What Credit Score Is Needed for Hyundai Financing?

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Knowing the Hyundai financing credit score requirements is essential if you are shopping for a new car, truck, or SUV with Hyundai this year. There has never been a better time to step into a brand-new Hyundai, but that doesn't mean it's as easy as grabbing a set of keys. In this post, we want to give you a better idea of Hyundai's financing process, credit score requirements for drivers, and general tips for success. As one of America's favorite car brands, it is no surprise Hyundai tries to make financing a car through them very convenient.

Let's get into the Hyundai financing credit score requirements below!

Hyundai Financing Options

Hyundai offers its shoppers plenty of flexible and convenient financing opportunities. You can choose in-house financing through your Hyundai dealership (recommended) or go with an outside loan provider, although your terms might not be as good with a third-party loan.

Granite Hyundai offers in-house options, plus an instant cash offer from Kelley Blue Book, which you can ask us to assist with. We also provide low-credit financing and credit building for buyers.

Types of Financing Available

Hyundai offers financing through its own program, Hyundai Motor Finance (HMF). This is much like any other auto manufacturer selling and leasing cars, with Hyundai being a leader in fair-chance approvals and payment plans for customers. We will break down how this financing typically works through Hyundai below:

• Standard financing: Scores of 620+ are recommended
• Bad credit financing: Higher interest rates for people with credit scores below 580
• First-time buyer financing: Better incentives, even with little/low credit history and scores
• No credit history financing: Ideal for people who do not have a credit history and don't want to go with a third-party loan

Note: Hyundai's captive finance company, Hyundai Capital America, finances borrowers with varying credit scores, including below 580. Interest rates are dependent on your credit score and history.

Hyundai's Special Programs

Getting into Hyundai's special programs for financing and purchasing a car, you see a revolving offering throughout the year. Sometimes, Hyundai will offer 0% APR with good credit for buyers, usually up to 60 months. You also have specials like cash-back opportunities ($500+) on select models, which is a nice way to take off some money from your loan when all is said and done. Loan deferment is another excellent way Hyundai rewards its customers, which will let you skip the next three auto loan payments if your application is approved.

Here are some other programs you might want to check out:

• Military Program: Eligible customers receive a $500 additional bonus towards a new Hyundai vehicle.
• First Responders Program: $500 bonus for eligible customers
• College Grad Program: $400 towards a new vehicle purchase
• Mobility Program: Up to $1,000 towards adaptive equipment for your Hyundai

Tip: Hyundai lease deals are also great for people who may not be ready to buy a car, and they change periodically, just like financing ones.

Hyundai Financing Credit Score Requirements

What is nice about the Hyundai financing credit score requirements for buyers of Hyundai cars, trucks, or SUVs is that there isn't a set minimum. That means you might be in the 700 tier on the credit scale, while someone else can still be approved under 500. Hyundai is unique in the way it uses its own financial system for these payments and loan disbursements.

You are better off getting approved for a Hyundai loan at ~620, but that does not mean Hyundai will show you the door if you aren't there yet. The brand and your local team at Granite Hyundai are here to make this a headache- and heartache-free process.

General Credit Score Requirement

The general credit score requirement for car financing is around 661 or above. According to current rate estimates, that score should get you a new car loan with an annual percentage rate of around 6.87% or better.

Of course, Hyundai offers market-competitive rates year-round through its Hyundai Capital America program, so these might be better than the above-mentioned figure.

Exceptions and Flexibility Based on Individual Profiles

Your financing requirements might change depending on your history of paying down debt, credit score, general financial situation, and payment history with Hyundai. Remember, the longer you are with Hyundai, the easier it becomes to finance and lease cars through them as their way of rewarding loyalty.

Credit Score Tiers and Loan Terms

Hyundai bases financing on the credit score tiers and loan terms following industry standards. Lower credit score drivers have higher interest for their loan's term, while this improves the better your score becomes. Remember, the ideal credit score for Hyundai financing is 660+, although this does not block lower scores of ~580 or less from applying or being approved for funding. You can also get financing with bad credit.

Prime, Subprime, and Deep Subprime Scores

Getting into the different credit score categories that Hyundai and the auto industry use for financing, you have the following:

• Superprime: 781-850
• Prime: 661-780
• Non-prime: 601-660
• Subprime: 501-600
• Deep subprime: 300-500

How Tiers Affect Loan Options and Terms

Your loan terms will vary significantly depending on the credit tier you fall under. As we said, the "Prime" or even "Superprime" credit tiers usually have the lowest APR and best repayment terms for car shoppers. As you reach the Non-prime, Subprime, and Deep subprime tiers, this is when Hyundai might approve you, but your payments will be higher on average.

How Credit Score Affects Interest Rates

The credit score you have when financing a car, truck, or SUV with Hyundai will affect the loan terms the brand can provide you. Think of it like this: if we were to have three people who needed money, one with an excellent credit score (700+), one with an average/good score (661+), and one with a bad score (580 or lower), we would look at the higher-scoring loanees as safer bets for repayment.

Relationship Between Credit Score and APR

The relationship between a credit score and APR goes hand-in-hand because the better the chance of repayment (higher score), the lower the risk you are to a financial institution. With that peace of mind on the bank's or Hyundai's end, they can reward you with a lower APR. In contrast, low credit scores or poor repayment history make you a higher risk, equaling higher APRs.

Example Rate Ranges for Different Credit Scores

Here are some current-year APR figures depending on credit scores for you to look at:

• Superprime (781-850): 5.25% for new cars
• Prime (661-780): 6.87% for new cars
• Non-prime (601-660): 9.83% for new cars
• Subprime (501-600): 13.18% for new cars
• Deep subprime (300-500): 15.77% for new cars

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Can You Get Hyundai Financing With a Low Credit Score?

Yes! Hyundai does offer financing for people with lower credit scores. However, you will need to work out this with your local dealership and finance team or provider.

Special Financing Options for Low Credit

If you have lower credit than the "Prime" 661 target, Hyundai will consider financing your new car. You may still qualify for the programs we mentioned earlier if you serve or served in the military, graduated from school, have a new credit history, need mobility assistance, and so on. This is different for everyone. We recommend checking our current deals at Granite Hyundai for low-credit financing.

Cosigner and Down Payment Options to Improve Approval Chances

One of the tips we can give Hyundai shoppers wanting to finance a car this year is to bring a cosigner! Having someone with a good or even excellent credit score shows that you are a more trustworthy person to loan money to. A cosigner should have a score of 670 or higher.

Tips to Improve Your Credit Score for Better Financing Options

Here at Granite Hyundai in Somersworth, NH, we're here to help you improve your credit score before choosing to finance with us. We'll also let you know about the Hyundai financing credit score requirements.

Steps to Build a Strong Payment History

A good payment history is the best thing you can do to improve your credit score. We recommend staying ahead of credit card payments each month, rent and mortgage payments, car payments, and any loans you are enrolled in. Student debt can also count toward your credit.

Know when your due date is, and pay by or before it!

Reducing Debt: Balancing Credit Utilization

Another way to improve your overall credit score before financing through Hyundai is to balance your credit card debt. This means paying down more bills and avoiding high-ticket items like appliances, concerts, vacations, and so forth if you cannot afford it. Making more money can also help your income-to-debt ratio, so a raise or promotion can also have a positive impact here.

Timing Your Application for Potential Score Increases

Your credit score updates monthly, usually every 30 days, so you want to use this to your advantage. If you know your good payments and decrease in debt are about to reflect on your score, try to wait to finance. The same goes for financing before a drop you know will happen.