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 can get car finance on a Hyundai! Car finance is 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 brand-new model or a certified pre-owned vehicle, we've got 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 have three loan types to choose from:
Hire Purchase (HP): with HP, you pay an initial deposit and then fixed monthly payments. Once you've completed all the payments, the car is yours. HP agreements are simple and best for those who want to own their vehicle eventually.
Personal Contract Purchase (PCP): PCP is a bit different: you pay lower monthly instalments than with HP, but there's a bigger final payment if you want to keep the car. PCP is 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 be higher compared to secured finance options.
If you’re not sure which is best for you, we’ll help you find a Hyundai finance deal that’s tailored to fit your financial situation.
Is Hyundai finance easy to get?
Getting Hyundai finance through us is a straightforward process. Our application process is simple and quick, 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, increasing 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 Mercedes-Benz finance should be simple.
To improve your chances of approval, you can take steps such as making a larger 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 improve your chances of approval.
Firstly, check your credit report for any errors or discrepancies that could be negatively impacting your score. Correcting these can improve your credit rating. Secondly, consider increasing your deposit. A larger deposit reduces the amount you need to borrow, 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.
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. 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.
Can I get used Hyundai car finance?
Absolutely, you can finance a used Hyundai. Financing a used car is a popular option, offering the benefits of lower purchase prices while still allowing you to spread the cost over time.
Many lenders 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 find you a used Hyunai 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 usually boosts your chances of approval and a better interest rate. Typically, a credit score of 700 or above is considered good and can help you qualify for favourable finance terms.
But, lenders also consider other factors. These 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.
Can I pay off my Hyundai finance early?
Yes, you can usually 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 are 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!