Bad Credit Car Loans

If you have a bad credit score, you might be worried about qualifying for a car loan. Even if your credit score is low, you can still find a car loan that fits your monthly budget. And making consistent payments toward a car loan is a great way to repair credit, rebuild credit or establish credit, if you don't have a lot of credit history.

Surprising to many is the fact that new vehicles are not impossible to finance with bad credit. Often times the numbers work better for our customers on a new Hyundai instead of a used vehicle. This is because new Hyundai models often have large rebates that can sometimes replace a down payment needed to finance a car. Also Hyundai, as a brand, is on most major secondary lenders' lists as preferred vehicles. The reason they are preferred is because of the 5-year 60k mile warranty and the 10-year 100K warranty (Americas best warranty). Lenders feel a lot better about a loan on new Hyundai because they know if it breaks down their customer is covered by warranty.

Additionally, Hyundai vehicles are on the lenders' preferred lists because of the brand quality recommendations by JD Powers and other leading 3rd parties including endorsements like being an IIHS  (TOP SAFETY PICK PLUS) which generally gives the customer lower insurance premiums and thereby more breathing room for loan payments.

There are however a few steps you can take to improve your chances of getting a loan and we'll work with you to insure you have the best chance of getting a loan on a new or used vehicle.

If you are unsure of what your credit is you can use sites like www.annualcreditreport.com that will give you an idea of what your credit score is free of charge and it shouldn't hurt your rating to check your own score. 

 

The more you save to put down on a vehicle, the better your opportunity will be to secure a new or used car loan. Lenders and banks generally favor a buyer who is putting money down, as it shows you are committed to the vehicle, and are more likely to make all of your payments on time since you’ve invested in the vehicle from the start. This doesn’t mean you can’t obtain a loan without having the standard 10% down but the more you put down the better your chances.

The pre-approval process will involve our Finance Manager checking your credit reports, credit scores, income, and expenses to see what loan amount and interest rate you can qualify for. Getting yourself pre-approved will save you time by helping you know what type of vehicle and price range will best suit your budget and your goals.

If you’re ready to go through the pre-approval process, just fill out our easy online application form below. Our online pre-approval process is simple , so whether you're looking to finance a used car, a new Hyundai, or just find out what you ‘ll can qualify for, this is where to start. We’ll review your application and a member of our team will personally call you with the best plan to move forward on a vehicle and loan.

Even if you end up only being able to get a car loan with a high interest rate, which is common for people with less than good credit, it doesn’t mean you can’t refinance that same loan at a later date. Making consistent and on-time payments will help build your credit rating and increase your ability to refinance your auto loan at a lower rate. 

If you would prefer to speak to us in person about your finances, here are some documents to bring that can be the difference between getting a loan response in a few minutes instead of hours or days.  

In addition to documents, some lenders will ask for personal references. When requested, the lender will want names, phone numbers, and addresses.

We're are ready and happy to help find the right vehicle for you and the best loan to fit your budget. We look forward to hearing from you!