Hyundai Finance’s online car finance portal has become a popular way for consumers to get the most out of their Hyundai and Hyundai Financing credit card.
As the car finance industry continues to expand, it is also facing new challenges, including increasing competition from the likes of car insurance companies.
“I think the biggest challenge is that there’s a lot more competition in the market right now,” said Andrew Kornelius, CEO of the Financial Choice Foundation.
According to Kornellius, “there’s more competition and the people who are competing are not as good at pricing as they used to be”.
“The reason why people use this service is because they’re looking for a quick and easy way to get financing.”
While it’s easy to find a car loan in the US, there are some things to keep in mind, he added.
“If you’re looking to buy a car from an auto finance company, you’re going to have to go to the dealership for approval first,” he said.
In the UK, it’s possible to use the car payment service Paymart to pay for a car, but Kornielius recommends going with a car finance company.
Paymart also charges a 10% commission, so if you pay with a credit card, it might seem like you’re paying for a free ride, but in fact, you are paying for the privilege of being able to borrow money at a discounted rate.
Another thing to consider is the amount of time you have to pay off the loan.
“The longer you have the car on the car loan, the longer it takes to pay down the loan,” said Kornleius.
If you want to make sure you’re getting the best deal, you might want to think about what other financing options you have available, he said, as well as what the interest rate is.
“For example, if you’re borrowing $1000, that’s a pretty good amount of money, but you might only be able to get that for a few months,” he added, adding that you could borrow that amount for as little as $20.
What you should know before you buy a new car: You can borrow money online or in person to pay the finance, and there are often offers for a new Hyundai Financer credit card that have been available for more than a year.
But if you want the best car finance deal available, it will be best to go with a financing company that offers the lowest interest rate, Kornelman said.
“You need to have a little bit of flexibility to choose the best financing for you, but also to be able say you’re not going to borrow the whole amount.”
Kornellios suggested that it is important to look out for what is called a “buy-back” option that lets you pay off a car at a lower interest rate if you get behind on your payments.
The cheapest option for that is usually the cheapest rate you can get.
How to buy and borrow a car: Find out more on Hyundai finance here