Hyundai i10 Finance Options

The Hyundai i10, a popular city car, offers a range of finance options to make ownership accessible to a wide audience. Understanding these options is crucial for making an informed decision that suits your individual financial circumstances.

Personal Contract Purchase (PCP)

PCP is a popular choice for financing the i10. It involves paying a relatively lower monthly payment compared to other finance options. You'll pay an initial deposit, followed by monthly installments over a set period (typically 24-48 months). At the end of the agreement, you have three choices:

• Option 1: Purchase the car. You can pay a pre-agreed "optional final payment" (also known as a balloon payment) to own the i10 outright.
• Option 2: Return the car. If you don't want to own the car, you can simply return it to the finance company, provided it's within the agreed mileage and in good condition.
• Option 3: Part-exchange. You can use the i10 as part of a trade-in for a new car, potentially using any equity (the difference between the car's value and the outstanding finance) towards the deposit on your next vehicle.

PCP is attractive due to its lower monthly payments and the flexibility it offers at the end of the agreement. However, remember you are not the owner of the car until the final payment is made.

Hire Purchase (HP)

Hire Purchase involves paying off the full value of the Hyundai i10 over a set period, usually with higher monthly installments than PCP. You pay a deposit, followed by fixed monthly payments. Once you've made all the payments, you automatically own the car.

HP is a straightforward option, ideal if you want to own the car outright at the end of the agreement. It's a good choice if you plan to keep the i10 for a longer period.

Personal Loan

You can secure a personal loan from a bank or credit union to purchase your i10. This involves borrowing a lump sum and repaying it in fixed monthly installments over a set period. You own the car from the outset.

Personal loans offer flexibility, as you can shop around for the best interest rates. However, interest rates can vary depending on your credit score.

Hyundai Finance Offers

Hyundai often runs special finance offers, such as low APR rates or deposit contributions. These offers can make financing an i10 more attractive. Check the Hyundai UK website or your local dealership for current promotions.

Considerations

Before committing to any finance option, carefully consider the following:

• Your Budget: Assess how much you can comfortably afford to pay each month.
• Interest Rates (APR): Compare APRs from different lenders to find the most competitive rate.
• Deposit Amount: A larger deposit usually results in lower monthly payments.
• Mileage Restrictions (PCP): Be mindful of mileage restrictions if considering PCP, as exceeding the agreed mileage can incur extra charges.
• Terms and Conditions: Read the fine print carefully to understand all the terms and conditions of the agreement.

By carefully evaluating your needs and exploring the available finance options, you can find a suitable way to finance your Hyundai i10 and enjoy the benefits of driving this practical and economical city car.