A vehicle is a significant investment, so it makes sense to do things to lower your costs when making a purchase. Fortunately, there are many things you can do to cut your Hyundai finance payment. Keyes Hyundai has three options to consider.
Choose a Less Expensive Model
The more you borrow, the higher your payment will be every month. If your cash flow is limited, explore options that won’t require a larger loan. This may mean choosing a Hyundai Certified Pre-Owned car or a base trim, but given these cars’ standard equipment, you won’t be settling for less.
Put Up a Bigger Down Payment
Another way to reduce the amount you borrow is to supply a bigger down payment. While 20 percent is ideal (and more than that is even better), the more you can offer immediately, the less you will need to pay back. This can trim your monthly payments significantly. A longer loan term can also lower your payments, but remember that it won’t save you money in the longer term; you’re paying interest longer, which can offset what you saved from month to month.
Refinance Your Current Loan
If you are currently paying on a Hyundai loan, you may be able to get a better interest rate. Check your credit score and interest rates against what you’re paying now. Refinancing may be a smart option if rates are lower or your credit has improved significantly since you first took out your loan. Even a small interest rate adjustment can result in significant monthly savings. Speak to our finance department to crunch the numbers and cover the pros and cons.
Learn Smarter Approaches to Hyundai Financing in Van Nuys, CA
If you have any questions about financing or reducing expenses, contact Keyes Hyundai in Van Nuys, CA. If you want to buy now, you can start the Hyundai financing process by filling out our online application.
