The Hyundai brand is one of the most popular and highly rated, thanks to models such as the Kona, Santa Fe, Elantra, and Sonata. We’re ready to help you settle on the exact type of Hyundai model you’ve been looking to lease or buy. Just spend a few seconds putting some basic information into our online finance application as well as which vehicle you want. Next, fill in your contact details, submit your application, and you’ll get a message with all the information you need in a few minutes.
As soon as you complete the fast online pre-approval form and our finance professionals get in contact with you, we’ll get to work setting up your loan options and help you find the right lease or auto loan in terms of duration, monthly payments, and other factors. We have strong relationships with several financial institutions and use that negotiating power to help people around Louisville.
If you no longer need your current car, we also suggest getting an accurate Kelley Blue Book trade-in value with our instant online form and selling it to us. Getting the accurate market value on your current car, as well as trading in with the same dealership you’re buying from, can boost your spending power.
To see how much you could save, we encourage you to browse through our new Hyundai specials as well as our pre-owned Hyundai specials. Please don’t hesitate to contact us if you have any queries regarding financing a Hyundai or leasing one at better terms.
Credit scores can update frequently, and how high or low of a score you have will depend on different factors. Unlike many lenders that might be available, Bachman Hyundai respects the intricacies of credit scores and look beyond the singular number. In general, however, better loans are offered to those with better credit scores. Even though credit isn’t everything, no one loses out by working to raise their score.
One of the biggest is simple credit utilization. If you aren’t using over 30% of your maximum available credit between cards and various other sources, you’re in an ideal state. By contrast, if you have already maxed out most of your cards or gone over on some of them, it will impact your score until the problem is fixed. Here are some other guidelines to get your credit paid off and your credit score improved:
Before putting effort and time into raising your credit score, make sure you know where your score is at and check it regularly. If you make changes afterward, you can watch and see if that change raised or lowered it.
A free credit report can also include details in the history section, such as overdue balances that have entered collections. It’s wise to look for any negative history details that aren’t true or relevant. Identity theft, and sometimes just plain error, can leave details on your history that should be removed, and doing so will help restore you to a more accurate score.
There are two sides to paying your credit card bills and other debts on time: never missing a required payment and not deferring or shortening payments to extend the loan for too long. Regarding the former, your best tools are careful monthly budgeting and setting up automatic online payments.
As for repaying in general, there will be a set number of intended months before the balance should be completely repaid, and it’s best to follow that plan. Repaying faster is fine, but some auto loans can have early repayment fees if you pay off most or all of the balance too soon. If offers with other dealers or lenders have left you unsure about what’s financially safe, leave it to us. We’ll explain any options and important terms, helping you find a Hyundai loan without any major life changes.
Applying for an auto loan or credit card usually triggers a hard inquiry, an event that slightly lowers your score. One reason for this is to prevent people from taking out too many loans at once. Hard inquiries disappear from your credit history after two years and stop affecting your score after one. By only expanding your lines of credit when needed, you’ll have better access to the means to buy what you need, plus the low-interest rates from a high credit score.
Working on your credit today can pay off tomorrow and for more than just buying or leasing cars. In general, paying your debts on time, requesting credit limit increases as you improve your income, and checking your score regularly will help you get into a stronger financial position. That way, when it’s time to get your next brand-new or certified pre-owned Hyundai, you’ll get a lower monthly payment, lower down payment, and overall better terms.
When you apply for car financing at our Hyundai dealership, our finance team draws on our strong relationships with several financial institutions so we can find the best financing options for you. However, the lender will want to take a detailed look at your credit history to assess whether you’re a good fit for a loan. You’ll need to provide full information about yourself and your finances. Here are the main documents and information you’ll need.
To make a credit inquiry, the finance team will need your personal details, including:
You’ll usually need two documents to prove your address, such as a utility bill, bank statement, or a lease or rental agreement for your home.
The lender will need your employer’s contact details and proof of your income, such as a pay stub, tax return, or W-2. If you’re self-employed, you can prove your income with a tax return. When deciding on the loan amount, loan period, and monthly repayments, the lender will check your total income, credit history, and debt-to-income ratio.
If you’re applying for loan pre-approval, the credit search will be a soft inquiry that won’t affect your credit score. A final application will require a hard inquiry, which can adversely affect your credit score for a short time.
If you’ve already chosen the car you want, the lender will want the vehicle’s information, such as:
Before you can drive the car away from the dealership, you also need to show proof that you have auto insurance. In addition to liability insurance, you’ll probably need comprehensive and collision coverage to ensure the car can be repaired or replaced if you have an accident.
Some of the terminology used in auto financing can be a little confusing, so here we’ll give you some key terms and what they mean.
With an auto loan, amortization is the action of paying off the debt. Each time you make a payment, part of it pays off the principal debt, while part of it goes toward paying off the interest.
The interest rate for your auto loan is used to calculate the actual cost of the interest on the loan that you pay each year. However, it doesn’t include the lender’s fees.
The APR is the price you pay each year for your auto loan, which includes fees and is shown as a percentage. The lender’s upfront costs are what they charge you for arranging the loan and are added to the loan balance. The APR is generally higher than the interest rate and more accurately reflects what you’re paying for the loan.
An assignee is a company that purchases your debt and to which you must make your payments. For instance, a car dealership that gives you a loan could sell the debt to a bank, meaning the bank is the assignee. If you don’t make the payments to the assignee, they can repossess your car.
When you sign up for car financing, you can get a family member or friend to co-sign for the loan. The co-signer agrees to repay the debt if you default on it. If you have a poor credit record or no credit history, a co-signer gives the lender the assurance the debt will be paid.
If you don’t make the monthly payments on your auto loan, the lender could repossess and sell the vehicle. You might have to pay the deficiency balance, which is the difference between the car’s sale price and how much is left on your loan.
The down payment is the initial amount you pay upfront for your car. You can use the value of your trade-in or cash as a down payment. The larger your down payment, the less you’ll need to borrow, and the lower your monthly payments should be.
If your car is totaled or stolen, your insurance company may not pay out as much as you still owe on the vehicle. GAP insurance covers the difference, so you’re not out of pocket. However, it’s voluntary insurance, and the rates can vary widely.
The loan term or duration is the period of time over which you agree to repay your auto loan. A longer loan term could mean lower monthly payments, but you’ll be paying more in total. You should apply for the shortest loan duration with payments you can afford.
Once you’ve applied for car financing at Bachman Hyundai using our convenient online pre-approval form and valued your trade, if you have one, our finance team will let you know how much you’ve been approved in principle to borrow and what the monthly payments will be. At the pre-approval stage, you’re under no obligation to go ahead with the loan.
Now comes the fun part — browsing our extensive inventory of superb Hyundai vehicles for your dream car. Find the car or SUV you want online, or visit our dealership in Jeffersonville, Indiana, and take advantage of our Owner Assurance Program.
