Car Loan for Hyundai 2022
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Updated on Feb 16, 2022
You can finance a new Hyundai through Hyundai Motor Finance or a bank, credit union, or online auto lender. Each option has pros and cons, but most buyers get the best terms from a bank or credit union.
Hyundai is known for manufacturing value cars, which makes the brand appealing to those looking to buy on a budget. But even lower-cost cars usually require financing, and it’s important to choose your loan and lender carefully.
If you’re starting your hunt for a Hyundai car loan, you’re in the right place. Car insurance super app Jerry can tell you everything you need to know about getting a loan for a Hyundai.
How to get a Hyundai car loan
If you purchase your car through a Hyundai dealership, you may qualify for financing through Hyundai Motor Finance. Otherwise, survey your loan options from an online lender or your bank or credit union.
First, you’ll have to check your credit. Depending on your credit score, you can then compare a few lenders and apply for preapproval.
Check your credit
Your credit score will play a critical role in your search for a car loan, so it’s important to know where you stand. Check your credit score to see whether you would qualify for financing through Hyundai Motor Finance.
You’ll need a minimum 700 credit score to get any good deals from Hyundai Motor Finance. If your credit score exceeds 760, you may even secure 0% financing.
If your credit score is below 660, consider online lenders, banks, and credit unions instead. You’re likely to score better loan terms from one of these lenders.
The table below illustrates the average APR and monthly payments for Hyundai cars based on the buyer’s credit score.
|Car Make||Average Annual Interest Rate||Average Monthly Payment|
Once you know your options, it’s time to choose a few lenders to explore further. We recommend comparing offers from at least three. You might mix and match the types of lenders you look into—maybe a credit union, an online lender, and Hyundai Motor Finance, for example.
The best car loans have the following terms:
- A short loan term (60 months or less)
- A low APR (maximum 4.93%)
- An affordable monthly payment (not exceeding 10–15% of your monthly income)
Customer service matters, too. If you can’t get a hold of a lender, for example, consider that a red flag—even if they offer attractive terms. You’ll likely be paying down this loan for years, so you want to have a good customer service experience.
If you want to negotiate strong loan terms, we recommend applying for preapproval. Hyundai Motor Finance and most auto lenders allow you to complete this process online. You can also apply for a loan from Hyundai Motor Finance in person at a dealership.
The loan application will likely ask for the following details:
- Your Social Security number
- Proof of employment and income (e.g., paystubs)
- Your photo ID (e.g., a valid driver’s license)
Note that most lenders will conduct a hard credit inquiry when you apply for preapproval. This may knock down your credit score by a few points—but only temporarily.
However, you will do additional damage to your credit score if you apply for preapproval from multiple lenders slowly over time. But if you submit these applications within 14 days of each other, they will be treated as a single hard inquiry. Consider applying for preapproval from more than one lender so you can compare terms.
Key Takeaway After checking your credit score, get a Hyundai car loan by comparing a few lenders and applying for preapproval.
Average loan term for a Hyundai car loan
For a new car, the average buyer takes out a 69-month loan. That’s nearly six years. If you can manage a shorter loan—ideally 60 months or less—consider doing so.
Shorter loan terms allow you to pay off your debt more quickly and pay less interest in the process. On the flip side, your monthly payments will be higher than they would be for a longer loan.
Hyundai Motor Finance offers loans ranging from 36 to 72 months. Most buyers net lower APRs from other lenders, but one benefit of Hyundai Motor Finance is that it offers promotions that can lead to unbeatable loan terms.
For example, borrowers with excellent credit may qualify for a 0% APR loan from Hyundai Motor Finance. Other potential perks of getting a loan through a Hyundai dealership include:
- Rebate offers
- 90-day deferral for first loan payment
- Up to $1,000 for qualifying borrowers to use on adaptive equipment
The table below can give you an idea of your loan’s monthly payment and interest rate depending on its terms.
|Loan Terms||Average Annual Interest Rate||Average Monthly Payment|
Finding a Hyundai car loan in your state
Car loan terms and offerings vary by state. You should seek out a lender that offers the best deal on APR, monthly payment, and loan length in your area.
See what you might pay for a Hyundai car loan in your state using the table below:
|Credit Rating||Average Annual Interest Rate||Average Monthly Payment|
Hyundai car loans: new vs. used
In most cases, loans for new cars have lower interest rates than loans for used cars. If you’re buying used, your options for financing may be limited, as well. However, Hyundai Motor Finance sometimes offers special low-interest loans for certified pre-owned (CPO) Hyundais.
CPO Hyundais are typically newer models and have lower mileage. These cars have certain benefits, including:
- Rental car reimbursement
- Travel interruption reimbursement
- Roadside assistance
- 90-day trial of SiriusXM
On the other hand, CPO Hyundais tend to carry a higher sticker price than other used Hyundais. If the used Hyundai you have your eye on is not CPO, you will have to finance it through a bank, a credit union, or an online auto lender.
The table below shows how your car’s age can impact monthly payments and APR:
|Car Year||Average Annual Interest Rate||Average Monthly Payment|
Key Takeaway Loans for used cars usually have higher interest rates than loans for new cars. However, used cars cost less overall.
How to calculate the costs for a Hyundai car loan
For all car loans, the borrower’s monthly payment and interest rate depend on their credit score, loan term, and loan amount. Location can affect this number, as well.
Curious what your Hyundai car loan might look like? Use Jerry’s car loan calculator to see for yourself.
|Average Annual Interest Rate||Average Monthly Payment|
Save money on Hyundai insurance with Jerry
After you’ve sorted out your car loan, it’s time to shop for insurance. Thanks to the car insurance comparison app Jerry, this can be an easy process.
Are you hesitant to switch plans or insurance providers because you’re worried about the work involved? Don’t be. Jerry does all the paperwork for you and even helps cancel your old policy.
And if you have any questions or concerns along the way, you can always use the app to text one of our agents. They’re there to help whenever you need them.
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