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How to finance a Hyundai

Learn about your options and decide on the best type of financing for you.

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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.

Car 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. 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.

Personal loan

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

Name Product Min. Loan Amount Interest Rate Loan Term Min. Credit Score Requirements
CarsFast Car Loans
$500
4.90% to 29.90%
12-96 months
300
Min. 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
Min. income of $1,800 /month, 3+ months employed
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
Min. income of $2,000 /month, 3+ months employed
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.
Coast Capital Car Loan
$10,000
Varies
18-84 months
650
Able to service debt payment of $300/month
Finance or lease both new and used vehicles with competitive rates and flexible terms from one of Canada's largest credit unions. No credit union membership required for this product.
Canadian Auto News
$7,500
3.99% to 29.95%
12-84 months
300
Min. income of $2,000 /month, 3+ months employed
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.
LoanConnect Car Loans
$500
9.90% to 46.96%
3-120 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.
Canada Auto Finance
$500
4.90%-29.95%
3-96 months
300
Min. income of $1,500 /month, 3+ months employed
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
Min. income of $1,600 /month, 3+ months employed
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.
Fairstone Secured Personal Loan
$5,000
19.99% to 23.99%
36-120 months
560
Established credit history and own your home
Fairstone offers secured personal loans up to $50,000.
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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 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.

ModelPriceTypeCondition
2021 Venue$17,599 starting MSRPSUV crossoverNew
2021 Kona$21,299 starting MSRPSUV crossoverNew
2021 Elantra$17,899 starting MSRPSedanNew
2021 Sonata$27,149 starting MSRPSedanNew
2018 Kona$22,388SUV crossoverCPO
2020 Elantra$18,000SedanCPO
2016 Sonata$17,088SedanCPO
2018 Elantra$15,499SedanCPO

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.

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.

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