How Does Hyundai Motor Finance Work ?

Hyundai Motor Finance (HMF) is the credit arm of Hyundai and can offer finance and credit to customers who want to buy or lease a Hyundai car, truck or SUV.

Applying for Hyundai Motor Finance is pretty much the same process as applying for any other type of loan or credit application. You will be expected to fill in an application form, which will be the basis for evaluating you as a credit risk, and a credit score will be allocated to you which will determine whether or not to lend you the money, and if so on what terms and conditions. It is important to obtain a copy of your credit report before applying for a loan, and checking that the information in it is accurate and up-to-date.

A credit report can normally be obtained free of charge at least once a year, depending upon where you live. Remember that whatever the offer in terms of interest rate or terms and conditions, it is still negotiable with the company, and it is always a good idea to have alternative quotations from different sources to be able to compare with H. When obtaining quotations from banks or credit unions, it is properly a good idea to get three or four of them, and make sure you can compare them on a like-for-like basis.

It is possible to apply for credit with Hyundai Motor Finance on-line and become what is known as a pre-certified customer. This can make the process of buying or leasing a car much simpler, although the downside can be that it gives the dealer heads up as to how much money you have to spend.

HYUNDAI MOTOR FINANCE – SALES OR LEASING

Hyundai motor finance can apply to any Hyundai vehicle that is taught through a Hyundai dealer, new or used, and should be thought of as a separate process to the negotiation in terms of price and other issues regarding the sale of the vehicle itself. For many people the attraction of arranging finance or credit with the dealer is simplicity. Whilst this can be true, it can also blur the edges as to what real costs are both in terms of the finance or the final sale price of the vehicle itself.

It is well worth separated out the two issues and dealing with them separately. When dealing with the final sale price of the vehicle, it is worth breaking the whole sales process down into its various component parts and eventually arriving at a figure that you feel comfortable with. There will be a list price for new vehicles, sometimes referred to as the manufacturer’s recommended price, which most people would expect a significant discount on.

Apart from that, there are likely to be additional costs by way of local sales taxes, various types of insurance, servicing and maintenance plans, extended warranties, Roadside assistance and emergency breakdown cover and dealership fees. All of these will to some extent be negotiable, but it is important that the dealer flags up what they are and how much they are likely to cost as part of the negotiating process. Be wary of dealership fees as these can sometimes be used to hide which amounts of money that do not become clear until the final sale price of the vehicle has been agreed. Dealership fees normally refer to simple paperwork that finalises the sale of the vehicle, and such should not necessarily incur much money.

HYUNDAI MOTOR FINANCE – HYUNDAI LEASE

Leasing a Hyundai vehicle has become an attractive option for many people, and is a sales technique that has been massively pushed by virtually all motor manufacturers in recent years. Leasing a car or truck used to be thought of more as a commercial option, but is now regarded as mainstream for normal domestic customers. The main attraction for people is that it allows them to effectively own a new car when they would not otherwise be able to afford one.

Leasing a car or truck does not actually mean you own it, it is more of a long-term rental, but it allows people to think that they do ! For many people the look and feel of a new car is what it is all about, and leasing is a really good way of allowing them to fall this they do not have the money. Inevitably leasing should work out cheaper than buying a new car, although obviously there are limitations to it.

A lease agreement will normally run from between two or 3 to 5 or six years, at the end of which the customer needs to return the vehicle. There will normally be an option for them to buy it outright if they want, taking into account what they have spent on it to date which should be reflected in the final sale price.

LEASE END COSTS

In addition there is what is often referred to as a lease end cost. This means that there will be an assessment or a valuation regarding both the wear and tear of the vehicle, and its mileage. Any additional wear and tear that is deemed more than one would ordinarily expect will be charged to the customer, and also any additional mileage over and above the agreed amount in the lease contract will also be charged to them at specified rates.

The lease agreement will be similar to a sales agreement in that there will be a credit application, which will determine whether or not an offer will be made, and if so on what terms and conditions. There will be a fixed monthly payment for the lease, there will be agreed period for the length of the lease, and agreed mileage for the vehicle either per year or for the total period of the lease and specified lease and options

HYUNDAI VEHICLE PROTECTION

Vehicle protection is a key part of any sales or lease agreement of any Hyundai car or truck, and should be an important element in working out both the sales cost and the running costs of the vehicle. Hyundai vehicle protection normally refers to areas such as the manufacturers warranty, any extended warranty,a normal warranty if it is a used car or a pre-approved or pre-certified car, certain warranties relating to tires and wheels, and certain maintenance and servicing plans.

It can also include emergency breakdown and roadside assistance. Hyundai vehicle protection covers mechanical coverage, damage care. and loss and theft protection. The extent and coverage of all of these vehicle protection policies will depend upon whether or not it is a new or a used vehicle, and whatever specific offers Hyundai is making at the time, either locally or nationally.

