Buying a used Hyundai with hire purchase (HP) car finance

Hyundai is a South Korean car manufacturer known for its value for money, reliability, and advanced technology.

At AutoMoney Motor Finance we can help you secure HP car finance on a used Hyundai within minutes.

What’s more we can complete your deal the same day, so you can drive home with your chosen Hyundai model straight away.

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Complete your details via our online form.

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Representative example

You could borrow £10,000 over 60 months with an initial payment of £490.66 (including £199 Admin Fee) followed by 58 monthly payments of £291.66 with a final payment of £490.66 (including optional £199 Option to Purchase Fee).

Total amount repayable will be £17,897.60.

29.3% APR, annual interest rate (fixed) 24.7%.

This example uses the representative APR. This is the rate at least 51% of customers are expected to get.

Lending is subject to status and additional affordability checks. Rates quoted are subject to change and will depend on lending amount and personal circumstances.

Contents

Want to know more about buying a used Hyundai?

If you’re considering purchasing a used Hyundai, here’s a detailed look at what you should know about its strengths and weaknesses:

Strengths of Hyundai

  1. Reliability:
    Hyundai vehicles are well-regarded for their reliability and longevity. The brand has built a reputation for producing durable cars that require minimal repairs, making them a smart choice for used car buyers.
  2. Value for money:
    Hyundai offers a great balance of quality and affordability. Their vehicles often come with a generous list of standard features, providing excellent value for money compared to competitors.
  3. Resale value:
    Hyundai’s generally maintain good resale value. Their reputation for reliability and efficiency means they are in high demand in the used car market, which can be beneficial if you plan to sell the car in the future.
  4. Advanced technology:
    Hyundai incorporates advanced technology in its vehicles, including features like Hyundai SmartSense (a suite of safety and driver-assistance technologies), advanced infotainment systems, and efficient hybrid and electric powertrains.
  5. Comfort and practicality:
    Hyundai vehicles are known for their comfortable interiors and practical designs. Models like the Tucson and Santa Fe offer spacious cabins, ample cargo space, and user-friendly layouts, making them ideal for families and daily use.
  6. Warranty:
    Hyundai offers one of the best warranties in the automotive industry, often providing longer coverage than many competitors. This can be a significant advantage when buying a used vehicle, as some of the warranty may still be in effect.

Weaknesses of Hyundai

  1. Interior material quality:
    While Hyundai interiors are practical and well-designed, the quality of materials used in some models can be less premium compared to competitors. This can be particularly noticeable in older or lower-trim models.
  2. Performance:
    Hyundai vehicles are generally not known for high performance or sporty driving dynamics. If you prioritise powerful acceleration or sharp handling, certain Hyundai models might not meet your expectations.
  3. Depreciation on certain models:
    Although Hyundai’s generally hold their value well, some models may depreciate faster than others. It's important to research the specific model and year to understand its depreciation trends.
  4. Road noise:
    Some Hyundai models have been criticized for higher levels of road noise compared to competitors. If a quiet cabin is a priority for you, it's worth test driving to ensure the noise levels are acceptable.
  5. Standard features:
    While Hyundai vehicles come well-equipped, some entry-level models may lack certain standard features that are commonly found in competitors. Be sure to check the specific features included in the trim level you are considering.

Tips for buying a used Hyundai:

  • Research specific models:
    Popular models like the Elantra, Sonata, Tucson, and Santa Fe each have unique characteristics. Research specific model years for any common issues or recalls to ensure you make an informed decision.
  • Check service history:
    Ensure the vehicle has a comprehensive service history. Regular maintenance by authorised Hyundai service centres is a good indicator of a well-cared-for car.
  • Inspect for wear and tear:
    Look for signs of wear and tear, especially on high-mileage models. Pay close attention to the condition of the interior, electronics, and suspension components.
  • Consider certified pre-owned:
    Buying a dealership-certified pre-owned Hyundai offers benefits like extended warranties and rigorous inspections, providing added peace of mind.
  • Evaluate running costs:
    Factor in potential running costs, including insurance, road tax, and fuel consumption, to ensure the car fits within your budget. Hyundai’s generally have reasonable running costs, which contributes to their overall value.

