Finance

Hyundai Finance Explained

Hyundai Financing is an easy and better choice for your car. It doesn’t matter if its award-winning i10 or the bold Kona design, Hyundai Finance will first and foremost, check out your needs and requirements and then offers a range of its products that will suit your needs most.

Brief Information About Personal Contracts and Purchase:

It is just like the personal Motor Loan contract, but it’s come with additional flexibility, it’s because of the part of the cost is deferred until the contract ends. Its other name is known as an optional final payment (OFP); it comes along with the benefit of lower monthly repayments.

From the very beginning of the contract, optional final payment will be set for the car and don’t worry. This payment will be set by considering your chosen term, along with approximate annual mileage.

The deposit will be of your choice, and you can decide how you wish to pay and then make monthly repayments are fixed on the outstanding loan balance and less the optional final payment.

As your monthly repayment period came near to its end, you will have these three options:

Renew:

You will be happy to know that you have the choice to renew or exchange the car, you can use equity over and above the optional final payment as a deposit on your next vehicle at any time although you need to remember that equity is anticipated and it won’t come with a guarantee.

Retain:

The final payment will be of your choice before you buy the car.

Return:

You can return your car to us, without worrying over the payment (subject to mileage and fair wear and tear).

Product Parameters:

Usually, 25, 37 or 43 months given for the car payment. The optional final payment is set by taking consideration of the repayment period and mileage. The decision can be made from 6,000 to 30,000 miles per annum.

The car can be as old as 47 months old and 50,000 miles at the beginning of the contract and remember it must not exceed 84 months / 100,000 miles limits when the time comes to an end the contract.

A maximum of 50% deposit is more than agreeable, and the minimum loan amount should be around £3,000.

As you deliver all monthly repayments and everything is cleared, including the optional final payment, you will be the owner of the car. As fat as all our finance products are concerned, you will find no fee charged to you on arrangements or purchase fees.

Things You Must Know About Contract

The contract is basically made to secured against the car. If you are making on-time repayments on time or not pay at all, then necessary steps are taken by Hyundai finance to recover the money that is still not paid yet. One thing is sure they may take the car back from you.

If the contract ended without complete payment, then there is also the possibility of not getting any kind of equity (the difference between the optional final amount and the value of the car).

If you can pay a higher deposit, then you will get lower monthly repayments. However, the high deposit does not change the optional final payment set at the beginning of the contract or change its valuation when the contract ended.

In case, you decide to return the car by the time contract ended, but it has run for more miles than agreed, in this scenario, you will have to pay a charge for extra mileage it had driven. Also, you need to keep a car in perfect condition because if you won’t, then, you will be charged accordingly to its age and mileage.

This type of finance agreement is for singular private dealings, and this type of deals is not available to corporate entities, e.g. limited companies, PLCs or limited partnerships.

This type of agreement is made according to the Consumer Credit Act 1974, which means:

During the deal, you can pay a lump sum.

By repaying the required amount, You can have an early settlement of the contract.

Personal Motor Loan in detail:

You can sale your current vehicle and put that money safe for your initial deposit, or select how much money you want to set aside for your deposit, or if you’re going to set any money aside at all, and create the contract that fulfils your requirements. Select your own term to make regular monthly repayments to repay the remaining balance; this whole procedure in Hyundai Finance is really simple.

Once you fixed your interest rate, you have a safe, sure way for monthly payment, which can easily fit within your budget limits. As soon you pay all your monthly repayments then you will easily own the car. The same rule applies to all Hyundai finance products. You will find no arrangements or purchase fees.

Product Parameters:

Hyundai Finance minimum loan amount, which is £3,000. The Repayment periods can be around 12-60 months. It’s required a minimum deposit of 0% (criteria may vary dependant on campaign programmes).
The car running age must not be more than 14 years old by the time the agreement period came to an end.

PERSONAL CONTRACTOR HIRING EXPLAINED

The details about Personal Contract Hire:

Personal Contract Hire is the favourite choice for many customers who would prefer leasing a car, rather than buying one for themselves. It’s much like paying an advanced rent (amount dependent on the size of monthly rental). Usually, the payment can be set into three, six or nine monthly rentals. You only need to pay your fixed monthly rental fee (plus VAT), and in return, you will have the right to use your chosen car over a pre-decided period and mileage.

By the time, it came to its end you will be not held responsible for the disposal, just return the car without further payment, make sure it has not driven more the agreed mileage, and the condition is agreeable with its age and mileage. Remember! Renting vehicles, for the time being, does not make you automatically the car owner by the time the contract is completed.

Product Parameters & Personal Contract Hire:

Mostly Contracts are formed for 24, 36 or 48 months in duration.

Both excess mileage and vehicle condition charges are part of this contract.

Maintenance of the vehicle can be added to your monthly rental, but this is an added option and can be negotiated.

You will not be the owner of the car, and no clause says to purchase the vehicle when the contract reached its end. All our Hyundai finance products came without additional fees regarding arrangement or purchase.

