I am looking into financing my first car with a trade in worth about $1,500, so $1,500 down.
I have a bankruptcy on my file from 2017, but I have rebuilt my credit up to this point, and with everything I range from 650ish to 710 on different FICO ratings according MyFICO.
What's the minimum score and what score do they check to get qualified for a decent deal?
I'm looking at financing no more than $30k, and want to try and get my monthly payment with a smaller down payment somewhat lower than $500
+670 is considered good, so there you have support to negotiate the Apr on your loan. You will need to defend yourself when the seller mentions your bk, it will happen for sure, he will not be in your side and I also tell you not to mention how much you are willing to pay monthly. I recommend that you do your research online and agree with yourself on the price you are willing to pay, this would be before going to any dealer, once there, negotiate with the seller to meet the numbers you found(have) and agreed to pay prior to visit the dealer; then discuss the financing part hoping that you are also informed of the different options after checking with different lenders, the seller would be to expand the options you would already have in hand.
Remember the seller's interest is to sell you a car, not that you get a good deal; leaving the lot with your dream car is the easy part, the dealer can let you drive off with an 18% for a couple of months and get the car back if you know what I mean. The focus is to go there expecting to walk out with a good/ best deal, not if a financial institution is willing to say "yes, you can have it"
Take care of yourself and Good luck
From my experiences.... KIA approved anything with a pulse, a uncle of mine had like a 590-600 fico8 score and owed Disco, Chase, and BofA like 30K combined and financed one for like 7% a few years back..
That was after I told him no lender would approve him... so I got scolded for setting the narrative..
A good down payment will overcome a multitude of financial sins. I don't think you'll have a problem getting approved...it's the terms that you may have to negotiate.
Best of luck to you.
KIA will approve anything that has a social security nr, literally! When I was looking for my first car, and had no auto credit and my cc's were maxed out since I didn't know how things reported etc, (like I paid them off after statement cut) and my credit score was a paltry 550, they approved me with 0$ down, at a 22 or 24% interest rate, and ONLY on a kia optima base model, couldnt get anything other than that lol. (I was looking for the challenger they had which was actually cheaper being used and all). Needless to say I walked out without missing a beat.
They approved my uncle with a 573 Auto score for his K900 hahahahaha I just texted him for reference... that was with 40K owed and a repo that was sold to a CA. Can't believe they actually financed a $55k car for him at 9%... I'm still being scolded for it🤣🤣🤣
if you have a heart beat, and a SSN... you're golden at KIA