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How to finance a Hyundai
Learn about your options and decide on the best type of financing for you.
South Korean car manufacturer Hyundai has been offering some of the world’s most popular vehicles since 1967. Its generous warranties and mid-range costs make it a solid choice for many buyers.
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.
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. With a car loan, your Hyundai will act as collateral. Banks and credit unions offer fixed or variable interest rates, while online lenders offer fixed rates. A fixed-rate car loan gives you predictable monthly payments. With a variable-rate car loan, your payment amounts will increase or decrease with market fluctuations.
Another option is taking out a personal loan. With a personal loan, you can choose between a secured or unsecured loan. A secured loan will involve putting up collateral, such as your investments or house. An unsecured loan doesn’t require collateral, but it tends to have higher interest rates than secured loans because the lender is taking on more risk.
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
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 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.
Does Hyundai offer special discounts or programs?
Hyundai has a few special offers 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 price of select models. 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 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/2,000 km 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.
- 0% financing on select models. You can finance or lease select Hyundai models with 0% financing. But keep in mind that 0% financing has its drawbacks.
How much are Hyundai cars?
Below is a price snapshot of new and CPO cars based on the Hyundai Canada website.
|2021 Venue||$17,599 starting MSRP||SUV crossover||New|
|2021 Kona||$21,299 starting MSRP||SUV crossover||New|
|2021 Elantra||$17,899 starting MSRP||Sedan||New|
|2021 Sonata||$27,149 starting MSRP||Sedan||New|
|2018 Kona||$22,388||SUV crossover||CPO|
Prices as of June 2021
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:
- Comprehensive limited: 5 years/100,000 km
- Powertrain: 5 years/100,000 km
- Basic emission: 5 years/100,000 km
- Major emission: 5 years/100,000 km
- Anti-perforation: 5 years/unlimited km
- Roadside assistance: 5 years/unlimited km
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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