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Hyundai

Lake Norman Hyundai

20520 Chartwell Center Dr
Directions Cornelius, NC 28031 5255

  • Call Now: (855) 447-1665

Schedule Service & Order Parts: 855-447-1660

Info

Credit Challenge Financing

Credit Challenge Fiancing

  1. Can I get a car loan even if I'm considered "high-risk" or have declared bankruptcy?
  2. Is the interest rate higher for a bad credit auto loan?
  3. How can I calculate my pre-approval amount?
  4. How much is required for a down payment?
  5. Can a trade-in be used as a down payment?
  6. Do credit inquires affect my credit score?
  7. What are the minimum qualifications for pre-approval?
  8. In the past year, I've had a vehicle repossessed. Can I still get pre-approved?
  9. I don't have credit. Can I pre-qualify?
  10. Will a cosigner help me get an auto loan?
  11. Should I determine the vehicle I want before applying for a loan?
  12. How much will my monthly payment be?
  13. What interest rate will I qualify for?
  14. I've been turned down for an auto loan before. What do I do?

Can I get a car loan even if I'm considered "high-risk" or have declared bankruptcy?

Credit score is just one determining factor for a car loan. In other words, a low credit score in the 500-600 point range doesn't necessarily disqualify you from financing. In fact, Lake Norman Hyundai has partnerships with several car loan lenders in the Charlotte area that work with individuals who have credit challenges.

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Is the interest rate higher for a bad credit auto loan?

In general, credit score is a major factor for calculating interest rate, and therefore, a lower-than-average score may have a negative impact on available APR. We've learned that it depends on the lender, as well as additional personal financial information like monthly income.

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How can I calculate my pre-approval amount?

The amount offered to you by a lending institution for an auto loan depends on several factors, including credit score, monthly income, debt-to-income ratio and 12-month payment history, among others. First, we recommend determining the amount you can afford to pay each month, and then using Lake Norman Hyundai's Payment Calculator to learn what your monthly payment amount will be.

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How much is required for a down payment?

In the majority of cases, a down payment is necessary for securing an auto loan, and the amount required is dependent upon the requested loan amount. In other words, the greater the requested loan amount, the higher the necessary down payment will be. Our Payment Calculator will help give you an idea of how down payment will affect your monthly payments.

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Can a trade-in be used as a down payment?

Yes, trade-in vehicles can be used as a down payment. Yet, if there is a lien on the trade-in vehicle, additional funding may be required.

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Do credit inquires affect my credit score?

When you request an auto loan or a new line of credit, lending agencies check your credit history, which puts an "inquiry" on your credit report. Inquires are common, and when they appear once in a while, they aren't likely to have a negative effect on your credit report. Multiple inquiries over a short period of time, though, may reflect poorly and make it more difficult to secure auto financing.

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What are the minimum qualifications for pre-approval?

There are no minimum requirements for credit score, personal income, or income-to-debt ratio for being pre-approved. Instead, each car loan application is approved based on the buyer's credit history, personal financial information and equity position. Therefore, a buyer might have no credit, or bad credit, but have enough income to qualify for a loan.

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In the past year, I've had a vehicle repossessed. Can I still get pre-approved?

Often, it's possible to get pre-approved even following a recent repossession. To be eligible, the vehicle cannot have been included in a bankruptcy. This may require the buyer to put more money down and selection will be limited to newer vehicles under factory warranty.

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I don't have credit. Can I pre-qualify?

Yes. First-time buyers can still pre-qualify for an auto loan, and Lake Norman Hyundai offers a program for first-time buyers.

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Will a cosigner help me get an auto loan?

In some cases, a cosigner may help a buyer get pre-approved for a loan with more desirable terms. Yet, the buyer must still meet income requirements, without relying on the cosigner's income.

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Should I determine the vehicle I want before applying for a loan?

Lake Norman Hyundai's loan specialists provide fast, honest loan qualifications, and we consulting with a loan specialist prior to shopping. Once you understand the loan amount you can afford and qualify for, you can shop for a vehicle that fit your budget. As a result, there will be fewer inquires on your credit report.

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How much will my monthly payment be?

Monthly payments are based on the amount of the loan, the vehicle that you are purchasing and your credit history. Newer vehicles with low mileage are generally available with extended financing terms, which can result in lower payments. To estimate your monthly payments, you can use Lake Norman Hyundai's Payment Calculator.

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What interest rate will I qualify for?

Rates are based on a number of factors including your credit score, the amount of your down payment, and the vehicle that you are purchasing. Lake Norman Hyundai's financing specialists will work to find you the best, most attractive rates for you. In general, the higher your credit rating and the greater your down payment, the lower the rates will be.

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I've been turned down for an auto loan before. What do I do?

Sometimes getting approved the second time around is all about finding an available lender. Lake Norman Hyundai has a range of lending partners in the Charlotte area, and our team will work hard to put you in the best position to be approved for a loan.

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Auto financing can be complicated and frustrating. Lake Norman Hyundai's financing team is here to help. Bring us your questions about auto financing, and we'll offer advice, expertise and honesty. To get started, you can begin by applying for our easy Instant Credit Application for fast pre-approval. Or visit our financing center in Cornelius, NC.

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Hours

  • Monday 9:00 AM-8:00 PM
  • Tuesday 9:00 AM-8:00 PM
  • Wednesday 9:00 AM-8:00 PM
  • Thursday 9:00 AM-8:00 PM
  • Friday 9:00 AM-8:00 PM
  • Saturday 9:00 AM-7:00 PM
  • Sunday 12:00 PM-5:00 PM

Contact

Lake Norman Hyundai

20520 Chartwell Center Dr
Directions Cornelius, NC 28031 5255

  • Sales: (855) 447-1665
  • Service: (855) 447-1660
  • Parts: (855) 447-1675
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