Chances of Financing Approval on a New Mazda

Matt: 05:14 Right.
Amy: 05:15
Yeah. So it's kind of drilled into me at a young age that that's not something that you really want to have happen very often. So how does it affect-- so if I'm doing car shopping and I'm going through this process, how is that going to affect my credit and what happens when I have these multiple inquiries on my credit? Is that going to sink me down?
Matt: 05:44
Well, I think that's a very good question, and I think that's really a misconception that's out there right now. So I mean, it's common practice, not just here at Mazda, but any dealership that you go to. If you're car shopping, they're going to be submitting your information to multiple lenders. So it's not something that only we do, but like I said, it's common practice. We're all trying to find the lowest interest rate for you and whatever is most favorable to your position right now. So with multiple lenders, one thing that people don't know is that you're kind of given an amount of time. Typically, it's 14 days. 2 weeks. Sometimes it's a little bit longer. So what the lenders-- oh, I'm sorry, what the credit bureaus understand at that point is that you're car shopping. So they know that any car dealer you go to, you're going to be checking credit on multiple lenders. So they understand that. So that's why they give you this period of time, the 2 weeks, sometimes longer than that, for your credit to be counted just one time. So I could run your credit over 200 different lenders, but only 1 is going to go against your score.
Amy: 07:01
Oh, okay. So that's helpful.
Matt: 07:02
Yeah. Yeah. You don't have to-- we're not going to do too much damage on your report.
Amy: 07:07
Well, you're kind of saying I probably shouldn't try to buy a house and a car in the same 2-week period.
Matt: 07:11
I mean, maybe not. I mean, I don't know much about housing or anything like that, but I do know it's not going to damage you too much. Unless, of course, you decide over-- let's just say, you check with me, and I'm checking your credit. And then let's just say you want some time to think about the offer that I gave you. And then you come back maybe a month later. Well, now I have to check it again. And then let's just say you want to go to a different lender and another lender and another lender. So those other lenders, they're doing the same thing I'm doing, and of course-- as long as you remember you've got that 2-week period-- I know I said that sometimes it goes even longer, but I would just, for safety purposes, just say 2 weeks, say 10 days in your head, if that helps you. If you go anything outside of that, then they're checking the credit again and it could definitely go against you.
Amy: 08:08
Okay. All right. Good advice. Thanks for that. So in finance, do you have any other advice for me about when it comes time to make that--
Matt: 08:23
To make the purchase?
Amy: 08:25
--purchase?
Matt: 08:26
Well, I mean, obviously, like I said, we want to make sure that everybody leaves Mazda happy. So, to us, that doesn't just mean that you're leaving with a brand new vehicle, but it's something that you're going to be comfortable with. So definitely know what it is that you're spending. Know your spending habits, your cost of living, aside from the vehicle. Know what it is that your family needs. Know what it is that you need, and make sure that you're comfortable with the payment that we give you. And if not, just be open, be honest with us. Let us know. Say, "This is still a little too much." And then we have to keep on working. "Guys, I know this is a little--" it might be kind of difficult for people to think I'm being genuine when I say this, but really, don't be afraid to tell us no. We're not here to force you into buying a vehicle. That's not what we want to do. We're really just trying to help. We've made it easy on people we feel that don't-- if you feel any type of pressure going into a dealership, you're able to look online. You can go to our website, ask any questions that you want to. You can send us text messages. There's real people on the other end that can help you out. If you're looking for just information on a car, not necessarily wanting to purchase anything, I think finance, just stats, things like that, they could help you with that online.
Matt: 09:53
I think another thing that I'd like people to know, just because we talked a lot about credit being checked and things like that. When you look at your actual report, if you were to print out your credit report, you will still see each different lender. If it's 100 lenders that I've tried to find for you, then you'll see each one. And that's just so that way you know what it is that's going on. You'll be able to have a complete record of who's accessed your credit report. But again, it is just the one ding on your report that's going to be going against your score.
Amy: 10:35
Wow. Cool. Okay. Thanks. That's good to know.
Matt: 10:38
Yeah, no worries. And if you had more questions or if any of your listeners had more questions on it, you can actually go to Experian-- I believe they might be at experian.com. They have a FAQ section there. There's one that's specific to car shopping, so definitely you could check them out as well.
Amy: 10:59
Cool. Thanks. That's a good advice. And what are some of the other things that when I come into your office, the finance area, that you'll be trying to sell me on [laughter]?
Matt: 11:17
What will we be trying to sell you on? Well, I mean, obviously, we're going to try to set ourselves apart from any other dealership around. So I think as soon as you come in here, it's not like we want to sell you on anything. It's more just the respect that we give you. You come here, you're greeted with a smile, a nice handshake. We'll ask you if you need any help looking around. But for the most part, we like you to just kind of go ahead, take your time, browse through all of our vehicles, and then just let us know if you have any questions. We don't want to be someone that's attached to your hip and whispering in your ear while you go through this process. We understand that car buying is one of the-- it's stressful. It can be stressful because you got to think about so much, "Is it right for me? Is it right for my family? Can it hold my family? Can we maintain this payment type of deal?" There's a lot that goes into it. We're all human, and so we all have to think about those human things, man.
Amy: 12:25
Yeah. Yeah. I appreciate that. And I hope that our listeners hear that and know that when they go to Puente Hills Mazda, they can feel confident that they're making a good choice with someone that has their best interests at heart.
Matt: 12:37
For sure. Yeah. Definitely.
Amy: 12:39
And I think you proved that by sharing that great tip with us today about credit. So definitely, thank you for that.
Matt: 12:45
Oh, thank you. Yeah.
Amy: 12:46
And do you have any New Year's resolutions this year?
Matt: 12:48
Geez. I have some goals that I want to accomplish this year, just on a personal level. Professionally, I just want to be able to help out as many people as I can. And like I said, even if that means I have to hear no from somebody, I'm willing to take that. That's fine. So, yeah.
Amy: 13:09
All right. Great. Excellent. Thank you for joining us, and we'll see you next month on the Puente Hills Mazda podcast. Thanks, guys