Hyundai Financing FAQ
Here at our Hyundai dealership near Kenner, we love helping buyers take home the perfect car for their needs. One of the most important aspects of the car-shopping process, of course, is determining an effective auto financing plan.
That's where we come in. We have tapped into our many Hyundai finance specialists here on staff to compile some frequently asked questions and answers about credit scores, interest rates and other details. To learn more about the Hyundai financing process, visit us today and apply for a car loan near Kenner with confidence.
Hyundai Financing Expert Q&A
01What are the current interest rates to buy a car?
Currently, the average interest rate for a new car loan is around 3.5% to 4%, while used car loans typically have slightly higher rates of around 5% to 6%. Keep in mind that these rates can differ based on several factors, from your credit score to the model you're looking to buy.
02How do I get a good interest rate?
One of the most important strategies to claiming a great interest rate is to compare rate options from different lenders. You can also consider making a larger down payment or opting for a shorter loan term.
03How much of a down payment do I need to finance a car?
Generally, a down payment of around 10% to 20%of the car's purchase price is recommended to help lower the overall cost of the loan and potentially secure a better interest rate. That said, there may be opportunities to put no money down for a new Hyundai near Kenner -- please visit our finance office for more details.
04What additional costs will I be responsible for when buying a new car?
Additional costs such as taxes, registration fees and dealership fees are common expenses you'll likely be responsible for when purchasing a new car. Don't forget about budgeting for after-purchase running costs such as fuel and insurance expenses.
05How can I find the value of my trade-in?
We recommend using our online trade-in calculator or scheduling an in-person appraisal at our local Hyundai dealership, which is your best bet to getting the most accurate valuation. You can also find the value of your trade-in by turning to Kelley Blue Book or NADA Guides, which are well-known tools for providing an estimated trade-in value.
06
Does my credit score impact my loan rate?
Credit scores are a significant factor when lenders consider what loan rate to offer their customers. Borrowers with higher credit scores are typically offered lower interest rates, while those with lower credit scores may face higher rates or more stringent borrowing requirements.
07
I have a low credit score - can I still finance a car?
To help people of all financial backgrounds afford a new car, we offer Hyundai bad credit financing options that we'll be happy to share with you. We'll help you finance a car even if you have low credit.
08
I don't have a credit history yet - can I still finance a car?
Financing a car without a car is possible, though there may be additional caveats to keep in mind. For instance, some lenders may require a co-signer or a larger down payment for further risk assurance.
09
What's the best length for a car loan?
The best loan term comes down to your financial needs. Generally, shorter loan terms can help you save on interest and pay off the car faster. Choosing a longer Hyundai loan term can result in lower monthly payments but higher overall interest costs.
10
Can you offer a better interest rate than my pre-approved rate?
It's likely, but to know for sure, apply for Hyundai credit online. Once we have your information, we'll work with our many lending partners to see what the most competitive rates are available that you may qualify for.
11
Can I reduce my monthly car payments down the road?
Options to lower a car payment can include refinancing the loan, extending the loan term or negotiating with your lender to modify the terms of the loan. We can share all the different Hyundai refinancing options that may be available to you when you visit our showroom.
12
Can I sell my car while I'm still paying it off?
Yes, it's possible to sell your car while you're still paying it off. Our Hyundai finance team will be happy to share more about this option when you stop by.
13
Can I add a warranty when I buy a car?
Yes, you can typically add an extended warranty when you buy a new Hyundai. These warranties can offer up to 150,000 miles of coverage and can be purchased during the financing process, so just ask our team for more details.
We hope this information helps shed some light on common auto financing questions. To learn more. contact Eddie Tourelle Hyundai. We'll help you with any additional questions you may have about securing a car loan.