Hyundai finance interest rates & options
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Hyundai financing in Australia
As one of the top-selling car manufacturers in the country, Hyundai has established itself as a reliable and innovative brand. In 2022, it was one of the top five car brands in Australia for new car sales (over 73,000 sales), alongside market-leaders Toyota, Mazda, Kia and Mitsubishi.
Along with the ever-popular i30 hatch, Hyundai is best-known for its range of SUVs, with the Tucson, Santa Fe, and Palisade leading the charge.
Hyundai’s growing range of electric vehicles, including the popular Kona and IONIQ, are also now challenging the dominant EV brands, such as Tesla.
When it comes to financing your Hyundai, you also have plenty of options to choose from. With many lenders competing for your business, it's important to do your research and, importantly, compare Hyundai interest rates to ensure you're getting the best deal possible.
Our guide will help you find the Hyundai financing option that works best for you and your budget.
Hyundai finance options
- Finance for Hyundai i30, Santa Fe, Tucson, Kona, IONIQ 5 and more
- Low rate secured car loans
- Hyundai commercial finance options
- Novated lease for Hyundai available
- Borrow up to $150,000
- Fixed or variable interest rate
- Finance terms from 1 - 7 years
- Flexible repayment options
- Pre-approval available
Best Hyundai finance rates compared
| Vehicle | Estimated cost (from) | Monthly repayments (6% p.a. interest) | Monthly repayments (8% p.a. interest) | Monthly repayments (10% p.a. interest) |
|---|---|---|---|---|
Venue | $25,243 | $488 | $512 | $536 |
i30 | $27,595 | $533 | $560 | $586 |
Tucson | $37,162 | $718 | $754 | $790 |
Sante Fe | $48,782 | $943 | $989 | $1,036 |
Kona Electric (Elite, standard range) | $57,585 | $1,113 | $1,168 | $1,224 |
Palisade (Elite 7-seat) | $69,464 | $1,343 | $1,408 | $1,476 |
IONIQ 5 (Dynamiq) | $76,501 | $1,479 | $1,551 | $1,625 |
IONIQ 6 (Dynamiq) | $78,122 | $1,510 | $1,584 | $1,660 |
Qualifying for Hyundai Finance
The eligibility criteria for a Hyundai car loan will differ depending on the lender, but generally, you will need to:
- Be at least 18 years of age
- Hold Australian citizenship or permanent residency
- Have a steady income that can support loan repayments
- Meet other credit criteria set by the lender, including your credit score, expenses and existing debt
How to apply for Hyundai finance
To apply for Hyundai finance in Australia, you’ll need to follow these steps:
- Compare personalised quotes from various finance providers.
- Choose the deal that best suits your needs.
- Submit your application to your lender of your choice.
- Provide the necessary documents to support your application, such as bank statements and payslips.
- Wait for your application to be reviewed by the lender.
If approved, you will receive car loan pre-approval for a certain amount, allowing you to shop for a Hyundai with a budget in mind. Alternatively, if you have already found a Hyundai model to buy, the lender will give final loan approval.
Some providers offer same-day approval on Hyundai finance, so you can apply and be approved for a car loan quickly and easily.
Your Hyundai finance options explained
Secured versus unsecured Hyundai finance
When financing a Hyundai, a secured car loan will generally cost much less than an unsecured loan. This is because the car you purchase will be used as collateral for the loan, which reduces risk for the lender. It's still possible to get a secured used car loan for a Hyundai, as long as it’s less than 12 years old.
The term for secured car finance on a Hyundai will usually be between 1 and 7 years.
Hyundai green loans
If you’re considering a vehicle from Hyundai's electric vehicle range (e.g. the Kona electric or IONIQ range), you may be eligible for a green loan. This is a type of financing offered by some lenders specifically for eco-friendly purchases.
In practice, this kind of loan will function in a similar way to a secured car loan, but you may benefit from a discounted interest rate and lower fees.
Hyundai novated lease
A novated lease through your employer is another financing option for your Hyundai. The vehicle can still be used 100% for personal use, but the arrangement offers significant tax advantages compared to a car loan, as you can pay for the vehicle as well as running costs using pre-tax salary. You'll also receive a GST discount on the cost of the car and its running costs.
If you get a novated lease for one of Hyundai’s EVs there is a fringe benefits tax exemption for electric vehicles below the luxury car tax limit ($89,332 in the 2023/24 financial year). This significantly increases the savings drivers can get by financing an eligible Hyundai using a novated lease.
Hyundai commercial finance options
If you plan to use your Hyundai for business purposes for more than 50% of the time, you may be eligible for a chattel mortgage, which is a type of business car loan. This works similarly to a secured car loan, but offers additional tax benefits for businesses.
