@Anonymous wrote:
@Anonymous wrote:
So I'm in need of a new car and am thinking about getting a 2017 Hyundai Elantra Limited which would be in the low 20s. Unfortunately my Experian Fico credit score is around 585 but my free credit report through Capital One reports it being 676 with them using Credit Wise as a source. I'm really not sure what my actual score is but either way I'm looking to get a car loan through Hyundai. What should I expect when dealing with a credit score this low besides high interest rates? What rates should I accept? Will I be told no immediately because of how poor my credit history is? I have the ability to put down a sizable down payment and possibly a trade in so I suppose thats attractive to a dealer but how much should I expect to put down to get apporved for a $22k car?
Why do you want a loan through Hyundai specifically? Credit Unions are consistantly great with APRs and folks with challanged credit. I would spend the few bucks it would take to get your actual auto credit scores here on Myfico, post those scores on your post here and then we can help to identify the best options. In addition to your scores it would be helpful to have debt to income information and other credit that you have, folks with little in terms of credit references have different challenges than those with.
+1
Hyundai has a Spring Cleaning event happening now. They are offering 0% APR financing up to 60 months + no payments for 5 months + $500 cash rebate. This all depends on financing with Hyundai Motor Financing.
This would be my guess as to why he wants to finance through Hyundai.
OP, I have no experience with HMF and which scores are necessary; however, I am not telling you anything you do not already know, that a 585 FICO score is bad. You will likely not qualify for the 0% APR and possibly the other offers associated with the Spring Cleaning event. I would take Joe's advice and pay for your score so you know what you are looking at and then look into a credit union. (Unless your score is closer to mid 600s then you may be able to get the dealer to hook you up with HMF-remember a good down payment goes a LONG way).
Because Hyundai offers a great 5 year/60,000 bumper to bumper warranty, why not consider going to Enterprise/Hertz/Avis and buy a rental return Elanta? It likely will not be a Limited; but you can save thousands (first year depreciation on these cars is abysmal-especially on higher trims). The 10 year/100,000 powertrain warranty is for original owners only; however, but you would get the remaining balance of the 5 year/60,000 mile warranty. Just something to think about.
