SEOUL, March 11 (Korea Bizwire) – Hyundai Motor has decided to lower financing rates by one percentage point for all of its models to boost its Korean sales. Last year, Hyundai Motor Group’s market share, including Kia Motors, fell below the 70 percent mark for the first time since 1998 due to strong competition from foreign carmakers.
From March, customers who choose to finance the purchase of a Hyundai will see their interest rate discounted by one percent, as long as a minimum 15% down payment is made. The interest rate cut will be applied retroactively to purchases made after March 2.
The rate cut equates to a 150,000 won discount for every 10 million won spent. Buyers of a Hyundai Accent will see savings of around 180,000 won, and i30 owners will save around 220,000 won. The discount for the higher-end Grandeur and Santa Fe will be 340,000, and Equus buyers will save about 850,000 won.
In addition, Korea’s largest automaker is offering a special discount promotion, with low interest rates of 2.9 percent for a Tuscan ix, and 3.9 percent for a Genesis during the month of March. Those who purchase an Avante can receive 800,000 won in additional discounts along with interest rates as low as 2.9 percent.
By John Choi (firstname.lastname@example.org)