The Mazda First–Time Owner program allows customers who ave never puchased a vehicle before , who have little or no credit, and who have been employed for at least six months to purchase a new or Certified Pre–Owned Mazda2 or Mazda3. Available through Chapman Mazda and Mazda Capital Services, the program assists first–time car owners. The out–the–door purchase price is limited to $20,000, and the buyer must put down 10 percent of the purchase price of the vehicle. Depending on the price of the vehicle, new customers could pay as little as $1,500 down on a new vehicle, explains Chapman Mazda Finance Director Jim Duncan.
"This program is unique in that it's not an advertised special," says Duncan. "It doesn't require you to have any credit. It's a program I would put my kids in, because they get financed on their own at the same rate I could qualify for. Mazda doesn't saddle these first–time buyers with a high–risk rate like other manufacturers do." Another program requirement, in addition to the down payment and 6 months of employment history, is having no derogatory marks on your credit history. This means overdue library book fines probably won't knock you out of eligibility, but that one–time–late $30 doctor bill payment definitely will. Bottom line: if if shows up as a black mark on your credit history, you won't qualify for this program.
However, once qualified, for the First–Time Owner program, customers may also qualify for the other Mazda finance offers. This may include bonus cash, APR financing rates and rebates. Customers also cash in on fuel savings when they purchase a Mazda2, which averages 35mpg on the highway and 29mpg in the city, based on EPA estimates.