Can Kia be financed with bad credit? Yes. Through our finance programs, approval is extremely simple. Most automakers are willing to assist their clients in establishing or reestablishing their credit by providing financing options and incentives that are only available through Kia dealerships.
In This Article...
How low of a credit score will Kia finance?
A minimum yearly income qualifying criteria for Kia Motors Finance does not exist or is not disclosed.
Lenders are not permitted to charge service personnel an annual percentage rate (APR) higher than 36 percent under the Military Lending Act (32 C.F.R. 232).
Kia Motors Finance accepts loan applications from active duty service members and their dependents who are covered by insurance. Their interest rates are under The Military Lending Act’s restrictions.
Of course, residents of the United States are qualified to use Kia Motors Finance’s services.
Applicants might need to present the following proof of eligibility:
What credit score is required for Kia approval?
For its new, used, and certified pre-owned (CPO) automobiles, Kia Finance offers auto loans, as well as lease alternatives for new Kia vehicles. Auto finance is not provided by the manufacturer. If Kia approves your financing, you can only use the loan at a Kia dealer.
Buying a Kia
Purchases of new, used, and CPO Kia automobiles are all eligible for Kia auto loans. In our investigation, we discovered that the manufacturer routinely modifies APRs and provides incentives for brand-new vehicles. For select Kia models, borrowers may receive auto loan rates under 1.49 percent APR. Normally, loan periods can last up to 75 months.
According to our investigation, Kia frequently accepts borrowers with credit scores between 650 and 850. If your score is lower, it could be difficult for you to get financing or to get cheaper interest rates.
The minimal insurance needed by state law must be maintained on all vehicles financed by Kia. Your comprehensive and collision insurance deductible must be no more than $1,000. Additionally, Kia Finance America must be listed as the “loss payee” on your insurance policy.
Leasing a Kia
Kia provides lease lengths that range from 24 to 48 months. Leased Kia car owners have a variety of annual mileage restrictions to select from:
- 10,000 miles
- 12,000 miles
- 15,000 miles
- 18,000 miles
- 20,000 miles
- 25,000 miles
Our specialists calculated the monthly lease payment using the Kia payment calculator. Examples for several Kia models, lease lengths, and expected monthly payments are shown in the table below. These figures were derived using a $2,000 down payment and a credit score of 720.
Guaranteed asset protection (GAP) insurance is included with every lease via Kia Finance America. It pays the difference between what you still owe on your car loan and what your insurance company reimburses you after a total loss.
When your lease period is up, you have three options: buy your current car, lease a new one, or just return your leased car to the dealer.
Is it challenging to get a Kia approved?
You have two choices when deciding to purchase a new car: either pay in whole, or finance it with a loan or a lease. Finance options for a car could seem a little intimidating if you’ve never bought one before. First-time purchasers typically prioritize affordability among other criteria when choosing a vehicle.
In addition to being reasonably priced, Kia vehicles are also attractive, secure, trustworthy, and extremely practical. Your Kia car is even more affordable if you finance it through a bank or Kia Motor Finance.
You normally need a credit score of between 650 and 850 to finance a Kia automobile. However, additional elements also play a role in determining your eligibility.
The credit tiers at Kia Motor Finance are varied. Depending on the tier, you will receive several offers when you apply for a car loan. It’s excellent news for you if your credit score is higher. You are presented with the most competitive loan offers.
You needn’t be dismayed if your credit score is low, though. You might be qualified for alternative choices. Along with your credit score, your income and credit history are key factors in evaluating whether you qualify for financing.
Kia provides a variety of discounts and incentives, including:
Military Bonus: You can be eligible for a $400 military bonus if:
- You or your spouse are a serving or reserve member of the US military.
- You left the US Armed Forces with an honorable discharge or retirement.
- You’re given disability benefits by the US military.
Competitive Bonus: If you own a rival vehicle, you might be eligible for a $1,000 rebate.
Bonus for loyalty: If you currently own a Kia and wish to purchase another one in the same model, you may be eligible for a $1000 Bonus for loyalty.
Program for first-time buyers: This program is for those who have little or no credit history. Buyers who qualify must satisfy the standards for employment and income.
