It is possible that someone got a better rate, it is also possible that they got a much worse rate. Financing is dependent on your specific situation. Best thing to do is check around to see if you can get a better rate yourself outside of Hyundai.

That said dealers can usually buy pretty good rates from banks for you.

 

I'm planning on putting mine on my line of credit. I get 2.9% rate, plus the car doesn't have a lien on it.

 

Fixed rate vs variable rate. Remember with a fixed rate you are locked in and do not have to worry about potential interest rate increases. As pointed out when using a line of credit you will not have to put lien on the vehicle, so it would be easier to sell, but you would be at risk of high payments should interest rates increase. Interest rates may rise. But who knows for how long and for how much so your decision on fixed vs variable will come down to what you are willing to pay and your comfort level (risk). With the dealer financing just make sure there are no hidden fees (compare apples to apples with a bank loan) otherwise as pointed out you can often get a very good rate from the dealer. Shop around so you can make an informed decision.

 

i have 2.24 variable from HSBC.

 

I have 2,5% variable from Desjardins on my line of credit, and 5,5 fixed on an auto loan

 

Should also point out that it’s an open loan at Huyndai. So if you find better rates down the line you can it off and transfer it.

 

That is some great points guys. Greatly appreciate your help. They way things are going with the inflation, I fear we're going to see some drastic rate hikes for the foreseeable future so I'm leaning more towards fixed rather than variable. In any case, I will talk to my bank and see what can they offer me in terms of loans and then make my decision.
Thank you

 

I used the HSBC EV Loan (wasn't a previous customer) - got it for variable 1.99% now its likely 2.25%. I think it's one of the only cheaper options than with Hyundai to be honest.

 

To make it easy I just went through Hyundai financing and got 2.99% for 60 months with no down payment. Can pay off in 6 months without penalty. I just asked for a reduction from 3.49 among other requests to finalize the deal and they didn't put up much of a fight.

 

Wow, I never thought that'd be possible. Thank you for your insight. Was there lots of back and forth and waiting at the office while they "let me speak with the manager?"