HYUNDAI FINANCE TOOLS

Hyundai Motor Finance offers a number of tools on its website which can make the process of applying for credit and understanding of the implications are, both financially and legally, simpler and easier to understand. One of the most important ones is an on-line car calculator. The value of this is that you can very simply work out what your monthly repayment costs are likely to be pending upon how much money you borrow to buy or lease a Hyundai vehicle.

When doing any type of budgeting, it is really important to be strictly honest with yourself about exactly what your monthly outgoings are on a regular basis, and on what your monthly income is. Remember to include all your monthly expenditure whatever it may relate to, as this is the only way to determine how much money you have left on a net basis, and how much you can afford to repay to Hyundai motor finance.

HYUNDAI MOTOR FINANCE – LOYALTY OFFERS

Loyalty offers an important part of all Hyundai sales and leasing plans, and have a specific number of elements. Hyundai motor finance, along with other motor manufacturers will offer discounts to certain categories of people, most commonly those who have served or are serving with the military, and college graduates. In addition, there are likely to be seasonal discounts at certain times of year, discounts on certain at certain times of the year as a way of shifting inventory and often there will be certain offers on zero Finance.

These offers will either be on selected models and/or to selected customers depending upon their credit score. Hyundai Motor Finance will also offer certain vehicles, which are normally referred to as pre-certified vehicles to selected customers, normally customers who have applied for and been given some type of pre-certified credit.

HYUNDAI ACCOUNT

A Hyundai account allows a customer to login online, and deal with the practicalities of both applying for credit beforehand, and dealing with payments and queries that may occur afterwards. People often paid little attention to these details prior to buying or leasing a vehicle, and can become a real problem sometimes afterwards. When buying or leasing any vehicle from Hyundai motor finance, it is a ready good idea to obtain full details of how to contact the credit company afterwards, by mail, email and phone.

If possible get a contact address and name. In the event there are any problems with the paperwork or payments not been processed properly after the sale or lease has gone through, then it can be invaluable to have some type of contact details.

INSURANCE

Buying or leasing any vehicle will require you to obtain some type of auto insurance. If buying a vehicle out of state, bear in mind that the insurance requirements may be different where you buy it and from where you live. In any event, you will be required to have some type of third-party liability damage, often referred to as bodily injury limits and physical damage limits, also sometimes referred to as a general third-party liability insurance.

This will be a legal requirement, and it is important to find out what the specific financial limits are, depending upon where you live. In addition, it is highly likely that Hyundai Motor Finance will require you to have additional insurance, normally by way of some type of comprehensive or collision damage cover, to make sure that the replacement cost of the vehicle is covered in the event of an accident or write off.

GAP INSURANCE

Gap insurance is a type of insurance designed to cover the difference between the final sale cost of the vehicle, and its insurance value in the event that it is a write-off or completely destroyed in some way. When buying a vehicle, its sale price may or may not be as market value, it is simply what you are prepared to pay for it. New cars will depreciate almost most immediately, and used cars will also lose value over time although not as quickly.

What this means in practice is that if the car is a write-off for any reason or is stolen, the amount that the insurance company will pay is almost certainly going to be quite a lower than the amount still owing on the original loan lease agreement. This gap between the two figures can often be significant, and this type of insurance is designed to cover the difference between the outstanding loan and the insurance payout figure, which would otherwise be regarded as an unsecured debt and would be the responsibility of the person who took out the loan or disagreement first place.

Hyundai Motor Finance – Refinance Costs

Refinancing an auto loan is not that different in practice from the application process for the original loan. It can often result in significant savings especially if it is done in order to either take advantage of reduced interest rates, or an improved credit report or credit score of the customer who took out the loan in the firs place.

HYUNDAI VEHICLES REVIEWS – TBA

ELANTRA SEL

ELANTRA VALUE EDITION

ELANTRA ECO

ELANTRA SPORT

ELANTRA LIMITED

SONATA SE

SONATA ECO

SONATA SEL

SONATA SPORT

SONATA LIMITED

AZERA

AZERA LIMITED

TUCSON SE

TUCSON SE PLUS

TOUCSON ECO

TOUCSON VALUE EDITION

TUCSON SPORT

SANTA FE

SANTA FE SPORT

SANTA FE SPORT 2.0T

SANTA FE 2.0 SPORTT ULTIMATE

SANTA FE COUPE

ACCENT

ACCENT SE SEDAN

ACCENT VALUE EDITION SEDAN

ACCENT SE HATCHBACK

ACCENT SPORT HATCHBACK

VELOSTER

VELOSTER EDITION

VELOSTER TURBO R-SPEC

VELOSTER TURBO

ELANTRA GT

ELANTRA GT SPORT

IONIQ HYBRID

IONIQ ELECTRIC

SONATA HYBRID

TUCSON FUEL CELL

GENESIS G80

GENESIS G80 SPORT

GENESIS G90

HYUNDAI i10

HYUNDAI i20

HYUNDAI ix29

HYUNDAI i30

HYUNDAI i40 SALOON

HYUNDAI i40 TOURER

HYUNDAI EON

HYUNDAI XCENT

HYUNDAI VERNA

HYUNDAI CRETA