How Long Should I Finance My Hyundai Car For?

A new car is a major purchase. Fortunately, the team at Sansone Hyundai is here to help with all your Hyundai finance needs. If you decide to take out an auto loan to make your Hyundai car more affordable, you’ll need to select loan terms that work for your budget. Here’s what you need to know!

How Do Auto Loans Work?

When you take out an auto loan, you won’t have to pay the full price of the car upfront. Instead, you make a one-time down payment and then make the rest of the payments, plus interest, in monthly increments over a set term length.

Shorter vs. Longer Finance Terms

So, which is better: a shorter finance term or a longer one. There are benefits and drawbacks to both, so the best option for you depends on your specific financial needs.

A shorter term means higher monthly payments, but you’ll have fewer payments in total and less interest overall. If you choose a longer finance term, then your monthly payments will be lower, but you’ll have to make more of them, and you may end up with significantly higher overall interest.

What Is the Average Length of a Finance Term?

The average length of an auto loan finance term is 72 to 84 months, or six to seven years. This length allows for an ideal balance between monthly payments and overall interest.

Learn More About Hyundai Finance at Sansone Hyundai!

Have more questions about finance options? The team in our Hyundai finance center can answer them. will work out a payment plan that meets your needs and makes your purchase as easy as possible. Visit our Hyundai dealership in Woodbridge, NJ today or get prequalified by visiting our website.

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