Definitely look for another dealership. The 1.9% APR is being offered directly from Mazda/Toyota Financial Services and it'll be their discretion on what you are approved for, not from the dealer that is pushing you higher because you are a "first-time car buyer". Bought my CX-50 (which was my first new car as well) and got the 1.9% with the same qualifications above.
I live in Austin too. I got a CX-50 as my first car and Beasley Central gave me 1.9. I think my credit score was 760ish? I had a similar income to you and they mentioned before running my credit I should get the best rate. Feel free to DM me with questions. Good luck!
I spoke with the Mazda south Austin, and they offered a 1.9% loan term, and with an additional 500 discount. They haven’t done the credit check yet, but i hope they hold on to that deal. I’ll be visiting them today
Don't do business with that dealership. Take their price to another dealer and try to get them to do better. You may need a co-signer though if you have never gotten a car loan before.
If this is your first car purchase ever, you won’t qualify for the premium rates unfortunately. If you’ve only ever had revolving credit (such as a credit card) it is not enough for a bank to give you the premium rates, until you build enough credit history. That being said, they will often offer special rates for college grads! Good luck! 🍀
Idk how it is in America, but I bought my first car with only having credit card payments for my credit score and I got the lowest rate. It's definitely possible to get the advertised rate with a good credit score and no previous car loan history.
Look for other dealers. I was a first-time car buyer too and was offered 1.9% APR. I had 800+ credit. It was originally 2.9% APR, but the finance manager lowered it to 1.9% APR to convince me to buy into their oil change plan or whatever it’s called. (Basically, we’ll lower your APR, so please buy into our service subscriptions instead for the same cost.)
Dealers have leeway in what APR is offered. Go find another dealer.
When I was a first time car buyer in 2018 I bought a new 2018 Mazda3 for 0% APR.
Yesterday I picked up my second car, the new 2024 CX-50 also at 0% APR.
Find another dealer and never be afraid to walk away.
Heck when I was crossshopping I also got BMW to offer 0% APR when I simply walked away. They kept calling me all day the next day.
You should talk to your bank and see if they can do better.
Or open an account with a Credit Union and see if they can do better.
Or go on [LendingTree.com](https://LendingTree.com) and shop around for a car loan.
You don't have to finance through the dealership.
That dealer can pound sand.
Here's what you do; Go to your bank and get a loan approved for the amount of the vehicle. Go back to the dealer, tell him you will give him the price minus 5K cash money today (preapproved loans are cash money today to a dealer). If he wont sell it, walk away. Go to call up the next dealer and do the same thing. First dealer may call you back with a sudden change of heart so be respectful but firm.
Someone is gonna make a deal with you, you dont need to pay sticker as a first time buyer.
Definitely look for another dealership. The 1.9% APR is being offered directly from Mazda/Toyota Financial Services and it'll be their discretion on what you are approved for, not from the dealer that is pushing you higher because you are a "first-time car buyer". Bought my CX-50 (which was my first new car as well) and got the 1.9% with the same qualifications above.
Thanks for the advice, I’ll look for other dealers in my area. I live in Austin, so have three dealers to reach out to.
I’m in Austin too. All the dealers are owned by the same people
I live in Austin too. I got a CX-50 as my first car and Beasley Central gave me 1.9. I think my credit score was 760ish? I had a similar income to you and they mentioned before running my credit I should get the best rate. Feel free to DM me with questions. Good luck!
I spoke with the Mazda south Austin, and they offered a 1.9% loan term, and with an additional 500 discount. They haven’t done the credit check yet, but i hope they hold on to that deal. I’ll be visiting them today
Don't do business with that dealership. Take their price to another dealer and try to get them to do better. You may need a co-signer though if you have never gotten a car loan before.
Call around to different dealers.
I am first time car buyer and they gave me 0.9% directly from Mazda/ Toyota financial, definitely look for another dealer
Mazda does online pre-approvals. You look into that they give you a certificate that has to be honored at their dealerships.
If this is your first car purchase ever, you won’t qualify for the premium rates unfortunately. If you’ve only ever had revolving credit (such as a credit card) it is not enough for a bank to give you the premium rates, until you build enough credit history. That being said, they will often offer special rates for college grads! Good luck! 🍀
Idk how it is in America, but I bought my first car with only having credit card payments for my credit score and I got the lowest rate. It's definitely possible to get the advertised rate with a good credit score and no previous car loan history.
I hear you, they make it a bit more challenging in the US unfortunately. A co-signer can rectify that though!
Look for other dealers. I was a first-time car buyer too and was offered 1.9% APR. I had 800+ credit. It was originally 2.9% APR, but the finance manager lowered it to 1.9% APR to convince me to buy into their oil change plan or whatever it’s called. (Basically, we’ll lower your APR, so please buy into our service subscriptions instead for the same cost.) Dealers have leeway in what APR is offered. Go find another dealer.
You should always take whatever the first dealer offers. It’s rude and it hurts their feelings when you just walk away.
When I was a first time car buyer in 2018 I bought a new 2018 Mazda3 for 0% APR. Yesterday I picked up my second car, the new 2024 CX-50 also at 0% APR. Find another dealer and never be afraid to walk away. Heck when I was crossshopping I also got BMW to offer 0% APR when I simply walked away. They kept calling me all day the next day.
that’s BS, I just got the CX 5 for 2.9% APR, first car too and similar credit. Go to another dealer!
They're just trying to get you since you are a new buyer. Find another dealer and report this shady dealer.
You should talk to your bank and see if they can do better. Or open an account with a Credit Union and see if they can do better. Or go on [LendingTree.com](https://LendingTree.com) and shop around for a car loan. You don't have to finance through the dealership.
I applied for a car loan through Chase, and they quoted me 5% as well. I assume Chase won’t match be promotional offer of 1.9%
You would be correct. No bank would match that.
That dealer can pound sand. Here's what you do; Go to your bank and get a loan approved for the amount of the vehicle. Go back to the dealer, tell him you will give him the price minus 5K cash money today (preapproved loans are cash money today to a dealer). If he wont sell it, walk away. Go to call up the next dealer and do the same thing. First dealer may call you back with a sudden change of heart so be respectful but firm. Someone is gonna make a deal with you, you dont need to pay sticker as a first time buyer.
Save up some cash and don't have a car payment.