FAQ Finance Kia

Can I get car financing with a bad credit score?

Answer: Yes, there are lenders who specialize in providing financing options for individuals with bad or challenged credit scores.

What is the minimum credit score to finance a car?

Answer: The minimum credit score can vary between lenders, but it is generally possible to find financing options for almost any credit score.

How do bankruptcies affect my ability to finance a car?

Answer: Having a bankruptcy on your record can pose challenges but it doesn’t make it impossible to secure financing. Many lenders offer programs designed to help individuals with bankruptcies.

Can I finance a car if I have no credit history?

Answer: Yes, there are lenders willing to work with individuals with no credit history, though the terms might be less favorable than for someone with a good credit history.

What is a subprime auto loan?

Answer: A subprime auto loan is a type of loan offered to borrowers with poor credit scores, and it usually carries a higher interest rate compared to standard auto loans.

How can I improve my chances of getting approved for car financing?

Answer: Enhancing your credit score, having a stable income, and providing a substantial down payment can improve your chances of getting approved.

What kind of documents do I need to bring for financing?

Answer: Generally, you’d need proof of income, proof of residence, and a valid driver’s licenses but we have lenders will will work around these so don’t let that stop you from trying.

Can I get pre-approved for a car loan?

Answer: Yes, many lenders offer the option to get pre-approved for a car loan which can simplify the buying process and give you a clear picture of what you can afford.

Can late payments affect my car loan approval chances?

Answer: Yes, late payments can negatively impact your credit score and potentially affect your loan approval chances.

What is the average interest rate on a car loan?

Answer: The average interest rate can vary based on various factors including your credit score, the lender’s terms, and the economy. It is best to check the latest rates from various lenders that we use.

Can I finance a car with a temporary job?

Answer: It might be challenging, but with sufficient proof of income and the ability to repay the loan, you can find lenders willing to finance you. Even without a job we have lenders who will work with you.

Can I trade in my current vehicle as part of the down payment?

Answer: Yes, most dealerships accept trade-ins as a form of down payment to reduce the amount you need to finance.

What are the typical loan terms for a car loan?

Answer: Loan terms can vary but commonly range from 24 to 72 months, with some extending even longer.

Can I finance a used car?

Answer: Absolutely, both new and used cars can be financed, although the terms and rates might vary.

How does a down payment affect my loan?

Answer: A higher down payment usually results in lower monthly payments and might help in getting a more favorable interest rate.

Can I refinance a car loan?

Answer: Yes, refinancing is an option to potentially get a lower interest rate or reduce monthly payments.

What is a co-signer and can having one help?

Answer: A co-signer is someone who agrees to take responsibility for the loan if you default. Having a co-signer with a good credit score can enhance your chances of loan approval and possibly secure a better interest rate.

What happens if I miss a payment on my car loan?

Answer: Missing a payment can result in late fees and negatively impact your credit score. It’s essential to communicate with your lender if you anticipate difficulties in making a payment.

Is it possible to get a car loan with deferred payments?

Answer: Yes, some lenders offer deferred payment options, allowing you to start making payments after a set period, giving you time to stabilize your finances.

Can I return the car if I can’t keep up with the payments?

Answer: Returning the car would generally be considered a voluntary repossession, which can significantly impact your credit score. It’s best to discuss your options with your lender before making such decisions.

Can I get zero percent with good credit?

Answer- If the manufacturer is offering that as a special, you can.

Do I need a down payment?

Answer- Not necessarily. Each deal is unique and we will work with you to get the loan done the way you prefer.