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Discussion Starter · #1 ·
Hey guys new the fourm. Went yesterday and Negotiated a new 2010 Gen Coupe GT w/Nav and paint protection for about $42000 tax in. Put a $500 deposit down...but seeing how it's canada day dealerships are closed. I asked the finance manager what the qualifications were to gut hyuandai's 0% financing but he didn't know..? Does anyone know what the requirements are for financing? Some people I know say Top credit only some say As long as your credit and income are decent shouldn't be a prob... Any past experiences you want to share or info would be appriciated.
 

· 4th color - 4th wheels
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How does he not know? :broken: ... they're just trying to make money off of you in the financing part... 0% at Hyundai is usually for people with credit scores 720 and above I believe, and only when we have that incentivized rate. Right now in the U.S. in the South Region, there's 2.9% for 60 months and 3.9% for 72 months and the qualifier is a 680 beacon and above on the Genesis Coupe.

The specials vary by car and by region, but if you have a credit score higher than what I stated, you should be able to get a low rate, as far as 0% on a Genesis Coupe, I can't help you there because I don't know what kind of specials they are running up there.

Also right now we have 0% on the Santa Fes with the same qualifier I stated earlier... but it is only available for those who finance for 48 months... 60 months will get you .9% ... all in all... try to find out your credit score and then you'll know
 

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Discussion Starter · #3 ·
The finance manger was a young guy, it was also past close so he might have just wanted to leave. My credits lingering around 708-733 depending on which credit bureau you check. Does american and canadian credit have the same numbers? I think canadian credit goes from 300-900 where as american credit goes only to 850. Would they be considered the same?
 

· 4th color - 4th wheels
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No it is the same... 900 is the max, highest I've seen is like an 857. You should definitely get a low finance rate depending on how each vehicle is set up. 700+ is considered good credit
 

· Ontario Genesis Club
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there is no 0% financing for the Genesis. I've been doing some reseach and even though the Genesis is a Hyundai, it's in its own league. Even the Mechanics (In canada at least) have to take a special course to be able to work on this car. It's a higher level vehicle for Hyundai.
 

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weird. I never saw it advertised and I never got word from the dealship I work at either?
 

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It was 0% up to 48 months in May which got bumped up to 0% for 60 months in June due to declining sales in genesis coupes. (Was either 0% or cash discount of $3000/$4500)
 

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It was 0% up to 48 months in May which got bumped up to 0% for 60 months in June due to declining sales in genesis coupes. (Was either 0% or cash discount of $3000/$4500)
yep!
 

· Gencoupe Hustler
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just remember our credit is different from our American friends....we don't go on beacon scores, if you have good credit you should qualify for any type of financing we go by R1 best possible to R9 which is the worst possible credit score....
 

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Discussion Starter · #12 ·
just remember our credit is different from our American friends....we don't go on beacon scores, if you have good credit you should qualify for any type of financing we go by R1 best possible to R9 which is the worst possible credit score....
I'm pretty sure we still go by credit score here in canada. The R1 method you speak is how a revolving credit line would rate your payment history, with R1 being best and R9 being terrible. There is also l1 which is an installment loan, this would be car financing l9 being the worse and theres M1 which is mortgage and o1 which is an open line such as a line of credit.

My question is what qualifies as a good credit score in Canada (good enough to be approved for 0% financing). I've read anything over 700, some people say 680 and some people even say 760. Just looking for a more definitive answer.
 

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I got 0% by paying cash for the car. Works for me. lol

PS: the dealer applied paint protection is a major rip off, about 85% profit as are most of the dealer installed goodies.

I had a couple of dealers tell me when I was shopping that they do that on all of there cars (install things).

I told them to uninstall it and we can talk or I can walk to another dealer.
 

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Discussion Starter · #14 ·
I got 0% by paying cash for the car. Works for me. lol

PS: the dealer applied paint protection is a major rip off, about 85% profit as are most of the dealer installed goodies.

I had a couple of dealers tell me when I was shopping that they do that on all of there cars (install things).

I told them to uninstall it and we can talk or I can walk to another dealer.
If I can get 0% interest it makes more sense to keep my money in the bank at interest does it not? Also my business is paying for the car loan which is a big tax write off, plus with the new HST I'll get back all the taxes spent on the vehice.

I didn't really get paint protection, I know I said I did above, but I got that 3M front car protector. They apply a sticker like thing that protects the front of the car (hood bumper and mirrors) from stone chips. Every car I've had gets stone chips like crazy, I assumed this was a good idea and I got him to put it in for $200.00. reg price is like $600.
 

· Pshhhhh squared
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I work for a lender and credit score is one of the main things we look at when a client is approving for a loan. No R2 history either. Job and income is the next big thing. How long have you been working for your current employer? Can you afford to make the car payments on top of your existing debt?
 

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Discussion Starter · #16 ·
I work for a lender and credit score is one of the main things we look at when a client is approving for a loan. No R2 history either. Job and income is the next big thing. How long have you been working for your current employer? Can you afford to make the car payments on top of your existing debt?
Working for my company for 8 years but as mentioned above I will be purchasing the car through my company. It's a franchise, I purchased my franchise last year. Pay is roughly 55k yearly (that I pay myself) the rest remains in business account to cover expenses and pay down loans. My business makes more than enough to cover cost of the car 700/mo roughly. As i have to co-sign the loan my salary and my wifes we make more than enough to live comfortably.
 
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