Are You Getting the Best Deal at Hyundai Motor Finance?

Since 1989, Hyundai Motor Finance (HMF) has been providing Hyundai customers with a full range of auto finance and leasing services, thanks to its relationship with Hyundai Motor America. The main portal for customers to access Hyundai Motor Finance is through its website, where users can get started on leasing or financing a vehicle.

The site also features tools like a payment calculator, information about special offers, and a tool to check if your credit score is sufficient to get a lease or auto loan – along with standard information about leases and auto loans, vehicle protection, and frequently asked questions.

Getting an Auto Loan or Lease Through Hyundai Motor Finance

Hyundai Motor Finance offers two solutions for Hyundai vehicle buyers: They can get an auto loan to buy a car or lease a car, returning it at the end of the lease term. To be eligible for either one, Hyundai Finance generally requires its customers to have a minimum credit score of 650 – for which it offers a complimentary FICO credit check. If the borrower doesn’t have a good credit score, it also allows for a cosigner to add their name to the lease or auto loan.

Its other eligibility requirements are standard: Customers should be U.S. permanent residents over the age of 18. In order to verify your eligibility for Hyundai Finance services, you’ll need to show recent pay stubs, a photo ID or other proof of citizenship or residence.

Basic Information: Rates, Terms, Fees, and Limits

When it comes to Hyundai Motor Finance’s interest rates for auto loans and leases, they will vary from person to person depending on FICO score, income level, place of residence, and how large the loan is.

The APR can be as high as 30%, depending on the customer, and auto loans can be between $10,000 and $70,000. The maximum loan is on the low-end compared to its rivals, with Volkswagen allowing for up to $100,000, and GM Financial allowing for up to $125,000.

For auto loans on new vehicles, APRs start as low as zero percent for up to 60 months on some models, or 1.9% for loans up to 72 months. Toyota’s and Subaru’s auto loans both begin at 1.9% and Volkswagen starts at 0.9%.

For lease agreements, the monthly payments are typically lower than if you had purchased the vehicle. A lower down payment, or no down payment at all, is also possible for leasing customers.

Hyundai Finance leasing contracts span between 24 months and 48 months.

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A Rate Beat Program available

• Rates from 2.49% to 11.89%^* APR with AutoPay
• Funds can be made available as soon as the same day
• Minimum credit score of 660

The Benefits

Because of its partnership with Hyundai Motor America, Hyundai Finance says it can offer special rates and programs that are exclusively from them. They also have deals for repeat customers.

The site also has full account control online, meaning you can view statements, pay your bill, and manage your account in general 24/7.

Customers can choose from an extended vehicle protection program that includes maintenance services, insurance for loss and theft, as well as mechanical coverage.

There is also a discount that Hyundai Motor Finance borrowers can take advantage of – a 10 percent discount on Hyundai Power Protect, which is a Liberty Mutual insurance product. In 2015, customers who switched to this insurance plan saved an average of about $509 per year.

The Downsides

Hyundai Finance received an overwhelmingly disproportionate number of negative customer reviews on the Better Business Bureau (BBB) website, where, at publishing time, there were 75 negative reviews, one neutral review, and zero positive reviews. Also, on BBB, there were 391 customer complaints – with 209 of them being issues related to billing/collections and 166 having to do with the product or service.

Customer service issues are the most frequent complaint from customers who have interacted with this lender.

Another common customer complaint was the automatic payment system, which some customers allege has done things like change scheduled payment dates without cause or confirmation from the borrower.

Bottom Line

Compared to other auto lenders that are attached to the vehicle manufacturer, like Toyota, GM, VW, and Subaru, Hyundai Motor Finance has lower average customer reviews. It also has a higher minimum credit score than a number of its peers. If you are buying a Hyundai vehicle, consider shopping around first for other auto loan options to make sure you get the best deal.

>> Read More: Is it better to finance a car through a dealer or a bank?

^*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.