How to Finance a Hyundai 2021 | Finder Canada

Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

How to finance a Hyundai

With a variety of special car-buyer programs, you may be able to save on a new model.

Updated

Fact checked

CarsFast Car Loans

CarsFast Car Loans logo

Interest rates from 4.9%

  • Thousands of vehicles
  • Multiple financing options
  • Pre-approval in 60 seconds
  • Vehicle delivery to your door
Go to site
Promoted

South Korean car manufacturer Hyundai has been offering some of the world’s most poplar vehicles since 1967. Its generous warranties and midrange costs make it a solid choice for many buyers. And if you’re looking to get cash back or score a discount, Hyundai has many car-buyer programs to help you save.

How can I finance a Hyundai?

When you’re ready to buy a new or used Hyundai, there are multiple financing avenues to choose from.

Car loan or personal loan

If you’re looking for the cheapest option, you might want to consider taking out a car loan from a bank, credit union or online lender. While this process is more involved than financing through a dealer, you might be able to score more competitive rates and terms. Another option is taking out a personal loan. An unsecured loan will likely cost more since the loan isn’t secured by the car you’re buying, whereas a secured loan may give you more favourable rates, but your car could be repossesses if you default.

Hyundai dealership financing and leasing

If speed is your main concern, then you might want to finance directly through Hyundai Motor Financing. Authorized Hyundai dealers often offer special deals depending on where you live and the model you’re interested in buying.

You also have the option to lease a new car through Hyundai Motor Financing. With leasing, you drive the car for a certain number of years and are only allowed to rack up a certain amount of miles (though you can buy more). At the end of your term, you either return your car or buy out the lease.

Your local dealership may also have its own special promotions. The rates and terms you qualify for will depend on your creditworthiness and personal financial situation.

Compare car loans to finance a Hyundai

Name Product Min. Loan Amount Interest Rate Loan Term Min. Credit Score Requirements
CarsFast Car Loans
$500
4.90% to 29.90%
12 months - 8 years
300
Gross income of $1,800/month, 3+ months employed
Browse thousands of vehicles from dealers across Canada and get matched with financing that meets your needs. Apply online to purchase a new or used vehicle and get the vehicle delivered to your door.
Loans Canada Car Loans
$500
0% to 29.99%
3-96 months
300
Employed for at least 3 months, min. income of $1,800/month
Get access to financing from multiple lenders across Canada through a single application with Loans Canada. Bad credit, CERB and EI borrowers are considered.
Car Loans Canada
$7,500
3.99% to 29.95%
12-84 months
300
3+ months employed, min. income of $2,000/month
Search thousands of vehicles online, including $0 down options, from dealers across the country and get matched with affordable financing options. Auto loans are also available to those with bad credit, consumer proposals and bankruptcies to help rebuild credit.
Canadian Auto News
Canadian Auto News
$7,500
4.49% to 29.90%
12-84 months
300
3+ months employed, min. income of $2,000/month
Answer a few simple questions to get matched with affordable financing options. Auto loans are also available to those with bad credit, consumer proposals and bankruptcies to help rebuild credit.
Canada Auto Finance
$500
4.90%-29.95%
3-96 months
300
3+ months employed, min. income of $1,500/month
Canada Auto Finance is a broker that connects borrowers with partnered local lenders. Financing for a new or used car is available for borrowers with bad credit, no credit, CERB, EI or bankruptcy.
Carloans411 Car Loans
$500
1.90% to 19.99%
Up to 72 months
300
Employed for 3+ months, min. income of $1,600/month
Get connected with suitable lenders through CarLoans411. Finance your next car, van or truck with loans available in amounts from $500 to $50,000. Check eligibility for this loan through LoanConnect.
LoanConnect Car Loans
$500
10.00% to 46.96%
6-60 months
550
No min. income requirement
Get access to 25+ lenders through LoanConnect's brokerage. Receive pre-approval in as fast as 60 seconds and get your funds in as little as 24 hours.
Fairstone Secured Personal Loan
$5,000
19.99% to 23.99%
3-10 years
560
Have an established credit history and own your home
Fairstone offers secured personal loans up to $35,000.
loading

Compare up to 4 providers

Representative example: Ben buys a Hyundai

Ben lives in Ontario and recently got a new job in another city, so he wants to buy a car that he can use for the daily commute. Ben finds a 2020 Hyundai Elantra at a local dealership for $21,500.00. After putting a 20% down payment of $4,300.00 on the car, he heads to his local bank where he applies for an auto loan to cover the remaining cost.

