Thanks to Hyundai's generous new incentive.
Most automakers no longer offer flexible payment options for car buyers, but Hyundai is taking an entirely different, more consumer-friendly approach. While only the Tucson and Santa Fe SUVs were previously available with deferred payment options, Hyundai is expanding this option to almost its entire lineup.
According to a dealer incentive bulletin obtained by CarsDirect, you won't have to pay for your new Hyundai for the first 90 days. At least ten models will be available with this no-payment option, and Hyundai is also offering interest-free financing. It's a welcome gesture for new car buyers at a time when many people are facing financial hardship during the pandemic.
There are a few caveats, however. The offer is limited to customers financing at 0 percent APR, meaning that those with tier 1 credit borrowing through Hyundai Financial are most likely to benefit from the incentive. Available offers also vary for different models.
Currently, the 2020 Hyundai Sonata, Sonata Hybrid, Tucson, and Santa Fe are available with interest-free financing for 72 months, but this is limited to 60 months on the Elantra, Elantra GT, Venue, and Kona. Interest-free loans for the Accent, Veloster, Veloster N, and Palisade, on the other hand, are limited to 48 months.
While Hyundai is clearly offering the incentive to ship remaining 2020 inventory, 2021 versions of the Accent, Kona, and Tucson are available with the same 0 percent financing offers.
By contrast, Chevrolet only offers 0 percent APR for the Trax, Equinox, and Bolt EV. Ford also recently removed a 0 percent APR offer for 72 months and increased raised up to 6.9 percent on models such as the 2020 EcoSport. Unlike most automakers, Jeep, Dodge, and Mazda also still offer payment deferrals. If you want to take advantage of Hyundai's new incentive, it will be available until November 2.