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Understanding Your Options for Financing a New Hyundai

Last updated 4 years ago

Financing a new Hyundai is a great way to drive home in a coupe, sedan, or SUV that is luxurious, stylish, and reliable. Financing a Hyundai also gives you the promise of eventual ownership. Read this article to learn more about your options for financing a new Hyundai.

Loan Amount

When financing a new Hyundai, the first thing you should decide is how much money you need to borrow. If you provide more money for a down payment, you won’t have to borrow as much money for a car loan. Try to borrow as little as possible so that you won’t have to pay as much in interest over the life of the loan.

Length of Loan

The length of the loan repayment period will determine the amount of your monthly payments as well as the amount that you pay in interest over the period of the loan. To reduce your monthly payments, choose a longer loan term. If you’re willing to put up with higher monthly payments in order to reduce the amount of interest you pay, go with a shorter loan term instead.

Interest Rates

There are a few things you should do before applying for a loan if you want to get the best interest rate. First, order a free credit report online and check it over to make sure there are no errors or unpaid bills. Then, contact the agency that gave you your credit report to update them with the latest information. This will raise your credit score, which gives you a better chance of getting a better interest rate on your car loan.

Loan Sources

You can get a car loan from a local bank or credit union, an online lender, or your Hyundai dealership. But be sure to check with your Hyundai dealership to see if they’re running any financing specials. Dealerships oftentimes have great financing offers and make it easy for buyers to get a loan even with a less than perfect credit score.

To discuss financing a new Hyundai in greater detail, visit Brown’s Manassas Hyundai today. Call us at (703) 659-4846 if you have any questions about financing. Our Hyundai experts will be happy to assist you in getting a great deal on a new car loan.

 

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