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What's your monthly budget?
Everyone has an idea of how much they want to pay towards their car purchase each month. So let's look at another scenario.
Assume you need to borrow £6,000 but only have a budget of £200 per month, and for this example we will assume all lenders lend money at 20% APR.
Most lenders lend money to the nearest full year, so you would have the following options at 20% APR.
Pay 36 instalments of £218.25
Pay 48 instalments of £177.50
In the above circumstances you would be either over-committed on the 3 year agreement or paying excess interest over a 4 year term.
Hyundai Car Finance could offer arrangements of £201.75 over 40 months or £198.25 over 41 months, linking the borrowing a lot closer to your requirements.
All the above agreements have the same APR, yet the 41 month Hyundai Car Finance arrangement would save you £391.75 when compared with the 4 year facility.
Hyundai Car Finance arrange flexible payment terms.