Hyundai Capital said on the 29th that comparing interest-rate benefits when buying or selling a car can maximize economic gains. Hyundai Capital is running a financial promotion called "mobility installment." In this promotion, benefits vary by model, including interest-free installments for up to 60 months and a 3% rate for 36 months. For electric vehicles, the 36-month rate varies by model from 1.8% to 2.8%.
When driving a car, you should choose a financial product that fits your economic situation and income structure. Customers who want to minimize monthly installment payments can use a deferred-payment plan, such as "Hyundai Motor vehicle return deferred installment" or "Kia deferred installment," to defer up to 65% of the principal until maturity.
If it is not possible to repay the deferred principal at maturity, you can return or sell the car you have been driving to raise the payment. According to Hyundai Capital, when purchasing a Hyundai Motor Grandeur priced at 47 million won, choosing a deferred-payment installment instead of a standard installment can save 710,000 won per month.
When selling a car, using a deferred-payment installment can guarantee up to 65% of the new car price. Considering that the price of a 3-year-old used electric vehicle is typically about 55% of a new car, you can still benefit even if the installment interest rate at the time of purchase is 1 percentage point (p) higher.
A Hyundai Capital official said, "If you weigh the gains and losses across the entire vehicle life cycle, you can make a practical choice."