Kia Motors Corporation, headquartered in Seoul, South Korea, is the second-largest automobile manufacturer in the world today, behind only Toyota. Founded in 1944, Kia now manufactures cars for the U.S., Chinese and European markets as well as their home market of South Korea, among others. The company first began offering financing options in 1986 and since that time has made huge strides in providing excellent customer service to both buyers and lessees of their vehicles through their Kia Motors Finance department.
Kia motors finance
A Fairly New Financial Program for Kia Dealers: Kia is one of those brands that are not only well-known in North America but has also started to make headway in other markets. Kia motors finance is a fairly new financial program for Kia dealers that lets people sign leases on vehicles; it even lets you transfer your lease on another car from a different manufacturer. If you’re having trouble with your current credit score, they have financing options. It’s important to remember that it’s a fairly new financial program, so if you’re thinking about getting a Sorento or Optima and want financing through them, you might need a bit of patience until they get things sorted out.
How it Works
To buy a car through Kia Motors Finance, you must be at least 18 years old, a permanent resident of one of 44 states and DC, not an employee or immediate family member of a Kia/Hyundai dealer. The application process is about as basic as it gets: you fill out an online form, make a down payment (which varies based on your income) and come up with some money for monthly payments (again, you’ll have to show proof of income). And that’s it! Once approved for financing—and if your credit score is 680 or higher—you can start shopping online.
The Rules of Kia Motors Finance
The minimum payment required is calculated as 2% of your new balance or $20, whichever is greater. For example, if you have a $3,000 new balance after purchasing with an APR of 5%, your monthly payment would be $48 ($60 x 0.02) plus any other amounts due. The maximum you can be charged in one cycle (monthly) is $50 or 5% of your new balance, whichever is greater. For example, if you have a $4,000 new balance after purchasing a vehicle with an APR of 5%, your monthly payment would be at most $100 ($100 x 0.05). These are examples only; remember that other amounts may become due before you make all payments in full for your purchase.
Kia motors finance minimum credit score
Your credit score must be over 680 but if you have a poor credit history, your credit score is likely to be low. But don’t let that deter you from applying for Kia Motors finance. Our team is experts at managing risk so we can provide affordable financing options even if you have a bad credit history or no credit history at all. In fact, one of our core values is helping people with bad or no credit get back on track. If you’re an existing customer, simply contact us by phone or visit our showroom to discuss your needs further. If you’re new to Kia motors finance, click here to apply now!
Minimum Payment Required
People who get a Kia Motors car loan may be required to pay a minimum monthly payment. The credit score is a measure of an individual’s ability to repay their debts. The higher your credit score, generally speaking, the lower your interest rate will be on a car loan or any other type of credit you’re applying for. The minimum payment on a Kia Motors vehicle loan is typically based on how much your monthly payments will be and how much you borrow in total to finance your vehicle purchase. As such, if you have poor credit then it can take longer to pay off your loans. Additionally, poor or bad credit lenders might require that additional down payments are made or ask for additional collateral in order to secure their investment should you default on your auto financing agreement.
Maximum Loan Term
The length of your loan term is largely dependent on your budget, but keep in mind that most auto loans are set to be paid off within five years. In general, a loan term should never exceed one-and-half times your income. For example, if you earn $80,000 annually, look for a term no longer than three years. The shorter the loan period (within reason), the more affordable each monthly payment will be—and conversely, paying extra over time can save you thousands of dollars on interest charges. Making small monthly payments over a longer period of time only puts money into your lender’s pocket; find a cheaper solution by setting goals to pay off debt faster while keeping up with your bills. Your car is not an investment!
Maximum Amount Borrowed
Kia Motors will allow up to $60,000 for personal use. It may also be possible to borrow more than $60,000 but approval is based on creditworthiness. Kia Motors will consider anyone with a 700 credit score or higher; approval is usually given even if you have lower than a 700 score with sufficient income. If you are unable to reach 700 you will want to ensure your debt-to-income ratio (DTI) is low enough that you can afford monthly payments on a car loan in addition to your other expenses.
The vehicle must be sold to an individual or dealer licensed to sell, lease, or otherwise transfer vehicles in Kentucky. The Kentucky Department of Revenue will review all sales for tax compliance prior to issuing any certificates of title. The seller is not required to file any special tax reports regarding such sales. The certificate of title remains with Kia Motors America, Inc. until transferred by either a dealer or private sale on behalf of Kia Motors America, Inc.