Finding the appropriate financing solution for your new Hyundai is essential, whether you are buying or leasing. Your dealer can guide you through every step of this process. Hyundai Motor Finance can offer excellent loan rates; alternatively, online lenders or your bank or credit union may also be an option for loans.
1. Get Preapproved
As part of your car shopping experience, you must understand all your financing options. One option is getting preapproved for financing; this allows you to easily compare rates and loan terms and find one that meets your budget needs. Preapproval can help alleviate some of the pressure and uncertainty of last-minute dealership decisions, giving you the confidence to shop knowing that your monthly payments can be met comfortably. Granite Hyundai’s finance center provides loan options, user-friendly online tools, and personalized assistance that streamline the car-buying experience. Hyundai Motor Finance also offers incentives and promotions that may reduce APRs and monthly payments.
2. Shop Around
Finding and purchasing a vehicle can be exciting and enjoyable, but to ensure you get the best rates possible on auto loans, it’s essential to explore financing options thoroughly. Hyundai Motor Finance (HMF) often offers highly competitive interest rates on new and pre-owned vehicle financing, leading to lower monthly payments and overall financing costs compared to other lenders. Instead of only shopping HMF for auto loans, consider seeking loans from banks and credit unions, as they tend to offer lower interest rates than dealerships or online auto lenders.
3. Get a Down Payment
Making a substantial down payment reduces the loan amount, leading to reduced monthly payments and interest paid over time. A larger deposit also shows commitment, making it easier for you to secure financing from lenders. Your vehicle choice will also impact your auto loan’s interest rate; typically, new cars tend to attract lower rates than pre-owned as they experience less depreciation over time. Hyundai specials may help eligible buyers qualify for lower rates with cash bonuses, loyalty discounts, and other incentives for active military members, first responders, recent college grads, and other eligible drivers.
4. Make Payments on Time
As soon as you purchase a Hyundai, making timely payments is key for building equity quickly and reducing interest costs over the life of your loan. Use our payment calculator to estimate monthly Hyundai financing payments based on the vehicle price, down payment amount, trade-in value, credit score, and loan term. Hyundai Motor Finance has an entire team dedicated to customer service. They’ve even created a Global Health Crisis Relief program that assists those affected financially by pandemics with loan or lease payments.
5. Keep Your Credit Score in Good Shape
Maintaining an excellent credit score is the key to finding the most favorable Hyundai financing rates. A higher credit score indicates faster debt payoff, which reduces overall financing costs. Hyundai Motor Finance (HMF), their in-house financing division, offers competitive interest rates on both auto loans and leases at competitive interest rates, providing buyers with loan terms ranging from 36 to 72 months so that buyers can find one that best meets their budget and financial goals. Hyundai also provides special programs tailored specifically to military members, first responders, and recent and upcoming college graduates that may result in additional discounts such as cash bonuses, CARFAX reports, travel interruption reimbursement, and roadside assistance.
6. Get a Refinance
If your credit score has improved since you originally financed your vehicle, refinancing could be the answer. Our finance team can guide you through this process to lower interest rates, reduce payments, and shorten loan terms. Discover Hyundai incentives and rebates to maximize savings when purchasing your next car, and then when it’s time to pay off your loan, consider paperless billing as an easy, fast, and free way of keeping up with account statements, notices, and legal disclosures—plus it helps protect the environment! Find out more now.
7. Get a Loan Through Your Local Dealer
As part of your Hyundai car loan negotiations, you must be aware of all available financing options. While dealer financing may provide savings and better terms than banks or online auto lenders, it’s still wise to review offers from banks, credit unions, and online auto lenders to find one with which you feel most comfortable negotiating a loan agreement. The type of vehicle you purchase will also have an effect on your interest rate; loans for new cars typically feature lower interest rates than used vehicles. It’s also important to consider your loan term length; shorter loan terms allow faster debt payment and thus help save on interest costs.
8. Negotiate
Hyundai offers financing through Hyundai Motor Finance, with competitive rates including zero percent APR financing for 36 months for qualified borrowers. By negotiating directly with your own lender or credit union to obtain a lower rate before going into negotiations with dealerships, you’ll gain leverage that could save thousands over time.
9. Drive to the Dealership
Before providing financing options to you, dealers need to ensure that they can rely on you to make reliable payments on a vehicle. A substantial down payment will assist in doing this. Hyundai provides flexible terms so you can find a car loan solution to meet your unique needs and budget. Choose between 24 and 96 months to find one that works with ease for you. Our finance team is always on hand to answer any inquiries that arise about financing options, lease versus purchase decisions, or anything else related. They can take you step by step through the financing process or assist in making important decisions, such as when it is best to buy or lease an aircraft.