What Is a Good Interest Rate for a Car Loan?
When you're in the market for a new Hyundai Elantra or pre-owned Hyundai Venue, getting the lowest interest rate you qualify for can make a major difference in your monthly car payment. This is why our Hyundai financing team works tirelessly to help you get a car loan that works with your budget!
Visit our Hyundai dealership near Marion Oaks to learn more about how to qualify for a low interest auto loan. We'll walk you through some of the important terminology and make sure you're comfortable with every detail. Then our auto financing specialists will work with you to compare car loans to see which works for you.
What Should You Consider When Choosing an Auto Loan?
Many car shoppers looking to buy a new Hyundai Sonata or Santa Fe, consider which lender they should work with, what interest rates and terms lengths are currently available, if they need subprime financing and more. Needless to say, there's a lot to consider when choosing a car loan.
Luckily, the experts at Jenkins Hyundai of Ocala are here to help you compare your options to determine the best way to finance a vehicle based on your specific budget and needs. We'll walk you through whether to buy vs. lease a Hyundai, how to apply a trade-in value toward your purchase and we'll help you take advantage of any new car specials we're running!
What Score Is Needed for Hyundai Financing?
The credit score needed for financing isn't the only factor for qualifying for a car loan, though generally, the higher your credit score, the better the interest rate you'll get. You can get pre-approved at our local Hyundai dealer and we'll lay out all of the options that you're eligible for. We'll work with you to arrive at a payment plan you're pleased with.
What Does APR Mean?
Annual Percentage Rate (APR) is the interest rate and any fees that are rolled into your financing amount. Generally speaking, the lower the APR you qualify for, the lower your monthly payment will be. Your credit score and history heavily impact the APR you can get, but current economic health also plays a role in what rates are being offered by lenders based on perceived risk.
Credit score isn't the only factor in qualifying for a low APR, however. Your down payment amount and the loan term length can also impact your interest rate. For example, the larger your down payment, the less risk the lenders see in the loan, granting you a lower APR.
Is it Better to Finance Through a Dealer or a Bank?
A good place to start when weighing whether to borrow from a bank, credit union or the dealership, is to see who offers the lowest interest rate. From there, you can consider loan term length and other factors. Apply for financing at Jenkins Hyundai of Ocala to see what auto finance plan you qualify for with us!
