One of the best-selling cars is Hyundai Solaris. Often they take it either on credit or by installments. But recently, Hyundai launched a new financial program that aims 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, and talk about its advantages and disadvantages.
Hyundai Start program: conditions and reviews
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 salon of the company. What is the Start program?
The manufacturer explains that it was created as an alternative to loans, to which many are already mistrustful. Huge interest rates scare away most potential buyers. In the new program from Hyundai, monthly payments are much lower than credit. First you need to make a down payment. Its size can be both 15 and 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 fixation of 45% of the cost of the car by the bank. No interest is accrued on this amount. After the car owner pays most of the cost of the car, he has several options:
- At one time to pay off the remaining cost of the machine and become its full owner.
- Take the rest of the amount on credit at interest.
- Return the car back to the can.
How does Start differ from leasing?
Non-standard conditions and convenience for customers have already attracted many people. According to reviews, the Start program from Hyundai is very similar to leasing. Is this so, and what are the differences?
The 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 abandon it. But there is one big difference: if you decide to take advantage of the Hyundai financial program, then become the owner of the car right away. 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 - a leasing company. And although formally in the first and in the second case, 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 property or not. But keep in mind that taxes in this case will have to pay the corresponding taxes.
The difference between the program and the loan
Sometimes the Start program is called a car loan. In fact, it is not it, but there is still a certain similarity. The first is that after signing the contract, you immediately become the owner of the car. This is a nice addition, because now you can dispose of the machine at your discretion. Each 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 Start program from Hyundai, you can find that sometimes the payments for it are half as much. We will 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, receiving in return a predetermined amount.
- The program from Hyundai offers greater freedom of choice: you can pay the remaining amount at a time, you can sell the car and buy a newer one, or take the missing part on credit.
Pros of "Start"
Should I take the Start program from Hyundai? Reviews on this issue vary. Some motorists say that this should not be done categorically, while 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 aspects of the proposal. The advantages of "Start" include:
- Freezing the residual amount, which does not grow and does not lend itself to inflation.
- The residual amount does not accrue interest.
- Monthly payments are several times lower than on a regular loan.
- You can take the car in a more expensive configuration without significantly raising the overall 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 credit from the bank for a period of 2-3 years.
Cons of the Start program
Before concluding an agreement, every person needs to know about the shortcomings of the "Start" in order to anticipate all the "pitfalls" in advance. Owner reviews of a loan under the "Start" Hyundai program indicate the following negative conditions:
- To return the car to the bank you need to fulfill many conditions.
- With early repayment, the interest rate increases.
- When you purchase, you must make out CASCO and life insurance.
You can understand in more detail whether the Start program is suitable for you or not by learning about additional conditions that you will not read about in advertising.
Additional terms
The feedback from Hyundai owners about the Start program reveals some of the nuances that usually everyone will know only after receiving a contract on hand:
- A prerequisite for the dealer is a life insurance. Insurance costs about 110 thousand rubles. Without it, they simply won’t conclude an agreement with you.
- For the duration of the financial program, you undertake obligations for the annual issuance of CASCO for the 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 the conditions are met. The mileage of the Hyundai should be no more than 90 thousand kilometers, you will be required to undergo maintenance at official car services in a timely manner. If your car needs repair, then it will need to be done taking into account all standards.
- For late payments, interest increases up to 9%, and with early repayment - up to 12%.
Hyundai Start Program: Customer Reviews
What do the real Hyundai owners who have already managed to use it write about this program? This can be read on the Internet in multiple forums. Customer reviews about the Start program from Hyundai were divided. Some motorists, the innovation is completely satisfied. They gladly bought a great car, which they could not get under normal conditions. Others speak of predatory overpayments, claiming that the company is simply deceiving its customers. In principle, the benefits of "Start" in comparison with the loan is not so great. An additional convenience of the program is that you can sell or exchange a car for a new one, leaving it for three years. After all, it is for this period that you conclude an agreement with the bank. If you are used to changing cars once every couple of years, this offer is for you.
Sample Start Program
You can better understand the essence of the program if you consider it with a specific example. Suppose you decide to purchase the 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 for several years, taking it on credit, or pay immediately.
In a traditional car loan with a similar down payment, you will have to pay 17 thousand rubles every month, and the total overpayment will be 150 thousand more than the "net" cost of the car.
Thus, the benefits are obvious. Every buyer can now buy a new car. For those who could afford a car only in the minimum configuration, more equipped cars become available. And for those who are used to changing a car every couple of years, it becomes easier and cheaper to do it. As you can see, the Hyundai company stimulates the demand for its cars and makes their purchase more affordable.
Summary
Buying a car under the Start program, you get the opportunity to use the new high-class car. For the duration of the contract, the bank freezes half the cost of the car, allowing you to decide what you will do with it after three years. The feedback on the Start program Hyundai Solaris suggests that it appealed to many customers who have already purchased their cars.