Kia Motors has gained popularity in the automobile industry due to its affordable and reliable vehicles. Kia Finance is a car financing option offered by Kia Motors Finance through Kia Motors America. It provides a wide range of financial options, from personal finance to leasing options. Before plunging into receiving one, let’s delve deeper into understanding various financing options and how to smoothly and efficiently achieve them.
What Financing Options Kia Finance Offer?
Kia Finance is the financing arm of Kia Motors. It offers financing options for acquiring both new and used Kia vehicles. Kia’s finance facility is available in countries like the US, UK, and Canada. It offers individuals personal contract purchases (PCP) and personal motor loans (PML). Moreover, Kia Finance also offers leasing options with lower monthly payments.
Car Financing
It offers options like PCP and PML, where an individual buys a vehicle with some advance payments and pays the rest in installments. Kia Finance offers market-competitive packages like zero APR (Annual Percentage Rates) on 36 monthly installments on selected models, such as 24 and Kia EV6 and EV9. The loan terms range between 24 and 72 months, giving customers flexibility.
Car Leasing
Car leasing is another excellent feature of Kia Finance. It provides flexibility to change your vehicle frequently, incurring lower costs. Overhead costs and monthly installments are lower than buying. For July 2024, Kia offered a leasing package for Kia EV6 at 243 USD per month with a 2000 USD advance for a 36-month lease. Leasing terms vary for different models and individuals, so carefully go through the terms.
Pre-Owned Car Financing
To meet the needs of lower-budget segments, Kia Finance also offers car financing for pre-owned vehicles through Certified Pre-Owned (CPO) financing. This option comes with a 10-year, 100,000-mile power terrain warranty and 12-month, 12,000-mile platinum warranties.
| Model | Upfront Charges in USD | Monthly installments in USD |
| Kia Sportage 2024 Model | 27,090 | 375.74 |
| Kia Sportage 2018 Model | 12,331 | 154.56 |
Understanding the difference between PCP and PML
Personal contract purchase is a flexible car financing plan enabling individuals to change vehicles frequently. In contrast, a personal motor loan is a traditional way of financing a car for fixed monthly installments for a fixed period.
Eligibility Criteria
Kia Finance comes with specific criteria to meet the following:
- Anyone 18 years of age or older is eligible for Kia financing. This ensures the legal aspect of getting involved in financial agreements.
- A valid driver’s license is a must. Driving history provides an added advantage when deciding the loan terms.
- An employment or income record is mandatory not only to avail of the facility but also to provide an optimized package.
- A clean credit score is crucial to get reasonable interest rates. Generally, Kia finds a minimum 650 credit score trustworthy. Still, exceptions are there according to one’s other financial statements.
Credit score considerations:
781-850 Excellent Credit Score
661-780 Good
601-660 Fair
501-600 Poor
For more information visit KIA Finance America or visit your nearest showroom.
How to apply for Kia Finance?
Following steps to follow to get financing: –
- Unlike traditional financing schemes, Kia finance starts with visiting the dealership. Meet a representative and discuss your needs and requirements; the representative will guide you through the process.
- You will receive some application forms related to your employment details, loan terms, and other conditions. You need to provide accurate information as required.
- Once the application is submitted, Kia Finance will thoroughly check your credit score to determine interest terms and eligibility.
- Lastly, when your application is approved, you will receive an offer from Kia Finance mentioning the loan period and interest terms.
What advantages does Kia Finance Offer?
Kia Finance offers tailored car financing options and has advantages over conventional car loans.
Convenience in Application
Traditional car financing schemes require many codal formalities before purchasing the vehicle. On the other hand, Kia Finance offers an easy application process during the purchase at a Kia dealership store. One can also apply online through a mobile app. However, it is recommended that you visit the dealership to get detailed insights.
Market Competitive Rates
Kia is one of the leading automobile companies. It aims to increase sales through different packages. The rates it offers are naturally more competitive than those of other traditional car financing. Kia Finance even offers zero markup loans at some locations through Kia Motors South Financing.
Tailored Packages
Various financing options are available according to the budget. One can choose a package that is most suitable for his budget. Moreover, through CPO financing and flexibility in choosing the loan period, one can choose the most suitable option for his pocket.
Online Account Management
Kia Finance provides a facility to manage your account online. This helps to keep track of your account statements and adjust yourself accordingly. A mobile app facility is available in Kia financing; this makes your account management 24/7 anywhere.
Special Programs
Kia Finance offered some special programs directed at some specific persons. For first-time buyers, it waives off some credit requirements to enable them. 1000 USD rebate options are available for individuals already in the vehicle business. Discount options are available for servicemen, veterans, and their spouses.
Bottom Line
Kia financing is a financial arm of Kia Motors through Kia Finance America. It provides multiple financing options for both new and used cars for Kia enthusiasts. Car leasing is also offered for customers who prefer changing vehicles frequently. The eligibility criteria are highly lopsided towards a credit score. Advantages of Kia Finance include tailored packages for diverse populations, a convenient application process, market-competitive rates, and online account management.
