apply for the maximum amount you could possibly want. That's what I did.

 

[schulkw]

They actually do have some control over the interest rate-it depends on how their relationship is with the bank. I got 0% b/c my dealer is pretty high volume and they have a good relationship with the bank, thus more pull when negotiating interest rate.
Also, I got preapproved for a credit line before I went in to buy my car, thus saving humiliation if I wasn't approved. Go to Mazda's website and apply. Make sure you apply for the maximum amount you could possibly want. That's what I did.

That's what I did. Since they didn't have the 3 option, I just built a 6i and got the price around what I think I can get the 3 for and I got approved. It would be embarassing to go in there and negotiate a price and all and then get declines.