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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.
When you’re ready to buy a new or used Hyundai, there are multiple financing avenues to choose from.
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.
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.
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 type||Auto loan (term loan)|
|Interest rate (APR)||5.90%|
|Loan term||6 years|
|Additional fees||4.00% 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.
Hyundai has several buyer programs that you might be able to take advantage of:
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.
|Model||Starting MSRP||Build||City/highway MPG|
|2019 Accent||$14,599||Small compact||28/37|
|2019 Elantra||$16,999||Small Compact||29/38|
|2019 Veloster||$20,999||Sports Coupe||28/34|
|2019 Elantra GT||$20,599||Sports Hatchback||23/31|
|2019 Kona||$21,099||SUV Crossover||27/33|
|2019 Ioniq Hybrid||$24,399||Hatchback||57/59|
|2019 Santa Fe||$28,999||SUV Crossover||22/29|
|2018 Sonata Hybrid||$26,649||Sedan||40/46|
|2019 Ioniq Electric||$37,899||Hatchback||150/122|
Bear in mind that vehicle prices may vary across Canada. Prices in your province may vary from those shown above.
Hyundai’s standard warranty covers the following:
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.
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.
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