Embarking on the journey to buy a new Hyundai Sonata sedan or Tucson SUV? Then come to Matthews Hyundai! Our goal is to provide our clients with personalized car loans and credit plan options that best fit their budgets, ensuring a hassle-free car-buying experience. Regardless of your financial background, the dedicated team at our Hyundai dealership near Laytham prioritizes your needs for a seamless process.
Thanks to Ronald Tucker, an expert in the automotive industry and General Manager here at Matthews Hyundai of Schenectady, we've compiled an extensive list of frequently asked questions about financing a Hyundai. Continue reading or visit our nearby dealership for valuable insights from our qualified finance experts.
Matthews Hyundai Financing FAQs
What are the current interest rates to buy a car?
Interest rates can fluctuate often due to market conditions. To get the most accurate picture for today, we recommend visiting our NY Hyundai dealership or contacting us directly.
How do I get a good interest rate?
Maintaining an above-average credit score, typically a FICO score of 700 or higher, is key to securing a low interest rate. Additionally, ensuring all bills are paid on time and keeping debts low will positively impact your creditworthiness.Â
How much of a down payment do I need to finance a car?
While it's not always necessary to make a down payment, it is recommended to put down 20-30% of the sale price of the vehicle. This can lower your monthly payments and reduce the total interest paid over the life of the loan.Â
What additional costs will I be responsible for when buying a new car?
In addition to the sale price of the vehicle, you will need to account for taxes, title fees and licensing fees. It's also wise to budget for ongoing costs such as fuel, maintenance and auto insurance.Â
How can I find the value of my trade-in?
You can easily find out the value of your trade-in by clicking visiting the "Value Your Trade" page on our website. Alternatively, bring your vehicle to our dealership and our experienced buyers will provide an accurate appraisal based on its condition and current market trends.Â
Does my credit score impact my loan rate?
Yes, your credit score has a direct impact on your loan rate. Typically, a higher credit score results in more favorable loan terms and lower interest rates.
I have a low credit score -- can I still finance a car?
Yes, even if you have a low credit score, financing is still possible. Often this involves higher interest rates or may require a larger down payment or cosigner.
I don’t have a credit history yet -- can I still finance a car?
Yes, you can still secure financing even without an established credit history. Lenders might look for other indicators of financial responsibility such as stable employment and income.
What’s the best length for a car loan?
Given today's market conditions, 72-month loan terms are becoming standard for newer vehicles. However, it's important to consider how long you plan to keep the vehicle and what monthly payment fits into your budget comfortably.
Can you offer a better interest rate than my pre-approved rate?
Yes, we work with multiple financial institutions that compete for your business, allowing us to often secure better rates than those pre-approved by other lenders.
Can I reduce my monthly payments down the road?
Yes, refinancing your car loan can potentially lower your monthly payments depending on current interest rates and your improved credit score.
Can I sell my car while I’m still paying it off?
Yes, selling your car while still paying off the loan is possible. However, be aware of any remaining balance on the loan which must be settled either through proceeds from the sale or out-of-pocket funds.
Can I add a warranty when I buy a car?
Absolutely! Adding warranties is highly recommended given current labor and parts costs. We offer various warranty plans that can provide peace of mind and safeguard against unexpected repairs.
Local Hyundai Dealer in New York
For any additional questions about your Hyundai financing options or if you wish to set up a Hyundai Santa Fe test-drive near Laytham, we invite you to reach out to Matthews Hyundai of Schenectady. We're excited to assist you in getting behind the wheel of a new or used Hyundai in Schenectady.
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