finance dept southtown

We Can Get You Approved Even if the Banks Deny Your Loan


Find The Vehicle You Love
Search our inventory to find the vehicle you love. At Southtown Hyundai we have hundreds of models to choose from, including Hyundai's award-winning lineup of cars, trucks, and SUVs.

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Get Pre-Approved Online
Now that you've decided on a vehicle, we can get you pre-approved for it without having to bring you into a dealership. Get approved in your pj's!

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Pick Your Payment
Once you've been approved (Southtown Hyundai can finance your loan if the banks won't) we work with you to choose a payment that fits both your lifestyle and your budget.

We've Approved More Than 300,000 People

First-Time Buyer
At Southtown Hyundai, we work with more than a dozen lenders to make sure we can give you the most flexible financing and leasing options. We have many financing options available for first time car buyers.

Low or No Credit
Having a hard time getting approved for a car loan? Don't worry. Southtown Hyundai has solutions for nearly every credit situation. Our financing specialists can help you get back behind the wheel with affordable auto loans, even if banks turn you down.

High Current Loans
If you have a car loan already, and you think you're paying too much, Southtown Hyundai's parent company, Go Auto, can buy out your loan and get you a better finance rate and lower payment.

Financing vs Leasing: Which is Better?

What are your goals? We all have different priorities--in cars, life, and finances. When deciding on leasing vs. financing, what's right for one person can be totally wrong for another.

Generally, leasing offers lower monthly payments than financing, as well as the benefit of owning a new car every two or three years. However, financing offers its own set of advantages.

Luckily, we have a team of finance experts who are happy to help you find the best option for you. Give us a call at 780 450-1021 to book a free consultation.

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Is Leasing Better For Me?

You Want
To drive a new car every two or three years
Lower monthly payments
The latest safety features
A car always under warranty

You Don't Mind
Being limited to kilometre limits
Having no ownership equity

You Have
A stable, predictable lifestyle
An average number of miles to drive
No problem properly maintaining your car

If this sounds like you, then leasing may be the best option for your needs.

Is Financing Better For Me?

You Want
To build up trade-in or resale value (equity)
Complete ownership of your car
To be payment-free after paying off your loan
The freedom to customize your car
To drive your car for a long time

You Don't Mind
Unexpected repair costs after warranty
Higher monthly payments

You Have
To drive more-than-average miles
Possible lifestyle changes in the near future

If you prefer to own your vehicle outright, and plan to own for the long-term, then financing will be your best option.

Finance Vs Leasing: Cost Comparison

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Short Term Cost

For the same car, same price, same term, and same down payment, monthly lease payments will always be 30%-60% lower than loan payments. This is still true even when compared to 0% or low-interest loans.

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Medium Term Cost

The medium-term cost of leasing is about the same as the cost of financing, assuming the buyer sells or trades his or her vehicle at loan-end, and the leaser returns his or her vehicle at lease-end.

Some comparisons sometimes show that financing can cost a little less than leasing due to fewer fees, lower total finance costs, and the assumption that a purchased vehicle will return full market value if it is sold or traded at the end of the loan. However, when the benefits of wisely investing monthly lease savings are considered, the net cost of leasing can be less than financing.

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Long Term Cost

The long-term cost of leasing is always more than the cost of financing, assuming the buyer keeps his vehicle after loan-end. If a buyer keeps his car after the loan has been paid off, and drives it for many more years, the cost is spread over a longer term. That means the cost of buying one car and driving it for ten years is less expensive than leasing or buying four or five different cars over the same period.

If long-term financial cost savings were the most important objective in acquiring a new car, it would always be best to buy the car and drive it for as long as it survives, or until the cost of maintenance and repairs begins to exceed the cost of replacing it. However, many automotive consumers have other more immediate objectives that are more important than long-term cost savings.

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How It Affects Your Insurance
Here's some good news: there is no difference. It doesn't affect your insurance costs at all. Your insurance rate comes down to a number of factors, like your driving history, where you drive, how long you've driven for, and even the type of car you drive.

But while your rate will be affected by these things, it won't when it comes down to car leasing vs financing. However, your insurer and your financer/leaser do need to know about one another. When you finance or lease a vehicle, someone is holding the interest on that vehicle: a bank, a dealership, etc. Because of this, the name of the leasing company or the financier will need to appear on your insurance policy. This process is in place so that their investment is protected.

