Automaker-sponsored financing is a popular option for car buyers as the high cost of vehicles make it unrealistic for many to pay cash upfront. Next to houses, vehicles tend to be the most expensive asset that an individual will purchase. According to J.D. Power, financing is involved in approximately 75 per cent of new-vehicle purchases and 55 per cent of used-vehicle purchases. These figures exclude leasing.
Financing allows car buyers to purchase a vehicle and break down the cost down into monthly payments. By financing a car, the customer owns the vehicle, as compared to leasing, which is more akin to a long-term rental. This relieves the owner of any mileage limits or modification restrictions and allows them to sell it after the payments are completed. As automakers continue to provide attractive incentives and competitive interest rates, financing remains a great option for people looking to purchase a vehicle.
We’ve featured some of our favourite compact-SUV financing deals for under $600 a month. If you don’t find an offer that suits you, be sure to check out the Globe Drive Build and Price Tool to see the latest incentives and discounts on any new car, truck or SUV.
2020 Kia Sportage
Courtesy of manufacturer
The 2020 Kia Sportage features a 181 horsepower, 2.4-litre, four-cylinder engine paired to a six-speed automatic transmission that is standard across most trims. The interior of the LX trim features heated front seats, an eight-inch infotainment system with Apple CarPlay and Android Auto integration, two power outlets and audio control mounted to the steering wheel. Safety features at this trim level include a rear-view camera, electronic stability control, hill-assist and downhill brake control.
2020 Kia Sportage LX AWD
- MSRP: $27,795
- Manufacturer cash incentive: $1,500
- Estimated dealer discount: $250
- Freight, PDI, government fees: $1,905
- Cash purchase price before tax: $27,950
- Finance for 60 months at 0.99 per cent interest for $569 per month including tax and assumes zero down payment
- Lease for 48 months at 1.99 per cent interest for $413 per month including tax and assumes a 20,000 annual kilometre allowance with zero down payment
Get Local Price on Globe Drive
2020 Hyundai Kona
Courtesy of manufacturer
The 2020 Hyundai Kona can be equipped with a 1.6-litre four-cylinder turbo engine that outputs 175 horsepower and 195 lb.-ft. of torque, relayed through a seven-speed dual-clutch transmission with automatic mode. The Trend trim’s interior includes heated front seats, a leather-wrapped heated steering wheel and a seven-inch touch-screen display connected to a six-speaker audio system. Key safety features at this trim comprise a rear-view camera, blind-spot and rear cross-traffic collision warnings and lane-change assist.
2020 Hyundai Kona Trend 1.6T All Wheel Drive DCT
- MSRP: $26,849
- Manufacturer cash incentive: $2,000
- Estimated dealer discount: $250
- Freight, PDI, government fees: $1,915
- Cash purchase price before tax: $26,514
- Finance for 60 months at 2.99 per cent interest for $579 per month including tax and assumes zero down payment
- Lease for 48 months at 2.99 per cent interest for $407 per month including tax and assumes a 20,000 annual kilometre allowance with zero down payment
Get Local Price on Globe Drive
2020 Subaru Crosstrek
Courtesy of manufacturer
The 2020 Subaru Crosstrek comes stocked with a 2.0-litre four-cylinder boxer engine that delivers 152 hp and 145 lb.-ft through a six-speed transmission, or Subaru’s Lineartronic CVT transmission for trims featuring EyeSight. The Lineartronic CVT transmission offers manual mode, smoother shifting to enhance performance and a sporty driving experience. Interior features on the Convenience trim with EyeSight include a 6.5-inch touch-screen display with Bluetooth capability and automatic climate control. This trim level’s safety features highlights Subaru’s EyeSight technology, which includes pre-collision braking and throttle management, adaptive cruise control, lane-departure warning and lead-vehicle-start alert.
2020 Subaru Crosstrek Convenience with EyeSight
- MSRP: $25,795
- Manufacturer cash incentive: $500
- Estimated dealer discount: $500
- Freight, PDI, government fees: $1,835
- Cash purchase price before tax: $26,630
- Finance for 60 months at 2.99 per cent interest for $551 per month including tax and assumes zero down payment
- Lease for 48 months at 2.99 per cent interest for $391 per month including tax and assumes a 20,000 annual kilometre allowance with zero down payment
Get Local Price on Globe Drive
2020 Mitsubishi RVR
Courtesy of manufacturer
The 2.4-litre, four-cylinder engine in the 2020 Mitsubishi RVR generates 168 horsepower and 167 lb.-ft. of torque and is paired with a CVT transmission. The interior of the RVR features automatic climate control, an eight-inch Apple CarPlay- and Android Auto-compatible touch-screen display that is linked to a six-speaker sound system, micron air filtration, two USB outlets and two power outlets. The safety features at this trim level include a rear-view camera, blind-spot warning and rear cross-traffic alert. Customers looking to finance a Mitsubishi RVR are also eligible for a “No Payments for 90 Days" deferral.
2020 Mitsubishi RVR SE AWC
- MSRP: $27,998
- Manufacturer cash incentive: $2,000 (applied after tax) (as compared to $1,500 in January)
- Estimated dealer discount: $500
- Freight, PDI, government fees: $2,010
- Cash purchase price before tax: $27,738
- Finance for 60 months at zero per cent interest for $556 per month including tax and assumes zero down payment
- Lease for 48 months at 1.99 per cent interest for $424 per month including tax and assumes a 20,000 annual kilometre allowance with zero down payment
Get Local Price on Globe Drive
Andrew Tai is CEO of Unhaggle. Follow on Twitter @ahytai
Manufacturer incentives and pricing calculations are based on Ontario customers and subject to availability of inventory. Dealer discounts shown are estimates for illustrative purposes only, may vary by region and are given at the discretion of individual dealers. Please note that while every effort is made to ensure the information above is accurate at the time of publication, pricing, incentives and discounts are subject to change or discontinuation at any time. Vehicle images may not represent the exact model featured in the pricing provided. Consult your local dealership for details.
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