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You’ve probably spotted at least a dozen Kia Souls or Fortes zooming around town — and for good reason. The popular Korean car brand ranked number five in dependability according to a 2018 JD Power study. If you’re interested in getting behind the wheel of one of these reliable cars, you have a few financing options to choose from. And you may be able to score a discount if you’re a servicemember or current Kia owner.
When you’re looking to buy a new or used Kia, comparing your financing offers first can help you score a better deal. The cheapest way to go is likely taking out a car loan from an online lender, bank or credit union. Filling out preapproval forms with several lenders can give you an idea of what terms you may qualify for to help you find the lowest rate. Another option is comparing personal loan offers. However, rates will likely be higher since your loan won’t be secured by the car you’re buying.
If you’re looking for the financing option with the fastest turnaround, then going directly through an authorized Kia dealer is likely your best bet. Though you can usually secure financing and drive your new car home the same day, you often end up paying more in interest than you would by taking out a car loan from an outside lender. Here are your two options when applying through Kia Motors Finance (KMF):
Financing through KMF. Kia allows you to apply for credit to buy a new or used car through one of its licensed dealers. This comes with a few added benefits, like access to your FICO score and less hassle compared to shopping around at different lenders. In the past, Kia has offered deals like 0% APR financing for five years on the 2018 Optima and $4,000 cash back on the 2018 Sedona.*
Leasing through KMF. Leasing allows you to switch up your Kia every few years to ensure you always have the latest bells and whistles. While KMF leasing offers will vary depending on where you live, past promotions include leasing the 2019 Soul for $199 a month for three years and $1,999 due at signing.*
Local dealerships may offer their own special deals as well. As with all loans, the exact rates and terms you qualify for will depend on your credit and financial situation.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Does Kia have any car-buyer programs or special discounts?
Yes, Kia offers special cashback deals and low-APR promotions to:
US military servicemembers, reservists, retirees and their spouses.
Residents of Alabama, Georgia and Florida whose cars were damaged by Hurricane Michael.
Car owners whose vehicles were damaged by the California wildfires during November 2018.
Returning customers who currently lease or own a Kia model.
Well-qualified buyers interested in a certified preowned Kia.
What will a new Kia cost me?
While you can expect to pay $15,000 to over $31,000 for a 2019 model, the total cost of a new Kia will depend on any add-ons you select as well as your negotiation skills.
How much you actually end up paying will vary based on where you live, what promotions you qualify for and your haggling skills. Since these are the costs of Kia’s brand-new models, you’ll likely be able to score a lower price on a used model.
Kia’s budget-friendly prices, industry-leading warranties and award-winning reliability ratings make it a popular choice for car buyers. You have a few different financing options to consider — from traditional car loans to applying directly through Kia. And depending on if you’re a servicemember or have been affected by recent natural disasters, you may be able to get a special deal.
To learn more about the car-buying process and compare lenders, check out our guide to car loans.
Frequently asked questions
Yes, many lenders allow you to apply for a car loan online, including both online-only providers as well as banks and credit unions. These tend to be some of the cheapest car loans too. It’s especially helpful if they also offer preapproval. This way you can check your rates with a couple of providers first to ensure you’re getting the best deal out there.
The recommended rule of thumb is 10% to 20% of the car’s value. For example, if you’re buying a new Kia Soul for $17,000 and want to put down a hefty 20%, you’ll need to have $3,400 in cash as a down payment. This means you’ll only need to borrow $13,600, which will save you money on interest in the long run.
Kellye Guinan is a freelance editor and writer, specializing in consumer lending. Her writing and analysis has been featured on Bankrate, MSN and MediaFeed. She holds degrees in anthropology and German language and literature from Middle Tennessee State University.
If you’re in the market for a car don’t miss out on this guide to buy a car, get all the info you need and a range of loans to help you get into your car sooner.
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