Hyundai Start program: customer reviews

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

One of the best selling cars is the Hyundai Solaris. Often it is taken either on credit or in installments. But recently, Hyundai launched a new financial program designed to replace car loans and make it easier for people to buy a new car. You can read reviews about the Start program from Hyundai in this article. We will also give a detailed explanation of what the essence of the new program is, talk about its advantages and disadvantages.

Hyundai Start program: conditions and feedback

Now any person who has a small down payment and a great desire to purchase a new car from a well-known manufacturer can easily make a purchase in any official showroom of the company. What is the "Start" program?

The manufacturer explains that it was created as an alternative to loans, which many people are already distrustful of. Hugeinterest rates deter most potential buyers. In the new program from Hyundai, monthly payments are much lower than credit ones. To get started, you need to make the first deposit. Its size can be either 15 or 50 percent. Subsequent payments will depend on the initial amount. What is the novelty of the product, because at first glance everything is very similar to a regular loan? The main feature of "Start" is the fixing of 45% of the cost of the car by the bank. No interest is charged on this amount. After the owner of the car has paid the majority of the cost of the car, he has several options:

1. Repay the remaining cost of the car at a time and become its full owner.
2. To borrow the rest of the amount at interest.
3. Give the car back to the bank.

How does "Start" differ from leasing?

Custom conditions and convenience for customers have already attracted many people. According to reviews, the Hyundai Start program is very similar to leasing. Is this true, and what are the differences?

Financial conditions of "Start" are really similar to leasing. The same down payment and low monthly payments, the same choice at the end: buy the car or give it up. But there is one big difference: if you decide to use the Hyundai financial program, then you become the owner of the car immediately. And when leasing a car, this happens only after the last payment under the contract. Prior to this, the machine is owned by a third party –leasing company. And although formally, in both the first and second cases, the car will not be completely yours until you pay all the debts, for many people it is fundamentally important whether it is recorded in their ownership or not. But keep in mind that in this case, taxes will also have to be paid on it.

The difference between the program and the loan

Sometimes the Start program is called a car loan. In fact, it is not, but still there is a certain similarity. First, after signing the contract, you immediately become the owner of the car. This is a nice addition, because now you can dispose of the car as you wish. Every month, as in a regular loan, you will have to pay the payment amounts. But they will be significantly lower than in a car loan. After reading the reviews about the Hyundai Start program, you can find that sometimes the payments for it are half as much. Let's analyze in detail what are the differences between these two financial programs:

• In "Start" a fixed cost (45%) is "frozen" for a while and is not subject to interest.
• After three years, you can return the car to the bank for a predetermined amount in return.
• Hyundai's program offers greater freedom of choice: you can pay the remaining amount in a lump sum, you can sell the car and buy a newer one, or take the missing part on a loan.

Pros of "Start"

Is it worth taking the Start program from Hyundai? Reviews on this issue vary. Some motorists say what to dothis categorically does not follow, others will only be able to afford a new car, for example, Solaris. To understand whether you need to use this program, we will honestly consider all the positive and negative sides of the offer. The advantages of "Start" include:

• Freezing the balance that does not grow and does not lend itself to inflation.
• No interest is charged on the balance.
• Monthly payments are several times lower than for a regular loan.
• You can take a car in a more expensive configuration without a significant increase in the total cost.
• The Start program is supported by the state, as a result, the cost of the car is reduced by 10%.
• You have the opportunity to update the car every few years.
• Freedom of choice: sell the car, pay the entire remaining amount immediately or take it on a loan from a bank for a period of 2-3 years.

Disadvantages of the "Start" program

Before concluding a contract, each person needs to know about the shortcomings of the "Start" in order to foresee all the "pitfalls" in advance. Owner reviews of the loan under the Hyundai Start program indicate the following negative conditions:

• To return the car to the bank, a lot of conditions must be met.
• In case of early repayment, the interest rate increases.
• When buying, it is mandatory to issue CASCO and life insurance.

To understand in more detail whether the program is right for you"Start" or not, you can learn about additional conditions that you will not read in the advertisement.

Additional terms

Reviews from the owners of "Hyundai" about the "Start" program reveal some of the nuances that usually everyone will find out only after receiving the contract:

• A mandatory condition for a dealer is to obtain life insurance. Insurance costs about 110 thousand rubles. Without it, an agreement with you simply will not be concluded.
• For the duration of the financial program, you undertake the obligation to issue an annual CASCO for a car. If your experience is less than 10 years, then this insurance will cost you a pretty penny: about 120 thousand.
• If you want to return the car to the bank after three years, they will accept it only if all conditions are met. Hyundai's mileage should be no more than 90 thousand kilometers, you will be required to undergo maintenance at official car services on time. If your car needs repair, then it will need to be done taking into account all standards.
• For late payments, interest increases to 9%, and for early repayment - up to 12%.

Hyundai Start program: customer reviews

What do the real owners of Hyundai write about this program, who have already used it? You can read about it on the Internet in multiple forums. Customer reviews about the Hyundai Start program were divided. Some motorists are completely satisfied with the innovation. They gladly bought themselves an excellent car, which is notwould be able to purchase under normal conditions. Others talk about extortionate overpayments, stating that the company is simply deceiving its customers. In principle, the benefit of "Start" in comparison with the loan is not so big. An additional convenience of the program is that you can sell or change the car for a new one after driving it for three years. After all, it is for this period that you conclude an agreement with the bank. If you're used to changing cars every couple of years, this is the deal for you.

Example of the "Start" program

You can better understand the essence of the program if you consider it on a specific example. Let's say you decide to purchase a brand new Solaris in the Comfort package. Its cost is 670 thousand rubles from an authorized dealer. You have 30% of the amount for the down payment, i.e. 200 thousand rubles. 45% of the amount is "frozen" by the bank. Accordingly, the amount of monthly payments will be about 10 thousand rubles. Cheap? Still would! After the expiration of the contract, you will have a choice: either pay the rest of the amount (370 thousand rubles), or return the car to the bank. You can stretch this amount over several years by taking it on credit, or pay off immediately.

In a traditional car loan with a similar down payment, you will have to repay 17 thousand rubles every month, and the total overpayment will be 150 thousand more than the “net” value of the car.

So the benefit is obvious. Buy a new car nowevery buyer can. For those who could afford a car only in the minimum configuration, more equipped cars are becoming available. And for those who are used to changing a car every couple of years, it becomes easier and cheaper to do this. As you can see, the Hyundai company stimulates demand for its cars and makes their purchase more affordable.

Results

Buying a car under the "Start" program, you get the opportunity to use a new high-class car. The bank freezes half the value of the car for the duration of the contract, allowing you to decide what you will do with it after three years. Feedback on the Hyundai Solaris Start program indicates that it has appealed to many buyers who have already purchased their cars.