Does Kia Finance Bad Credit?

Get Car Financing
Even with poor credit.

By

Automotive Content Editor

Meghan Carbary has been writing professionally for nearly 20 years. A published journalist in three states, Meghan honed her skills as a feature writer and sports editor. She has now expanded her skill-set into the automotive industry as a content writer for Auto Credit Express, where she contributes to several automotive and auto finance blogs.


, Automotive Content Editor - December 6, 2022

Kia is synonymous with bad credit financing in many areas of the country. According to dealer incentive bulletins Kia finances many types of credit, sometimes including credit scores that are considered bad credit. Here's what we know about Kia financing, especially for shoppers who happen to have subprime credit.

Credit Scores and Kia Financing

In the world of auto financing, your credit score can make a big difference when it comes to what and how much you can finance. Most automotive companies work with borrowers who have good credit on the FICO credit scoring model, the most widely used credit scoring model in the U.S.

Credit scores run from 300 to 850 on this model, and the higher your score the better. A credit score of 670 and above is typically considered good credit, while scores below this are considered to be marginal or bad credit.

Kia however, shows financing rates for borrowers which start as low as 620 or below. While you may be able to get financing with a credit score below 620 through Kia Finacial Services, the captive finance arm of Kia, you should be prepared for a high-interest loan.

According to the latest incentive bulletins from Kia, customers with a credit score below 620 are looking at interest rates of around 13.45% to 16.85% depending on how much they borrow and the chosen loan term.

Are Kia Cars Affordable?

Luckily, Kia vehicles are typically associated with affordability, making even high-interest-rate options more affordable than other brands.

Some of Kia's more affordable options include the Rio, Forte, and Soul, each priced below $22,000. The Rio is the cheapest of the bunch, coming in with an MSRP of just $17,645 including the destination charge.

The Kia Forte is the next most affordable model, coming in at an MSRP of $20,585, while a new Kia Soul starts at $21,085. These are some of the most affordable vehicles on the market today, especially the Rio, as the compact car of the bunch. Smaller sedans and compact vehicles often make good options for those who are struggling with credit issues, since they remain affordable in the face of rising vehicle costs.

Can I Lease A Kia With Bad Credit?

Kia leasing goes as low as a credit score of 620, but not below. So, while some customers with bad credit may be able to lease, those with sub-620 scores typically don't qualify for a lease like they may a loan.

In fact, leasing in general is more difficult if you're struggling with credit score issues. Leases are typically reserved for those with good credit. Leasing also isn't recommended if you're working with poor credit since a loan is longer, it has more potential to help you build your credit score, and when you're done, you own the car and any equity it holds.

This isn't the case with a lease, where you have to repeat the process every two to three years, putting more strain on your credit score.

Advertised Deals And Bad Credit

If you're shopping with a Kia and have poor credit, you may have to search for the right deal for you. Not all deals that you see advertised will be available to bad credit borrowers, either. This means that the advertised special APR of 2.9% to 4.75% for 48 months (at the time of writing) won't be within reach.

You may also find that you have a smaller selection of vehicles to choose from as a shopper with poor credit scores – meaning you're more likely to qualify for something like a Soul rather than a top-of-the-line Telluride.

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, Automotive Content Editor

Meghan Carbary has been writing professionally for nearly 20 years. A published journalist in three states, Meghan honed her skills as a feature writer and sports editor. She has now expanded her skill-set into the automotive industry as a content writer for Auto Credit Express, where she contributes to several automotive and auto finance blogs.


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