Taking out a finance lease is another way business can finance a Hyundai. This is an option for businesses that do not want or need immediate ownership of the vehicle.
Hyundai dealer finance
Like most manufacturers, Hyundai offers financing directly to its customers. This includes a fixed-rate car loan, as well as the "Hyundai CarPlan", which includes a balloon payment (called the guaranteed future value amount). This is aimed at drivers who plan to trade in and replace their Hyundai regularly.
Hyundai also offers a chattel mortgage product to businesses.
When considering dealer finance, be aware that it's often marketed to car buyers based on convenience. It won’t necessarily be the best deal you can get. Car buyers are often advised, including by the Australian Federal Government’s Moneysmart website, to shop around for the best finance option separately. This gives you access to a wider range of loans and leases that can be approved just as quickly as dealer finance.
How to get the best Hyundai finance deal
While the advertised car loan interest rate will be a key factor in the overall cost of your Hyundai finance, there are other aspects to consider when seeking the best deal:
Ongoing finance rate: Some car finance deals come with an introductory rate that reverts to a higher rate after a set period. To ensure you get the best deal, look for Hyundai finance that offers a low rate throughout the term.
Fees: Some lenders may charge an application fee and ongoing fees, which can add up over time. By shopping around, you should be able to find Hyundai finance options with low or no fees.
Finance term: Consider getting the shortest finance term you can afford to save on interest.
Repayment flexibility: Having the ability to make extra repayments means you can pay off the loan early and save on interest. Just watch out for loans that charge fees for paying off the loan early.
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GET STARTEDGET STARTEDFrequently asked questions about Hyundai finance
What finance options are available for buying a Hyundai in Australia?
There is a wide range of finance options for buying a Hyundai in Australia, including secured car loans, commercial finance options (such as chattel mortgages and leasing), novated leasing for personal use, and dealer finance.
How can I apply for Hyundai finance in Australia?
You can apply for Hyundai finance in Australia either online via a lender or through a Hyundai dealership. To apply, you'll need to provide information about your income, employment status, and credit history.
How long does it take to get approved for Hyundai finance?
The length of time it takes for Hyundai finance to be approved will vary depending on the lender and its processes. If you can provide the necessary documentation to support your application (such as bank statements and payslips) at the time you apply, this will usually speed up the process. In many cases, it is possible to receive approval on the same business day.
Are there any fees for Hyundai finance in Australia?
Some Hyundai finance options in Australia may have application fees or ongoing fees. However, you can compare different options to find finance with low or no fees. It's important to read the fine print and understand all the costs associated with your chosen finance option before signing up.
What credit score is required for Hyundai finance?
The credit score requirements for Hyundai finance will vary depending on the lender you choose. Generally, if you are applying for a car loan through a major bank, you will need to have a ‘good’ credit score (typically above 660).
However, some smaller lenders may be more flexible and accept borrowers with an "average" credit score (above 460). Some lenders even specialise in offering bad credit car loans, which may be an option for financing a Hyundai if you have a less-than-perfect credit history.
Can I make extra repayments on my Hyundai finance?
Yes, most Hyundai finance options in Australia allow you to make extra repayments without incurring additional fees. This can help you pay off your loan faster and save on interest.
Can I get Hyundai finance for home charging an EV?
Yes, it's possible to bundle the cost of installing a home charging station for your Hyundai into your financing package. However, the specifics of how this can be arranged will depend on the lender and in some cases you may need to take out a separate loan for this purpose.
Are there any EV tax incentives for financing a Hyundai in Australia?
Yes, some Australian states and territories offer financial incentives for drivers who purchase an eco-friendly vehicle like a Hyundai Kona or IONIQ. These incentives include stamp duty exemptions and cash rebates of up to $3,000.
It's important to note that there are usually limits on the vehicle purchase price which means not all Hyundai models will be eligible for these schemes.
Can I get Hyundai finance with a balloon payment?
You should also be able to find Hyundai finance options that come with a balloon payment. This means you will have lower repayments during the loan term, with a large final repayment at the end of the term.
Shopping around for the right loan can save you thousands of dollars in interest and fees.
Car Loans guides and resources
Where to next? Read our other car loan guides to understand more about your options for financing your next car.
Written by
Loans Expert
Shaun McGowan
Reviewed by
Editor
Sean Callery
AS FEATURED IN
*Information about comparison rates Comparison rates are designed to allow borrowers to understand the true cost of a loan by taking into account fees and charges, the loan amount and the term of the loan. The comparison rate is based on an unsecured fixed rate personal loan of $30,000 over 5 years. WARNING: Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
