Can I get car finance on a Hyundai?
Considering a Hyundai for your next car? We're here to help you navigate the car finance process and answer all your questions.
Can I get car finance on a Hyundai?
Yes, you could get car finance on a Hyundai! Car finance could be a convenient way to spread the cost of a car over a set period, making it more affordable by breaking it into manageable monthly payments.
Whether you're looking for a newer model or an older used vehicle, we've may have finance options to suit your needs. These include hire purchase (HP), personal contract purchase (PCP), and personal loans.
With competitive interest rates and flexible loan terms, we cater to a range of financial circumstances and preferences.
How does Hyundai finance work?
Hyundai finance works just like any other car finance deal. You select your desired Hyundai model and the terms of your loan, which you pay off over a set period. You may have three loan types to choose from:
Hire Purchase (HP): with HP, you may pay an initial deposit and then fixed monthly payments. Once you've completed all the payments, the car is yours. HP agreements can be simple and may be best for those who want to own their vehicle eventually.
Personal Contract Purchase (PCP): PCP is a bit different: you sometimes pay lower monthly instalments than with HP, but there's a bigger final payment if you want to keep the car. PCP could be great if you prefer changing your car every few years.
Personal Loan: with a personal loan, you borrow the money to buy the car outright and repay it in instalments. This offers flexibility since you own the car right away, but the interest rates might vary compared to secured finance options.
If you’re not sure which is best for you, we’ll try to help you find a Hyundai finance deal that’s tailored to fit your financial situation.
Is Hyundai finance easy to get?
Getting finance for a Hyundai through us may be a straightforward process. Our application process is simple, and we’ll guide you through each step. We’ll do our best to find you a deal with a lender that aligns with your financial profile, which may increase your chances of getting finance.
Our lenders evaluate each applicant's finances on a case-by-case basis. They look at factors like credit score, employment status, income, and existing debt. If you meet their criteria and can repay the loan, getting finance for a Hyundai could be simple.
To improve your chances of approval, you can take steps such as making a deposit or having a guarantor who will cover the loan if you’re unable to make payments.
Have you been declined for Hyundai finance?
If you've been declined for Hyundai finance, don't lose hope. Many factors can affect your eligibility for car finance, and there are steps you can take to try and improve your chances of approval.
Firstly, check your credit report for any errors or discrepancies that could be negatively impacting your score. Correcting these may improve your credit rating. Secondly, you could consider increasing your deposit. A larger deposit, if affordable, reduces the amount you need to borrow, potentially making you a less risky prospect for lenders.
You could also ask a trusted friend or family member with good credit to act as a guarantor. A guarantor agrees to cover your payments if you can’t, providing extra security for the lender.
Getting declined can be disheartening, but try not to worry. We work with specialised lenders who could find you a deal, regardless of if you’ve been refused car finance before. Credit is subject to status.
Can I get Hyundai finance with bad credit?
Yes, it is possible to get Hyundai finance with bad credit, though it may be more challenging. Lenders use your credit score to judge your creditworthiness, as it shows the risk of lending to you. The best thing you can do to boost your chances of approval is to improve your credit score where possible.
But, if you have a low credit score, you may still qualify for finance with Car Finance 247. We work with specialised lenders who focus on bad credit car finance. They look at more than just your credit score when assessing your application, and could still find you a great deal that works for you. Credit is subject to status.
Can I get used Hyundai car finance?
You could finance a used Hyundai. Used car finance is a popular option, offering the benefits of lower purchase prices while still allowing you to spread the cost over time.
Many lenders can offer finance options for both new and used vehicles and the terms for used car finance are often similar to those for new cars.
However, interest rates may vary depending on the age and condition of the car. We can help you consider factors such as the car's age, mileage, and overall condition, and try and find you a used Hyundai deal that fits your budget.
What credit score do you need for Hyundai car finance?
There's no set credit score requirement for Hyundai car finance. But, having a higher score could boost your chances of approval and a better interest rate. For some lenders, a credit score of 650 or above might be considered good and could help you qualify for favourable finance terms.
But, lenders also consider other factors. These could include your income, job history, and overall finances. Even if your credit score is lower, you may still get car finance. But, the terms might include higher interest rates or larger deposits. Credit is subject to status.
Can I pay off my Hyundai finance early?
Yes, you could pay off your Hyundai finance early. Many finance agreements include provisions for early repayment, allowing you to settle the loan before the end of the term.
Paying off your loan early can save you money on interest, as you'll reduce the overall amount of interest accrued over the life of the loan. But, check the terms of your loan agreement for any early repayment charges or fees, which could offset the interest savings.
Whether you have perfect credit or are working to improve it, there may be options available to help you drive away in a Hyundai. Get a quote now or give us a call if you have any more questions!