If you’re getting ready to take out a loan on a new car, you have probably already realized that our Hyundai finance department is going to look at your credit history and score. These give us a better idea about how good you’ll be at handling a financial obligation like a car loan.
So if your credit isn’t the best, you might be worried. Don’t be. At Hyundai of Cookeville, we work with drivers to help them secure the financing that they need. Here are some ways you can boost your chances.
Take Out a Smaller Loan
You can sometimes increase your chances of approval by taking out a smaller loan. Most drivers put down 20% of the car’s total price and finance the rest. So a car that costs $40,000 would result in a down payment of $8,000 and a loan of $32,000.
If your credit isn’t the best, taking out a smaller loan might boost your approval rate and take some of the sting out of a higher interest rate. Putting down more than 20% could make a big difference.
Get a Co-Signer
A co-signer is someone with good credit who agrees to sign onto your loan with you. If you were to default, they would be responsible for paying off your vehicle. So obviously your co-signer needs to be someone who’s close to you and someone who trusts you a lot.
Finance a Pre-Owned Vehicle
You can also decide to finance a used Hyundai car instead of a new one. A used model often costs significantly less than a comparable new model, so that means a smaller loan. Our cars are built to last too, so you know that a pre-owned Hyundai vehicle has many miles left to drive!
If you want to learn more about financing and our lineup of vehicles, visit our Hyundai dealership near Crossville, TN. We’ll answer all of your Hyundai financial questions!
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