Because Ben has a solid credit history, he is approved for loan to cover the outstanding amount plus 13% HST on the purchase price. Along with the cost of his loan, Ben also pays approximately $180.00 to register his vehicle with the province of Ontario – this includes the cost of license plates, a sticker and a vehicle permit.

Cost of new car$17,200.00 ($21,500.00 less $4,300.00 down payment)
Loan typeAuto loan (term loan)
Loan amount$19,995.00
Interest rate (APR)5.90%
Loan term6 years
Additional fees4.00% origination fee ($799.80)
Payment $330.43 monthly or $152.34 biweekly
Total loan cost$23,790.96 with monthly payments or $23,765.04 with biweekly payments

*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.

Does Hyundai offer special discounts or programs?

Hyundai has several buyer programs that you might be able to take advantage of:

  • Military Appreciation Rebate program. Members of the military and veterans are eligible for up to $1,500 off the purchase or lease of new Hyundai vehicles after taxes. The rebate is also open to their family members who are living in the same household.
  • Complimentary Roadside Assistance. For new models from 2015 or later, Hyundai offers free 24-hour roadside assistance for 5 years. For 2014 models and earlier vehicles, this service is offered for 3 years. There is no limit on the number of kilometres you’re allowed to drive in order to keep this benefit.
  • Certified pre-owned (CPO) program. Hyundai puts pre-owned vehicles through a rigorous 120-point inspection point program before reselling them in order to ensure that you’re driving a reliable, quality vehicle. If you’re not satisfied, you can return your car within 30 days/2000km and you’ll be able to exchange it or another, more suitable vehicle – no questions asked. Other benefits include 1 year of complimentary 24-hour roadside assistance and a free oil change.

What will a new Hyundai cost me?

Knowing the manufactured suggested retail price (MSRP) of the model you’re interested in buying can give you an idea of how much you’ll need to borrow. Plus, it can help you negotiate with your dealership for the best possible price.

ModelStarting MSRPBuildCity/highway MPG
2019 Accent$14,599Small compact28/37
2019 Elantra$16,999Small Compact29/38
2019 Veloster$20,999Sports Coupe28/34
2019 Elantra GT$20,599Sports Hatchback23/31
2019 Kona$21,099SUV Crossover27/33
2019 Sonata$24,899Sedan26/35
2019 Ioniq Hybrid$24,399Hatchback57/59
2019 Tucson$25,599SUV23/30
2019 Santa Fe$28,999SUV Crossover22/29
2018 Sonata Hybrid$26,649Sedan40/46
2019 Ioniq Electric$37,899Hatchback150/122

Bear in mind that vehicle prices may vary across Canada. Prices in your province may vary from those shown above.

What kind of warranty does Hyundai offer new car owners?

Hyundai’s standard warranty covers the following:

  • 5-year/100,000km comprehensive warranty
  • 3-years/60,000km Radio and Sound Systems warranty (i.e. radio, compact disc player, and GPS), DVD system
  • 3-years/ 60,000 Km Paint warranty
  • 5-year/Unlimited km Anti Perforation warranty
  • 5-year/100,000km basic emissions warranty
  • 8-year/130,000km major emissions warranty
  • 3-years/60,000km dealer installed accessory warranty
  • 2-years / 40,000 Km Battery warranty
  • 1-year / 20,000 Km adjustment warranty
  • 5-year/Unlimited km 24-Hour Roadside Assistance

The Sonata Hybrid also includes 8-years/160,000km hybrid system warranty.

Each brand new Hyundai comes with one new vehicle warranty. If the car is sold within 5 years and has less than 100,000 km on it, the warranty will automatically transfer to the new owner at no charge. So if you’re purchasing a CPO vehicle that falls under this category, you’ll be offered whatever time is left on the warranty.

Bottom line

With its extensive warranty options, mid-range prices and special discount programs, Hyundai has a lot to offer car buyers. If you’re interested in getting behind the wheel of one of these vehicles, you have plenty of financing options to choose from. While outside lenders typically offer lower rates, you may be able to drive off the lot faster if you finance directly through a Hyundai authorized dealer.

Read our guide to car loans to learn more about how they work and to compare lenders.

Frequently asked questions

More guides on Finder

Go to site