How much will my down payment be?

Down payments are determined by your credit profile, which includes data like your credit score and payment history. Expect to pay at least 20% of the car's sale value.

We recommend being cautious about car lots that advertise promos like "$500 Down on a Car with No Credit Check," this is usually full of stipulations and enormous interest rates. You can do better.

Can my trade count as my down payment?

Yes, you can apply your current vehicle's trade-in amount to your down payment. Get your KBB instant cash offer or trade-in value online.

Will credit checks hurt my credit score?

Checking your own personal credit reports will not hurt your credit scores. Neither will "soft" inquiries, though they will stay on your personal credit report for up to 24 months.

"Hard" inquiries will affect your scores, however. These "hard" credit checks occur when you are applying for large loans, like poor-credit auto financing. Lenders will run credit checks to verify your debt-to-income ratio and creditworthiness. If you have too many hard inquiries and too few credit accounts, your FICO score may suffer.

Will I require a co-signer?

Not necessarily. Co-signers can help you get approved, but they aren't necessary unless your credit history is zero or you've already been denied financing before.

What will my monthly payments be?

Your payments will depend on the loan amount, your interest rate, and your credit history. Calculate your estimated monthly car loan payments here.

What will my interest rate be?

It's difficult to give an estimated interest rate without an application. Auto loan APRs fluctuate constantly.

However, as a general rule, the better your credit or FICO score and down payment amount, the lower your APR. If you don't have a credit score over 700, you should expect any car loan interest rate to be higher. Should you apply for a used car loan with bad credit, you may pay more in interest if the vehicle is older, too.

At McCarthy Blue Springs Hyundai, we've developed relationships with many national and local auto finance lenders, which allows us to secure the best interest rates for our customers.

Can I still get approved if I have no credit history?

Yes, first-time car buyers are almost always guaranteed to get approved for vehicle financing. Your interest rate will be higher than the average, but with on-time payments, you can always consider refinancing a car with bad credit once your FICO score improves. This could save you hundreds or thousands of dollars.

How can I increase my chances of getting approved for a no credit vehicle loan?

Some ways to improve your odds include:

• Before you begin shopping, check your credit score. You can review your credit reports for free. This will allow you to shop and budget realistically.
• Dispute any incorrect information, inaccuracies or information discovered in your credit report.
• Build your credit and FICO score over time. The best way to do this is to have over 90 days of on-time payments.
• Improve your debt-to-income ratio.
• Have a reliable stream of income (and proof of income).
• Begin saving for a down payment (at least 20%) early.
• Apply with a co-signer.
• Do your best to find a reputable car dealership that works with no credit or poor credit customers. It's almost never in your best interest to finance at "no credit check car dealerships," as they may stick you with interest rates that will immediately leave you upside down on your loan.