Dealer's Journal Hyundai Will Hyundai Finance Bad Credit?

Will Hyundai Finance Bad Credit?

Will Hyundai Finance Bad Credit

With an automaker like Hyundai, quality vehicles and affordable pricing go hand-in-hand. But what if your credit needs work?

Hyundai Motor Finance is Hyundai’s vehicle finance company and is a popular bank for Hyundai dealers to finance customers. They offer many of the usual rates and discounts to customers who meet certain criteria, and those rates and discounts fluctuate with the economy as a whole. Let’s talk about Hyundai Motor Finance, and their ability to finance those with bad credit.


Getting Into a Hyundai with Bad Credit

At this point, I’m sure you have realized that there is hope for someone with challenged credit to finance through Hyundai, but let’s discuss the real-life issues that come with poor credit. While Hyundai Motor Finance can approve those with lower scores, those customers will most likely not qualify for normal incentives like 0% interest on certain models for a specific loan term, or special lease deals. Another drawback of poor credit is the amount of interest charged on auto loans, due to the increase in interest rates. Despite some bad news, the good news remains that yes, it is possible to get into something like a new 2024 Hyundai Santa Fe using Hyundai Motor Finance with a lower credit score.

Credit Score Ranges

Most automaker-owned financing institutions require a good credit score to do business with them. Hyundai Motor Finance, on the other hand, requires an average minimum credit score of 580 to qualify. For comparison, Ford Motor Credit requires a minimum credit score of 620. This lower score acceptance is achieved by Hyundai Motor Finance’s wide-ranging tier system, which allows the company to approve many people who would otherwise not qualify for automaker-owned auto financing. Being able to utilize a car company’s financial institutions is very beneficial, as they tend to have somewhat lower interest rates overall, and may be able to help out further with the use of brand-specific financial programs.

Why Finance with Hyundai?

Unlike other automaker-owned lenders, Hyundai is willing to do business with subprime customers with a credit score ranging from 580-619. This is extremely beneficial to those in this credit rebuilding stage because if you successfully pay off your subprime loan with Hyundai Motor Finance you can jump straight into your next auto loan with them after you’ve built a relationship. This can lead to much more favorable lending terms the second time around, along with a likely score boost due to the successful payoff of an auto loan.

Whether you have great credit or challenged credit, Hyundai Motor Finance has special deals and programs that benefit all. With the knowledge that you’re borrowing from the manufacturer, you can rest easy knowing you were given a good deal. What model of Hyundai will you finance with Hyundai Motor Finance?


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