If your car is in an accident and is written off, the situation remains the same. Insurance will pay off the finance or leasing company first, and if the car is worth more than you owe, you will receive the remainder. In the opposite situation, where you owe more than your car is worth, something called "gap insurance" comes into play in order to cover those costs.

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Leasing vs Financing in Canada with Bad Credit
When it comes to leasing vs financing in Canada, a bad credit score makes things more difficult in both situations. With a bad credit score, your loan is more likely to be denied and your interest rate is going to be higher. But here's the bright side: Go Auto gives you a substantially higher chance of getting approved for a loan with bad credit. Thanks to our success, our in-house finance team can finance your loan--with our own money--even if the banks turn you down.

That being said, getting an auto loan with bad credit is a lot easier than taking out a personal loan with bad credit. If you don't pay back an auto loan, the lender can take the car you purchased as collateral, then sell it to help recover some (or all) of their cost, thereby avoiding a loss. However, with bad credit, your rate and monthly payments will be higher than someone with a better credit history.

The snag with leasing vs financing in Canada occurs on the leasing side, where a poor credit score is more likely to hurt you. The idea of using the car as collateral doesn't apply with a lease. With a lease, you never owned the car. The dealership has owned it the whole time. Once you've broken your lease agreement (by not paying on time), they're simply left with a broken lease and a vehicle that isn't worth nearly as much as it was when you started leasing.

This is why a good credit history is very important while leasing, and why leasing usually means lower monthly payments and smaller down payment requirements. It's kind of like a reward for your good previous behaviour. In terms of leasing vs financing in Canada with bad credit, go with financing. It will be a bit more expensive, but it's the safer bet in both the long and short term.

Frequently Asked Questions

All buyers should bring: Valid government-issued driver's license Current pay stub Void Cheque Depending on the specifics of your purchase, you may be required to bring additional information. For a complete list of what you'll need to buy or trade in a vehicle with Go Auto, call the dealership ahead of time and speak with a Sales Consultant.

Four main factors determine whether you get approved for a car loan: Vehicle selection--Cost, age, and mileage Application information--Employment history, residence, and income Credit history--Information contained in your credit file Down payment--Total of cash and trade equity For the best chance of approval, and the lowest monthly payment possible, try to select a vehicle that fits your budget. Also, provide as large of a down payment as you can.

Once you're approved for a car loan, three factors will affect your monthly payment (in order of importance): Amount financed Term or length of contract Annual Percentage Rate (APR) We offer competitive rates from a variety of finance companies to fit nearly every budget and credit profile. You can learn more about your personal finance options at any Go Auto dealership.

The rule of thumb from most financial institutions is to spend no more than 15% of your gross monthly income on your car payment. For example, if you make $2,000 a month you should spend no more than $300 on your car payment.

Your credit score is a number that helps financial institutions predict the risk associated with your purchase of a car, house, credit card, etc. Typically, your credit score ranges from about 350 to 850, and is essentially meant to forecast how (and if) you will pay your bills. In general, the higher your credit score, the more likely you are to get approved for a car loan. The systems that generate your credit score look at your credit report, and take several factors into account when determining your credit score, including, for instance, your payment history, and the number of inquiries made on your credit report.

Your credit score is a number that ranges from about 350 to 850. In general, the higher the number, the more likely you are to get approved for a car loan. The systems that generate your credit score look at your credit report and take several factors into account, including: The timeliness of your payments, including late payments The amount and type of debt you have The number and age of your credit accounts Inquiries created by applying for credit Public records such as liens and judgments

Do you prefer to drive a new vehicle that will always be under warranty every few years? That's one advantage of leasing. Do you prefer to build up equity and drive one car for a long time? Then consider financing. å There are all sorts of factors to consider when choosing between financing and leasing. Luckily, we have a team of finance experts who are Happy to Help you find the best option for you. Call 416-333-3333 or any Go Auto dealership to schedule a free consultation. You can also learn more at our financing vs leasing page.

Of course. Many Go Auto customers qualify for financing on their first vehicle purchase. If a normal credit determination cannot be made based on your current credit history, you may still qualify for other programs, like those for recent college graduates. Stipulations for college students vary by finance company. Check with a finance professional at any of our Go Auto dealerships for more information.

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