Does Credit Matter When Applying for Hyundai Financing?

If you’re thinking about purchasing a vehicle with us, it’s likely that you won’t be able to pay for it all in one go—this is where our Hyundai finance center comes in. You can apply for financing no matter what your credit score may be, but you’ll likely run into fewer obstacles the higher your credit is. To learn more about the financing process, visit us at Sansone Hyundai today. 

How Does Credit Affect Car Loans? 

If you have a low credit score but still want to apply for financing, you’ll have to deal with higher interest rates, which means you’ll pay more monthly for your vehicle. On the other hand, those with high credit scores can take advantage of special Hyundai lease offers and will experience lower monthly payments. This can enable you to shop for vehicles that may have previously been outside of your price range. 

Thankfully, there’s no minimum score required to apply for financing or purchase a vehicle with us. However, some lenders do have certain standards that they expect to see when looking at your financial application. Be sure to check with the banking institution you plan on using before applying. 

How To Increase Odds of Approval 

If you plan on shopping for a Hyundai car in the near future, there are a variety of different things you can do to increase the chance you can get financing before you decide to apply. It’s important to get rid of any outstanding debt and always pay your bills on time to improve your credit score as quickly as possible.

You can also save up for a down payment, as it will give you lower interest rates and increase the chances that you get approved. The more money you put down upfront, the less you’ll pay monthly. Using a co-signer with high credit scores can also help you get approved.

Hyundai Financing at Sansone Hyundai 

If you have any further questions regarding financing, stop by our Woodbridge, NJ, Hyundai dealership today. Our team of financial experts is standing by and ready to walk you through the entire process. Come see us to learn more!