First Time Buyer Financing


 
Hyundai First Time Buyer Policy

Definition:

First Time Buyer - An applicant with no prior automotive history and no adverse credit. Prior credit history is preferred.

Stipulation:

Verification of stated information on the Credit Application.

Program Requirements

All FTB applications will automatically generate stipulations that must be cleared by the Credit Analyst or the Funding Specialist prior to booking the contract.

The required stipulations apply to the Primary Applicant:

  • Minimum Employment of 6 months depending on Risk Profile
  • Proof of Income (POI) may be required depending on Risk Profile
  • Reasonable Down Payment preferred. Minimum 10% down payment may be required depending on Risk Profile
  • Minimum Primary Source of Income of $2,000 per month
  • $500/month max payment
  • Debt to income ratio cannot exceed 40%
  • Loan to Value (Front End and Back End advance combined where applicable) cannot exceed 125%
  • No adverse credit history. No bankruptcies, foreclosures, repossessions, collection accounts, charge-offs, tax liens, judgments or any other delinquent credit.
Eligible Vehicles

Hyundai models as per Hyundai monthly promotional program bulletin.

Hyundai New Graduate Policy

Applicant Qualification

Eligibility includes graduates, and candidates for graduation, attending an accredited 2-year full time college or university, nursing school, or an accredited masters or doctorate program.

Candidate must be currently employed (proof via pay stub dated within last 30 days) or have verifiable proof of employment to begin within 4 months of approval (proof via job offer letter) and meet minimum income, payment to income, and debt service requirements.

  • Eligible college student will be within 4 months of graduation, or up to 24 months post-graduation.
  • Graduates from a Military School, Police School or Apprenticeship program qualify as long as they meet the eligibility requirements outlined above.
  • Must have valid diploma or degree
Program Requirements

  • Proof of Income (POI) may be required depending on Risk Profile
  • Reasonable Down Payment preferred. Minimum 10% Down Payment may be required depending on Risk Profile.
  • Minimum Primary Source of Income of $2,000 per month
  • $500/month max payment
  • Debt to income ratio cannot exceed 40%
  • Loan to Value (Front End and Back End Advance combined where applicable) cannot exceed 125%
  • No adverse credit history. No bankruptcies, foreclosures, repossessions, collection accounts, charge-offs, tax liens, judgments or any other delinquent credit.
Eligible Vehicles

Hyundai models as per Hyundai monthly promotional program bulletin.