Other plans: Kia has a number of additional alternatives, including lease cash, cash back, bonus cash, special financing, and even financing with a 0% APR.
How does financing for Kia work?
On its new, used, and certified pre-owned (CPO) vehicles, Kia Finance offers auto loans. Online or in-store applications for Kia financing are also options. Once you have a KMF offer, you can use it at any Kia dealership; however, you cannot use it at a Ford dealership.
- Loan conditions. The longest loan period offered by Kia Finance is 84 months, however that option isn’t always accessible. Kia loans with periods of 72 or 75 months (each lasting 6 years and 3 months) are more widely available.
- lease conditions Kia lease lengths range from 24 to 48 months, with options for 10,000 to 25,000 miles of annual mileage.
The ability to make smaller monthly payments is the main advantage of leasing a vehicle. You also had the option to return, buy, or exchange the vehicle at the end of the lease. However, there are some drawbacks. Even if you only use around half of the vehicle’s lifespan throughout the course of a 36-month (three-year) lease, you pay for roughly half of the vehicle’s worth. Here is more information about renting vs. buying.
Can I purchase a Kia with a credit score of 600?
There are restrictions on Kia Motors Financing for drivers with credit scores between 850 and 650, but don’t worrywhen you have the Coastal Kia financing experts on your side, everything is possible.
If my credit score is 625, can I lease a car?
The precise credit score required to lease a car varies from dealership to dealership, according to NerdWallet. Most dealerships have a standard minimum of 620. Most car dealerships consider a score between 680 and 739 to be perfect, although a score between 620 and 679 is close to ideal.
What is the current financing rate for Kia?
Kia Financial Services and Cash-Back Promotions The 2022 Soul has 1.9 percent finance for four years, which is Kia’s best financing deal this month. Available with 2.9 percent finance for four years are the 2022 Kia K5 and Forte. The 2023 Stinger, Sorento, and Rio are all financed for four years at 3.49 percent.
Has Kia ever owned a credit card?
Exclusive Kia cards are available to owners of several automobile models, including electric and compact vehicles. The Red Members credit card has been replaced by the Kia Members credit card Edition2. Kia Members points and M points accumulation have both been improved. You can earn M points equal to up to 1% of your monthly purchases at domestic and international member stores, depending on how much you spend. A new Kia vehicle purchase will result in the accumulation of 20,000 Kia Members points. You will receive 10,000 Kia Members points the following year if you use your card for more than 6 million KRW in a calendar year. Additionally, you are entitled to regular annual checkups and car maintenance for a period of eight years.
Owners of Kia electric vehicles should be aware of the Kia Members electric vehicles credit card. Discounts are available for recharging electric vehicles. You will receive a 30% discount if you spend more than 500,000 KRW, and a 70% discount if you spend more than 1 million KRW. As you refuel, eat out, view movies, travel, etc., it also allows you to accrue M points and Kia Members points, which you may partially spend in many member stores.
For owners of Kia compact cars, the Kia Members compact vehicle card is divided into two categories: the normal compact car card and the card for gasoline tax return benefits. Any Kia compact car owner is qualified to receive one. It offers advantages for a safe car life. You might receive up to 360,000 KRW in gas discount benefits and a 30,000 KRW reduction on Hyundai Marine & Fire Insurance’s auto insurance per year, depending on how much you used the previous month. A card for compact car fuel tax refund recipients is called a fuel tax refund card. It offers up to 200,000 KRW in fuel tax return advantages yearly in addition to the standard benefits of the tiny car card.
Can I pay off my Kia loan before it’s due?
To get ahead of your payment schedule and pay off your loan early, follow these simple steps: Pay half of your fixed payment every two weeks by dividing your monthly payments in half. Your monthly payments will be rounded to the next $20, $50, or $100.
Kia financing: Does it refinance?
By refinancing your Kia Motor Finance auto loan, you can cut your monthly payments and save $75 each month or $900 annually. If (a) you obtained your current loan at the dealership and/or (b) you have made all of your loan payments on time, you are a strong candidate for refinancing. Why not refinance right away and save thousands in a matter of minutes instead of paying your monthly installment to Kia Motor Finance?