Overall, a used Hyundai can offer a reliable, efficient, and practical driving experience, with advanced technology and strong resale value. By doing thorough research and inspections, you can find a high-quality used Hyundai that meets your needs and provides lasting satisfaction.

Buying a used Hyundai with HP car finance

One of the ways to buy a used Hyundai (Hyundai), if you do not have enough money to pay for it in full straight away, is to use Hire Purchase car finance (HP car finance).

This is where you ‘hire’ the Hyundai from us, spreading the cost of the car over monthly payments to us. These payments contribute towards you ‘purchasing’ (buying) the Hyundai from us at the end of the term of the borrowing, when you also pay a one-off “option-to-purchase” fee.

At this point you own the Hyundai completely and our contract comes to an end.

The pros and cons of HP car finance

Borrowing money to buy anything comes with risks, as well as rewards.

Buying a used Hyundai could be the right choice for you and an ideal solution to the practical challenges of getting about day to day. However, whilst a used car can be significantly cheaper than its brand new alternative, it still involves spending a lot of money.

When you borrow money, you need to make sure you can keep up with payments comfortably. You will have other bills to pay and necessary things to buy, so you don’t want to find that the payments on your Hyundai are leaving you short of money each month.

There are also other considerations when buying a used car and below we share the pros and cons, to help you decide if applying for HP car finance is right for you.

The pros

  • Drive away in a Hyundai today: with HP car finance you can get a Hyundai, even if you don’t have all the money for it right now.
  • Spread the cost of owning your Hyundai: cars are expensive, but are often an essential part of daily life. When you buy your Hyundai with HP car finance, you can pay for it gradually over time.
  • Manage your finances: HP car finance comes with a clear payment plan. You can easily compare what your finances will look like each month by taking away the money your Hyundai will cost you, alongside your other bills and costs, from your income to make sure it is affordable for you.
  • Decide how much you can afford each month: if you find the Hyundai you are looking at is too expensive per month, you can look at other options, with lower monthly costs.
  • Choose a term that suits you: you can repay over 3-5 years, which will impact the monthly cost to suit your monthly finances. Borrowing for longer reduces the monthly cost, but be aware it may increase the total amount you repay.
  • Own your Hyundai at the end of the term: If you keep up with your monthly payments, and can afford the “option-to-purchase” fee, you will own your Hyundai at the end of the term of your agreement.

The cons

  • Delayed ownership: You won't own the car until the final payment is made. Missing payments could result in your Hyundai being repossessed.
  • Depreciation: Used cars can lose value quickly. You might end up paying more than the Hyundai is worth over time.
  • Higher total cost: The total amount paid, including interest and fees, will be much higher than the Hyundai’s purchase price.
  • Insurance requirements: Comprehensive insurance is required, which can be more costly.
  • Credit impact: Missing payments can negatively affect your credit score, making future borrowing more difficult.
  • Repossession risk: Failure to make payments can lead to the car being repossessed, possibly leaving you with outstanding debt.

Please make sure you read and understand your hire purchase agreement, maintain your car and ensure you can afford the payments before committing.

Why get HP car finance with AutoMoney Motor Finance?

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Ready to apply?

We hope you found the information on this page useful. If you are now ready to apply for HP car finance with us, we’d be pleased to help.

Get started with an application using our online form:

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Representative example

You could borrow £10,000 over 60 months with an initial payment of £490.66 (including £199 Admin Fee) followed by 58 monthly payments of £291.66 with a final payment of £490.66 (including optional £199 Option to Purchase Fee).

Total amount repayable will be £17,897.60.

29.3% APR, annual interest rate (fixed) 24.7%.

This example uses the representative APR. This is the rate at least 51% of customers are expected to get.

Lending is subject to status and additional affordability checks. Rates quoted are subject to change and will depend on lending amount and personal circumstances.

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