Does Hyundai Finance with Bad Credit?

Does Hyundai finance with bad credit? Our dealers at Blaise Alexander Hyundai of State College handle this question all the time. If this inquiry is on your mind, you’re not alone — and the answer is yes. We indeed assist car buyers with diverse credit score backgrounds. Learn how the process works and if there are any caveats.

What’s Considered a Bad Credit Score?

What qualifies as a high and low FICO credit score differs between financing institutions. For some, anything below 670 is considered fair, while others may view below 630 as a low score. In any case, below 670 is classified as fair. Lenders view subprime score-holders as being a greater borrowing risk. You may still qualify for a loan, albeit with additional conditions and eligibility requirements.

Loan Approval for a Lower Score

Don’t fret if your score is subprime or below. You may still qualify. However, be ready to meet certain conditions to be eligible. To reduce the probability of a loan default, some lenders may require the following:

• A relative with a good credit score to act as a cosigner
• A higher down payment, usually 20% or more
• A pre-owned vehicle you trade into the dealership

Even if you get approved, keep in mind there may be stricter conditions, and your interest rate will likely be higher. For this reason, we highly recommend all car buyers spend several months improving their credit score before a planned car purchase.

Secure Hyundai Financing at Our State College, PA Dealership

At Blaise Alexander Hyundai of State College, we work with car buyers of all socioeconomic statuses. Our dealers can collaborate with you to find a lender and repayment plan that’s in line with your budget. Contact us today to get started!

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