FINANCE EXPLAINED

Financing your new Hyundai is simple – whether its the award-winning i10 or the bold design of the Kona, Hyundai Finance has a range of products and offers which can be personalized to suit your needs.

Personal Contract Purchase in detail

Similar to a Personal Motor Loan contract but with additional flexibility since part of the cost is deferred until the end of your contract. Also known as an optional final payment (OFP), it may give you the benefit of lower monthly repayments.

At the start of the contract, we’ll set this optional final payment for the car, this will be based upon your chosen term and approximate annual mileage.

You select the deposit you wish to pay and then make monthly repayments based on the outstanding loan balance, less the optional final payment.

At the end of the monthly repayment period you’ll have three options:

OPTION
01.

Retain

You can pay the optional final payment and the car is yours

OPTION
02.

Return

You can hand the car back to us, with nothing further to pay (subject to mileage and fair wear and tear).

OPTION
03.

Renew

You can part exchange the car, using any equity over and above the optional final payment as a deposit on your next car. Although equity is anticipated, this cannot be guaranteed.

Product Parameters
Typical repayment periods are over 25, 37 or 43 months.
The optional final payment is based on your repayment period and mileage. This can be set from 6,000 to 30,000 miles per annum.

The car can be up to 47 months old and 50,000 miles at the start of the contract and must not exceed 84 months / 100,000 miles at the end of the contract.

A maximum of 50% deposit is allowed and the minimum loan amount is £3,000.
Once all the monthly repayments have been made, including the optional final payment, you will own the car. As with all our finance products, there are no arrangements or purchase fees.

What else do I need to know?

The contract is secured against the car. If you do not keep up your repayments, we may take steps to recover the money that is owed, which may include repossession of the car.
At the end of the contract, it is possible there may not be any equity (the difference between the optional final payment and the value of the car).

A higher deposit means you will have lower monthly repayments. However, it will not change the optional final payment set at the start of the contract, or the valuation at the end of the contract.

If you decide to return the car at the end of the contract and it has covered more miles than agreed, you will be required to pay a charge for excess mileage. In addition, if you have not kept the car in reasonable condition for its age and mileage you may be charged a refurbishment cost.

This type of finance agreement is not available to corporate entities, e.g. limited companies, PLCs or limited partnerships.
This type of agreement is covered by the Consumer Credit Act 1974, which means:

– You can pay off lump sum amounts during the agreement
– You can settle the contract early by repaying the required amount.

Personal Motor Loan in detail

Trade in your existing car and put this towards your initial deposit, or select the deposit you wish to pay if any at all and structure the contract to your requirements. Select a term and make regular monthly repayments to repay the balance, it’s that simple.

As your interest rate is fixed, you have a guaranteed monthly payment, allowing you to budget with confidence. Once all the monthly repayments have been made, you will own the car. As with all our finance products, there are no arrangements or purchase fees.

Product Parameters

The minimum loan amount is £3,000. Repayment periods can vary from 12-60 months, with a minimum deposit requirement of 0% (criteria may vary dependant on campaign programmes).

The car must not be more than 14 years old at the end of the agreement period.

What else do I need to know?

The contract is secured against the car. If you do not keep up your repayments, we may take steps to recover the money that is owed, which may include repossession of the car.

If you put down a lower deposit it could mean a higher risk of negative equity if you wish to settle early or want to change the car before the end of your contract.

This type of finance agreement is not available to corporate entities, e.g. limited companies, PLCs or limited partnerships.

This type of agreement is covered by the Consumer Credit Act 1974, which means:

– You can pay off lump sum amounts during the agreement
– You can settle the contract early by repaying the required amount.

PERSONAL CONTRACT HIRE EXPLAINED.

Personal Contract Hire in detail
Personal Contract Hire is the choice favoured by most people who would prefer to lease a car, rather than own one. You pay an initial upfront advance rental (amount dependent on the size of monthly rental), usually the equivalent to three, six or nine monthly rentals. You then pay a fixed monthly rental fee (plus VAT) and in return have the right to use your chosen car over a pre-agreed period and mileage.

At the end of this period, you are not responsible for the disposal, you simply return the car without further cost, providing it has not exceeded the agreed mileage and the condition is reflective of its age and mileage. There is no option to own the car at the end of the contact.

Product Parameters

Personal Contract Hire contracts are normally 24, 36 or 48 months in duration.
Both excess mileage and vehicle condition charges may apply.

Maintenance of the vehicle can be included in your monthly rental as an added option.
You will not own the car and there is no option to purchase at the end of the contract. As with all our finance products, there are no arrangements or purchase fees.

About the author

Suumit Shah

Suumit is the serial entrepreneur, a digital marketing expert with more than 8 years of experience in running a successful digital marketing agency by the name of Risemetric. To know more about him, you can follow him on Twitter

Add Comment

Click here to post a comment

Sponsored POst

We’re Social

Categories

###