Hyundai Motor and Kia will implement a special financing program with no interest or low-interest rates for customers purchasing the Avante, Kona, and K3 models from July to December.

With the individual consumption tax cut ending in late June, the tax rate will revert to 5% starting in July, aimed at alleviating the financial burden of car purchases for customers.

The applicable models include the Hyundai Avante and Kona, as well as the Kia K3. The Avante N and models receiving separate tax benefits such as the Avante Hybrid, Kona Hybrid, and Kona Electric are excluded.

This special promotion targets individual customers and small business owners and will feature interest-free financing and installment rates ranging from 1.9% to 4.9%.

If customers purchase the eligible models with a 12-month installment plan, they can enjoy interest-free benefits, and for 24 and 36-month installments, they can purchase at significantly lowered rates of 1.9% and 2.9%, compared to the existing 5.7% rate. A 48-month installment plan will have an interest rate of 3.9% (previously 5.8%), while a 60-month plan will be at 4.9% (previously 5.9%).

When purchasing the Hyundai Avante Modern model (priced at 22,730,000 KRW) using 12-month interest-free financing, customers can save approximately 700,000 KRW in interest costs compared to traditional purchases (Mobility Standard Installment, down payment over 1%, individual consumption tax and tax standard based on July).

For the Kia K3 Prestige vehicle (priced at 20,870,000 KRW) bought with 12-month interest-free installments, savings in interest costs will be about 650,000 KRW (M Installment general type, down payment over 1%, individual consumption tax and tax standard based on July).

Additionally, there are plans to implement optimal financial products, including customized lease programs for customers.

A representative from Hyundai and Kia stated, “Due to rising interest rates and the end of the individual consumption tax cut, the burden on customers purchasing vehicles has increased, and we have decided to implement low-interest financing to minimize this impact. We will continue to operate various promotional programs tailored to customer needs in the future.”

Lee Sang-jin daedusj@autodiary.kr