Schedule Service & Order Parts: 855-553-5046

Info

Bad Credit Auto Financing FAQ

Bad Credit Auto Financing FAQ
Bad Credit Auto Financing FAQ
  1. Can I get a Car Loan with bad credit?
  2. Will my interest rate be higher with bad credit?
  3. How much will I get pre-approved for?
  4. How much money should I put down?
  5. Can I use my trade-in as a down payment?
  6. What type of car can I get pre-approved for?
  7. Will inquiries effect my credit rating?
  8. What are the minimum qualifications to get pre-approved?
  9. I've had a repossession less than a year ago. Can I still pre-qualify?
  10. I've never had credit before. How can I get pre-approved?
  11. Will having Cosigners help me get pre-approved?
  12. Should I find a car first before applying for an auto loan?
  13. What will my new monthly payments be?
  14. What will the interest rate on my car loan be?
  15. Can I use an auto manufacturer's employee discount(A-Plan, GMS)?
  16. I've been turned down before. How the Fort Mill Hyundai finance department help?
  17. What are the next steps?

Can I get a Car Loan with bad credit?

This is no longer necessarily true. Having a credit score below 600 range meant you wouldn’t qualify for any loan due to be being labeled high risk. Fortunately, we work with a number of lenders in the Fort Mill and surrounding area that are willing to work with you.

Back To Top

Will my interest rate be higher with bad credit?

Your interest rates are likely to be higher and you’ll need to work harder for these loans, but they are available if you qualify. You no longer need to fear being turned down and suffer the shame of hearing the bad news.

Back To Top

How much will I get pre-approved for?

Your pre-approved amount is based on a number of factors. You can get a rough idea of how much by looking at your Credit Profile and using our Payment Calculator.

Back To Top

How much money should I put down?

Your down payment is based on a number of factors. You can get a general idea of the amount by first determining your Credit Profile and then using our Payment Calculator.

Back To Top

Can I use my trade-in as a down payment?

Yes. Although you may need to put down additional money if there is a lien on the vehicle that you’re trading in.

Back To Top

What type of car can I get pre-approved for?

The standard auto loan is for a new, one year, or two year old car with less than 50,000 miles. Nearly every vehicle financed through our financing department is eligible for extended warranty protection, decreasing your worries about unexpected repairs.

Back To Top

Will inquiries effect my credit rating?

Under normal circumstances, the occasional inquiry won’t make a difference in your credit rating. However, if you're looking around for a car loan or more credit, repeated inquiries may impact your credit score negatively and could make getting your car loan more difficult.

Back To Top

What are the minimum qualifications to get pre-approved?

Every auto loan application is evaluated based on the credit profile and equity position. For example, an applicant with previous good auto credit may not need to meet income and employment requirements; but an applicant with a recent repossession would.

Back To Top

I've had a repossession less than a year ago. Can I still pre-qualify?

If a repossession wasn’t included in a bankruptcy and there is still a balance on the account, you may still pre-qualify. A greater down payment requirement will apply and your vehicle selection will be limited to newer cars that are still under factory warranty.

Back To Top

I've never had credit before. How can I get pre-approved?

Here at Fort Mill Hyundai, we have a number of programs for first time buyers.

Back To Top

Will having Cosigners help me get pre-approved?

A cosigner may be required for a buyer who doesn’t comply with all the credit requirements. The income of the buyer must meet all the income and budget guidelines without relying on the income of the cosigner.

Back To Top

Should I find a car first before applying for an auto loan?

It’s highly recommended you see our finance specialists first. This way, you’ll find out how much you qualify for before you start shopping. This will increase your chances of approval and decrease the number of inquiries on your credit report.

Back To Top

What will my new monthly payments be?

Monthly payments are based on your credit profile and the vehicle you’re buying. Newer, lower mileage cars qualify for extended terms. The best payments are on less expensive cars that have under 50,000 miles.

Back To Top

What will the interest rate on my car loan be?

There’s really no easy answer for this. Rates are based on your credit profile and the equity position of the loan. The higher your credit rating and down payment the lower your rates will be. The model year of the vehicle also plays an important role. Rates generally increase 1 point per model year. The older the car, the higher the rate.

Back To Top

Can I use an auto manufacturer's employee discount (A-Plan, GMS)?

Yes. Let finance specialists know that you qualify for the discount and it’ll be put toward your new car purchase.

Back To Top

I've been turned down before. How the Fort Mill Hyundai finance department help?

We use the latest technology that evaluates your credit profile, income, available inventory and debt factors. Our process ensures that your application has the best chances of approval before we send it.

Back To Top

What are the next steps?

We’ve streamlined the loan pre-qualification process by using a single secure online Hyundai credit application. This online form allows you to apply for credit without needing to leave your house. Once your form is submitted, our finance department will find the best bad credit financing offer that fits your individual needs.

Back To Top

Contact

Fort Mill Hyundai

805 Gold Hill Rd
Directions Fort Mill, SC 29708 7946

  • Sales: 855-553-2053
  • Service: 855-553-5046
  • Parts: 855-553-1070

Hours

  • Monday 9am - 8pm
  • Tuesday 9am - 8pm
  • Wednesday 9am - 8pm
  • Thursday 9am - 8pm
  • Friday 9am - 8pm
  • Saturday 9am - 8pm
  • Sunday 12pm - 6pm
  1. Fort Mill Hyundai

    805 Gold Hill Rd
    Fort Mill, SC 29708 7946

    • Sales: 855-553-2053
Loading Map...