Senior Contributor
Posts: 3,491
Registered: ‎07-25-2008
Re: Kia.......First Time buyers program

From Kia website "

Kia Motor Finance First Time Buyer Program

- First automotive secured loan or credit transaction. 

- Minimum six months on current job or qualified co-buyer.
- Qualified applicants are eligible for standard rates.
- Up to 100% advance.
- Up to 72 months maximum term.
- Minimum of $1,000 total down payment required (Total down payment may include rebate cash).
- Excludes credit tiers 7 & 8 for terms greater than 60 mos. Credit Requirements
- No adverse credit history. No bankruptcies, foreclosures, repossessions, collection accounts, charge-offs, tax liens, judgments, or any other delinquent credit. 
- Verifiable (paystub, W-2, etc.) monthly income sufficient to cover vehicle payment, ordinary living expenses, and all currently outstanding debt, if any.
- Payment to applicant?s gross income from primary job cannot exceed 15%.
- Total monthly debt to monthly income ratio of 50% or less. Total monthly debt includes, if applicable: monthly vehicle payment, monthly rent or mortgage payments, other monthly payment obligations (installment loans, revolving loans, alimony or support payment, etc).
- Subject to additional KMF credit guidelines. Eligible Vehicles New and untitled 2011 and 2012 Kia Forte, Optima, Rio & Soul vehicles, including demonstrators and Service Loaner vehicles with less than 6,000 miles.


*First Time Buyer means applicant has no previous automotive secured loan/credit tradeline on his/her credit report."

Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO

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