If you’re finally ready to purchase an electric car, you may be excited about its innovative features and that you’ll never need to buy gas. You might, however, have questions about paying for your EV. Keyes Hyundai wants to make things easier by answering common questions about your loan and electric vehicle lease options.
How Does Financing Work?
Financing may seem confusing if you’ve never purchased or leased a vehicle. It’s pretty straightforward. You’ll leave a down payment – we suggest 20 percent – and borrow the rest from a lender. You will then pay this off – along with the interest – over a designated period.
Are There Ways to Reduce Financing Costs?
There are several things you can do to cut your financing expenses. For one thing, you could go with a pre-owned EV instead of a new model. You could also supply a bigger down payment to decrease the amount you need to pay back. Using a trade-in vehicle can help here. Choosing a shorter loan term will save money in the long run, as you won’t have to pay as much interest.
Are There Advantages to Leasing a Hyundai EV?
Leasing is flexible and has several benefits. One of these is EV-specific: the rules for federal tax credits have changed, so although none of our current Hyundai EVs qualify for the EV tax credit if you finance them, a loophole in the tax law means that leased vehicles qualify for the credit even if you wouldn’t get it on a loan.
Will My Credit Score Be a Factor?
Leases are extended to those with the best credit, and loan terms will also be more favorable for those individuals. However, our lender network often enables us to help those with low or no credit.
How Can I Start the Financing Process?
If you’re ready to get going with financing, all you have to do is fill out our online application. This will help get you pre-approved for your loan. Once submitted, one of our financing professionals will contact you to review the next steps. Any questions? Get in touch with Keyes Hyundai in Van Nuys, CA.
