Does Hyundai Finance Bad Credit?

April 15th, 2020 by

Key Fob and Finance Agreement

Low credit scores, and non-existent or short credit histories can make car financing stressful for many drivers. If you’re looking to finance one of our new vehicles for sale, or one of the many used vehicle specials on our lot, you have less of a reason to worry: Patrick Hyundai works with shoppers of all credit stripes with a team of friendly finance experts, backed up by experienced service personnel. What options are available to you? Find out here!

Get Better Rates and Save Near Schaumburg

Before you apply for financing, remember a higher down payment is more than likely if your credit isn’t great. Your interest rates may come in above average as well. So be sure to budget high, with room to spare, and keep the following pieces of information in mind:

  • Ask questions and don’t assume you won’t be approved. You might think the first financing option extended to you is your only option when your credit is weak. It isn’t, and won’t be. Shop around for other rates, and see if others might be a better fit.
  • Revive your credit score. Rebuild your credit using a credit card on small bills you pay off right away.
  • Know your budget and your credit score (if you have one). As you apply for financing, your credit score can take a temporary hit. So keep all of your loan applications within a 14-day period to limit potential damage.
  • Separate price negotiation from financing. Remember your first offer won’t be the last. Dealerships work with many lenders.
  • Be prepared for a higher cost. Higher interest rates and larger down payments are both possible with no-credit financing.
  • Leasing might be a better option. Lease costs might seem higher, but can often be cheaper in the long run than a purchase.

Raise your chance of landing a better deal when financing Hyundai with bad credit or limited credit using these pointers.

Steps To Take When Applying for Hyundai Financing

Take a few additional steps to put yourself in the best credit position possible before submitting your application, and you’ll know quickly what your best financial decisions should be:

  • Determine how much you can afford to pay per month based on your budget.
  • Make a bigger down payment if possible.
  • Try to clean up your credit report before applying for a loan.
  • Be honest about what kind of car you should buy, and don’t get more than you need.
  • Consider lease deals, used car specials, and new car programs and incentives.
  • Ask questions!

Hyundai Shopper Assurance

Anxious over the buying or leasing process? Take comfort in the Hyundai Shopper Assurance program, providing:

  • Price transparency, with MSRP clearly listed on the Hyundai website
  • Flexible Test Drive ability, where you pick the location for your test drive through an app or Patrick Hyundai directly
  • Online paperwork, for a minimal amount of time spent in our office
  • Three-day money-back guarantee
  • Find Value in the Chicagoland Area with Patrick Hyundai
  • The Patrick Hyundai finance team offers low prices to shoppers in the Chicagoland area, along with better terms, and better advice to find and acquire vehicles to meet more budgets and unique needs. Contact us, visit our dealership in Schaumburg, learn more about Hyundai bad credit financing, and get the terms you’re looking for today to put you behind the wheel in a car you love.

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