Whether you have no credit or simply haven’t financed a vehicle before, Hyundai’s first-time buyer program can help you get behind the wheel of your first new or pre-owned vehicle.
* checking your rate won’t affect your credit score
What does the Hyundai First Time Buyer program offer?
The Hyundai first-time buyer program generally offers prospective Hyundai buyers with little to no credit history the opportunity to finance a new, used, or certified pre-owned vehicle.
Generally, when applying for a car loan, dealerships will run your credit history to help determine if you’re financially secure enough to afford the vehicle you’d like to purchase. If you have limited or no credit history, however, then this will be an inaccurate way to measure your ability to pay a car loan—especially if you have reliable income.
Stipulations will vary from dealership to dealership, but you can generally expect that—as a first-time buyer—you’ll have to prove that you have no adverse credit history (little or no credit history is fine!) and a verifiable monthly income (provable with a W-2 or series of paystubs). Some dealerships will want to see that you’ve worked at the same job for at least six months.
You may also be required to put down a down payment or secure a qualified co-signer.
or employment status doesn’t meet the requirements, or if you’re unable to make a sizable enough down payment, you will likely be denied funding.
But don’t give up just yet! There are a few steps you can take to up your odds at getting approved for a loan, so you can get behind the wheel of a Hyundai as soon as possible.
Pick a vehicle you can afford
A car loanpayment calculator can help you estimate which Hyundai vehicles you can reasonably afford based on your credit score and monthly income.
Generally, if you’ve got a lower credit score or income, then you’ll probably want to opt for a used Hyundai to
is certainly the most convenient way to go—but the rates could be higher than average. Your bank, as well as local credit unions, offer vehicle financing and might be more likely to approve you (and might offer lower interest rates).
It’s a good idea to try to get pre-approved for a bank or credit union loan before you head out to the dealership. That way, you’ll have a good idea of how much you’ll qualify for—and even if you decide to finance through the dealership, you’ll be well-informed on whether you’re getting a good deal or not.
Get an assist from a co-signer
A trusted family member or friend (who has a better credit score) could sign your car loan as a co-buyer. This is, perhaps, the easiest way to improve your odds when looking to purchase your first vehicle. Just be aware that they’ll be financially responsible for the balance of your loan if you stop making payments—so it’s not a decision you should make lgihtly.
That said, if your credit improves down the line, you’ll likely be able to
MORE:How to get a cosigner for a bad credit car loan
Wait a bit
If you desperately need a car, this may not be a good option. However, if you have some flexibility, then you may be able to spend a few months building your credit and/or saving up for a down payment before deciding to purchase.
Of course, this requires a lot of commitment—but we’ve got tips to help you improve your credit rating and
—If a simple compact car is all you need, then the Elantra is for you. Starting at just $20,650, you’ll comfortably get from point A to point B in this no-nonsense sedan.
—Not only does the 2023 Sonata Hybrid have a starting MSRP of just $28,100, but its hybrid engine works overtime to help you lower your fuel costs over time. Spacious seating and an upscale interior also helps it stand out in its class. Of course, if you prefer a strictly gas-powered engine, those are available, too!
—Whether you’re starting a family or have a lot of sports gear to lug around, sometimes an SUV is necessary! The 2023 Tucson starts at $26,700 and offers responsive handling and a comfortable ride.
Hyundai Santa Fe—The 2023 Hyundai Santa Fe has a starting MSRP of $28,450, which is still reasonably low for a mid-size SUV. However, if you’d like to save some money and shop used, rest assured that the Sante Fe has decent reliability ratings.
Our biggest piece of advice? Before falling in love with any of these vehicles, contact your local Hyundai dealership’s financing department and talk about your options. That way, you can take as many test drives as you want with a clear budget in mind!
. I literally only typed in 3 pieces of info and Jerry found my current insurance. In a few minutes, they pulled up 2 Progressive policies that showed $900 in savings over 6 months!” —Maeve J.
4.7
