Savings site Motozuma has continued its partnership with Hyundai with the result that poor credit car buyers could reduce the overall expenses of an auto loan
Consumers with problem credit that need a car loan should always be looking for any way they can reduce the overall expenses inherent in these types of loans.
Here at Auto Credit Express, we understand the importance of all this because for more than two decades we’ve been helping car buyers with bad credit searching for online auto loans get matched up with those car dealers that can offer them their best chances for auto loan approvals.
So when it comes to lowering the overall costs of a subprime auto loan, we have a solution that works every time – increasing the amount of the down payment. And while not all credit-challenged borrowers will qualify for a new car and fewer still will happen to be at a Hyundai new car dealer, for those that find themselves in this situation there is a pretty ingenious program out there courtesy of Korean automaker Hyundai and online savings site Motozuma.
When it comes time to pick out a vehicle, most consumers with less than perfect credit choose something off the used car lot. This makes sense because typically these vehicles are more affordable which usually translates into a lower monthly payment. Considering only the price, then, this move makes a great deal sense.
There are, however, other aspects to consider: fuel economy, interest rates, and a vehicle service contract versus a new car warranty as well as the length of the loan term. All these issues need to be looked at when determining the overall costs of vehicle ownership
It’s also why the program from Hyundai and Motozuma could be good news for many car buyers with credit issues. In this case, in renewing its partnership with the free social savings website, the manufacturer is once again offering to match the funds on deposit if the account holder buys a new Hyundai.
The automaker puts it this way: “Hyundai will match dollar for dollar up to $500 for a customer that buys a new 2012 or 2013 Hyundai using their Motozuma account funds as a down payment. Hyundai matches the dollars and Motozuma acts as the facilitator of the down payment at the dealership.”
Not only will Hyundai match the buyer’s first $500, it just so happens that their vehicles are some of the most affordable new cars available and, to top it off, all Hyundais come with one of the best new car warranties in the business – a 5-year, 60,000-mile transferable limited new car warranty and a 10-year, 100,000-mile powertrain warranty. Not only that, but buyers also get 5 years of roadside assistance at no charge.
Advantages and disadvantages
To participate in the program all potential buyers have to do is to set up an account with Motozuma for at least 30 days. Once they’ve deposited up to $500, they’re eligible for the matching funds from Hyundai.
So are there any disadvantages to it?
For borrowers with imperfect credit there is a downside to all this. One thing to keep in mind is that not all buyers with necessarily qualify for a new car. Secondly, not all shoppers will have a Hyundai dealer convenient to them that caters to customers with credit challenges.
Having said that, how do car shoppers with credit deficiencies find a dealer willing to work with them?
How we can help
The answer to that question is that Auto Credit Express matches people that have experienced problems with their auto credit with new car dealers that can offer them their best opportunities for approved auto loans.
So if you’re ready to reestablish your car credit, you can begin now by filling out our online auto loan application.