Hyundai continues its partnership with savings site BoostUp which means that even credit-challenged credit car buyers can increase their down payment by up to $500

Boosting your down payment

down payment program, down payment, auto loan, car loan

Consumers with bad credit should always be looking for ways to reduce the overall expenses of a car loan. In this respect, there is one thing that works every time – increasing the down payment amount.

And while not all credit-challenged borrowers will qualify for a new car at a Hyundai dealer, those that do should know about a program sponsored by the Korean automaker.

Late last week Hyundai announced that it was renewing its partnership, through January 4, 2017, with the free social savings website BoostUp and will continue to match funds on deposit, up to a certain dollar amount, if the account holder buys a new vehicle from them.

"We are extremely excited to continue our partnership with BoostUp, which is a perfect way to help today's smart car buyers," said Bob Pradzinski, vice president of national sales, Hyundai Motor America. "Younger car buyers are looking for different ways to afford a new vehicle and our partnership with BoostUp gives prospective customers a hassle free savings platform that comes with a $500 reward for their savings effort."

To participate in the program all consumers have to do is to set up an account with BoostUp for at least 30 days. After 30 days, they're eligible for the matching funds from Hyundai.

Pros and cons

There are a number of advantages to the program. Borrowers can finance their vehicle through any lending source, including those that work with problem credit consumers. In addition, not only will Hyundai match up to $500, their vehicles represent some of the most affordable new cars available. On top of that, all Hyundais come with one of the best new car warranties around – a 5-year, 60,000-mile transferable limited new car warranty and a 10-year, 100,000-mile powertrain warranty. Buyers also get 5 years of roadside assistance at no charge.

So are there any disadvantages?

There are also disadvantages. For one, borrowers with imperfect credit should keep in mind is that they may not necessarily qualify for a new car. Secondly, there might not be a Hyundai dealer convenient to them that caters to consumers with credit issues.

The Bottom Line

Hyundai's renewed partnership with the free social savings website BoostUp represents a great opportunity for credit-challenged borrowers to save up even more money towards a down payment on an affordable new car.

The biggest disadvantage is that these borrowers might not qualify for a new car or, if they do, it may not be at a Hyundai dealer that works with borrowers that have experienced credit issues.

This is where we come in.

Auto Credit Express matches consumers with auto credit issues to dealers that can offer them their best opportunities for approved auto loans.

So if you're ready to reestablish your car credit, you can begin now by filling out our online auto loan application.