Let’s talk about auto financing

Courtney from World Car contacted us to talk about car financing. They’d written some answers to common financing questions they face at Hyundai, but I think it’s pretty good information across the board. From (http://www.worldcarhyundainorth.com/hyundai-financing-what-you-need-to-know)

Q: What is the difference between a bank or credit union and Hyundai Motor Finance?

A: If you have a solid credit score, chances are you will get a better loan with a lower interest rate from a bank or credit union than with the dealer finance company. Finance companies such as Hyundai Motor Finance have to make a profit to stay in business, and they make that profit from higher annual percentage rates. If your credit score is less than stellar, dealing with the finance company is a good option. Sometimes, it is your only option. Regardless of what financing option you go with, if your credit is not very good, you will have a higher annual percentage rate to pay on your loan.

Q: How does Hyundai Motor Finance work?

A: When you are ready to try pre-approved financing, you need to visit HMFUSA.com; everything you need to complete is there. Once you submit the application, you will select the car you’re interested in. The site will then give you a list of dealerships in your area, and you must select one to proceed. From there, you will begin the application with listing your finance requests (how much cash you will put down, the term of the loan agreement, if you’re buying or leasing, etc.). Your personal, residential, and income information will follow. You will have the opportunity to review your application before applying. Within minutes of your submission, you will hear an answer.

Q: Why should I bother looking at finance options before I make any decisions at the dealership?

A: The best defense is a good offense, and the same applies for purchasing a car. If you know your financing options before going into the dealership, you will make the right choices that fits your needs without having to give up an arm and a leg. Also, Hyundai offers a variety of programs for loyal customers, college graduates, military families, and car buyers who need mobility modifications made on their car. These programs can involve credits toward your purchase, deferred payments, and vouchers for maintenance services. These promotions don’t last forever, but knowing that they are an option is important.

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