At Hyundai of Greeley we know not everyone has great or even good credit. We can help you find the right vehicle to fit your budget with a the loan that’s right for you and your financial goals. At Hyundai of Greeley, we provide more than just a great price.
How to get a car loan with bad credit
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.
Check your credit rating
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.
Save for a down payment
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.
How to get a better rate?
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.
Social Security or ITIN number
Proof of Insurance: If you don’t already have insurance, we have an in-house Allstate agent who can provide insurance that same day.
Proof of Income*: Lenders may need to see recent pay stubs, W-2 forms, or 1099 forms to prove income. If you're in a line of work that has hard-to-prove income, bring in three recent bank statements that show a history of consistent cash deposits to your account. Some lenders will accept bank statements or a job letter in place of or in addition to standard pay stubs. *Other applicable proof of income: SSI Award letters, Disability Awards, L.E.S. Retirement Plans, and/or last two years tax returns.
Proof of Residency: Two of the following: a recent (less than 1 year old) utility bill, cable or phone bill, a rental agreement, or mortgage statement with your current address. To establish residency, a lender will expect to see your name and address on the statements or bills.
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!
A: The Credit Approval program at Hyundai of Greeley will work to get you qualified for an automobile regardless of where you're in the bankruptcy process.
Q: I'm disabled or on Social Security, will that affect my loan?
A: Being on disability is not going to damage your ability to obtain financing. Social Security is identified by lending institutions as income and is frequently used in ascertaining the size of loan you qualify for.
Q: What if I'm self-employed?
A: Being self-employed in most cases isn't an obstacle. Occasionally, evidence of a source of revenue might not be needed whatsoever. If it is, having verifiable income is the main factor. You can easily use tax-returns, bank statements, or cancelled checks.
Q: I've got a new job, can you work with that?
A: Don't worry, the finance institutions we work together with at Hyundai of Greeley analyze dozens of factors outside of just job time. We fully grasp that everybody changes occupations every now and again and we still have ways to get you financed.
Q: What if my trade-in has a larger balance when compared with my car or truck may be valued at?
A: Being "upside-down" on a trade can be an incredible problem for some dealerships as their cars already are priced above retail value. In our case, we frequently purchase cars at a tremendous value specifically for trading clients out of unfavorable equity conditions. Often, that means we should be able to trade you out of your upside-down trade-in while rolling over small if any negative equity.
Q: I don't have money to put as a deposit, what now?
A: At Hyundai of Greeley, we would like to talk with you in any event. We now have numerous programs that allow you to put nothing as a down payment. Let us know the amount you are working with and we'll make an effort to fit the loan package to your conditions.
Q: I'm a first-time buyer, can you help me get an auto loan?
A: Even when you may not have had the option to generate a record of on-time payments, we will help you get there and get you in the driver's seat at the same time.
Q: Do you offer military financing?
A: Yes, We have numerous Banking Institutions which have specialized in military member financing.
Q: What happens if I've got great credit rating?
A: You'll find we have excellent plans for those people with excellent credit including Credit Union Direct financing, which offers some of the most competitive rates in the area.
Q: What happens if I've got a trade-in?
A: All trade-ins are welcome at Hyundai of Greeley. Additionally we are known for trading customers out of a poor equity position. For those who have a trade, we would always like to talk to you about it.
Q: Am I able to get a vehicle history report?
A: Of course. We recommend it at Hyundai of Greeley.
Q: Can I get a copy of my credit report?
A: Yes, but not from us. We're happy to show you your credit report and discuss it along with you. However, due to privacy laws, we simply cannot supply you with a physical copy of the report. We advise checking out annualcreditreport.com for a free copy of your credit report.
Q: How much will my monthly installment be?
A: There are various variables that go into computing monthly installments such as amount of purchase, monthly interest, term, and down payment. With hundreds of banks, thousands of packages, and a wide selection of autos, your best option is generally to contact us with your budget and we'll see what we can make work for your particular circumstance.
Q: How long does the application process take?
A: Filling out the credit application physically or online only takes a few minutes. After the application has been submitted, the bank may request additional information such as paystubs, phone bills, bank statements, or they may not request anything. Every bank and every program is different but we'll help you get everything completed as quickly as possible.
Q: What do I need to bring in to try to get a car loan?
A: You should have these documents: ID or Driver's License, Title, pay stubs or proof of income. You may be asked to supply utility or phone bills, bank statements, or other similar documents.