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Discussion Starter #1
From Ed Howard Mazda...is this nationwide or just at that dealer? I am more likely to spring even with a crappy trade deal if I can get 3 percent on a loan...
 

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It sounds like a local dealer. I just saw a recent Mazda commercial and at least here they are offering under 2%, but it might be on lease buys.
 

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Discussion Starter #3
From the Mazdausa site:
SEE DEALER FOR COMPLETE DETAILS ON GREAT LEASE OFFERS
(1) Take new retail delivery from dealer stock by January 31, 2007. See dealer for complete details.
(4) 36 MONTHS MAZDA AMERICAN CREDIT FINANCING AT $28.60 PER MONTH PER $1,000 FINANCED. 1.9% APR ONLY FOR WELL QUALIFIED BUYERS. NOT ALL BUYERS WILL QUALIFY. AMOUNT OF DOWNPAYMENT AND OTHER FACTORS MAY AFFECT QUALIFICATION. Take new retail delivery from dealer stock by January 31, 2007. See dealer for complete details. Excludes MAZDASPEED3.
No speed financing, no purchasing from what I can see here... Guess it cannot hurt to ask, though...I have put off my trip to carmax long enough...will go see what they can give me for my 3.
 

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[quote author=Greykiller2005 link=topic=66844.msg1147776#msg1147776 date=1168704296]NOT ALL BUYERS WILL QUALIFY.[/quote]

As you might suspect, this is the most important sentence in the ad. It's French for "ALMOST NO ONE WILL QUALIFY." To get that rate, you'll need a stratospheric credit score--that means you'll need a long history of responsible borrowing, with no late payments ever; you'll probably own your home, and have no debts other than your mortgage; you don't use more than two credit cards and have never maxed one out, and your credit card balances are paid off every month. You'll also need to offer a substantial down payment, perhaps 20%. It's not quite a bait-and-switch, because once in awhile someone actually will get the lowest rate. Everyone else will pay 5%, 8%, or maybe more.

If you're the sort of person who qualifies for the lowest rate, you probably either 1) can pay cash anyway, or b) wouldn't be in the market for a cheap compact like a Mazda3.

If you need a car loan, try all other possible sources first, including your bank or credit union, a real estate line of credit on your home, or even family members. Car loans are a larger revenue stream for dealers than the cars themselves--they love to sell you a car below invoice, then rip you on the loan. When they offer "$1000 cash back" on loans, just whose money do you think that is? Yup, you just made yourself a loan, except the dealer gets the interest.
 
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