If you’re looking to buy or lease a reliable and economical vehicle, Kia makes some of the most popular cars on the road nowadays. Not only are Kias well-built and fuel-efficient, but they also offer affordable financing options. Learn how you can finance a Kia in Canada.
How To Finance A Kia In Canada
There are a few different locations where you can apply for a loan to finance a Kia, including:
Can You Finance A Kia With A Car Loan From A Bank?
Your bank is a good place to go if you’re looking for security and low-interest rates. As a client, you might be eligible for lower rates, flexible payment options and other perks. However, to qualify, you usually need good credit and strong finances.
Can You Finance A Kia With A Car Loan From A Credit Union?
Many credit unions also offer car loans to qualified members. While it can be tough to actually join, they sometimes have better rates, terms and options than banks, because profits are reinvested back into the union. Once you join, the approval requirements could be easier as well.
Can You Finance A Kia With An Online Car Loan?
Getting approved by a bank or credit union can be tough but there are also private car loan lenders you can apply to within Canada. These online car loan lenders usually have easier requirements and you won’t need excellent credit to qualify. However, they tend to charge higher rates, particularly for clients with bad credit.
Best Online Car Loan Lenders In Canada
| Amount | Interest | Term (Months) | ||
|---|---|---|---|---|
 | $500 - $50,000 | Up to 46.96% | 12 - 84 | Learn more |
 | Varies | 8.49% + | 24 - 96 | Learn more |
 | $500 - $35,000 | 29.99% - 46.96% | 9 - 60 | Learn more |
 | $500 - $10,000 | 12.99% - 39.99% | 9 - 36 | Learn more |
 | $5,000 - $40,000 | Varies | 12 - 72 | Learn more |
 | $5,000 - $45,000 | 4.90 % - 29.95% | 36 - 72 | Learn more |
 | Varies | 11.9% + | 12 - 84 | Learn more |
 | Up to $50,000 | Varies | 12 - 84 | Learn more |
Can You Finance A Kia With A Personal Loan?
Most of the above locations can offer you a personal loan too. This would involve borrowing a lump sum of money from a lender, which you’ll then use to buy a Kia and repay in equal installments afterward. Some borrowers prefer to borrow personal loans because their rates can be more reasonable and they are unsecured.
How To Finance Your Kia Through Kia Motors Finance (KMF)
You can also apply for financing directly through the Kia website or a Kia dealership near you. Doing this can help you score promotions, such as lower rates on specific Kia models. Kia Motors Finance (KMF) currently offers two vehicle financing options:
KMF Financing
If you qualify, you can buy a new or used Kia through any licensed Kia dealer. KMF offers terms between 24 to 60 months and no prepayment penalty fees. A lot of drivers prefer this since they’ll own their Kia once all their payments are made. Applying is pretty easy too. That said, if you default on secured car loan payments, the dealer could repossess your Kia as collateral.
Does KMF Financing Offer 0% Interest Rates?
If you shop for your Kia at different dealerships, you’ll probably encounter at least one 0% financing offer. This common sales tactic lets you avoid paying interest or fees on your Kia for a limited period. Dealers often reserve this incentive for borrowers with good credit, so if your credit score is below the 700 – 900 range, you may be out of luck.
Can You Qualify For 0% Financing With KMF Financing?
You’ll typically need excellent credit and a decent income to qualify for 0% financing, even when it comes to more affordable cars like Kias. The worse your creditworthiness is, the higher interest rates get for most vehicle financing plans.
KMF Leasing
If you like to change your Kia every few years, leasing is the way to go. KMF offers leasing up to 60 months and:
- GAP insurance – This covers the difference between the amount you owe on the car and the amount your car insurance provides in the vent of theft or accident.
- Guaranteed Residual Value – The value of your car at the end of the lease is protected and won’t be affected by market fluctuation.
Not only will you get to try the latest models, but the rates and plans are also often appealing during promotions. Be careful, as you may have a mileage limit or wear n’ tear policy to abide by.
Do I Get A Warranty On My Kia?
When purchasing a dealership vehicle, remember to ask about the types of warranties you can get with it. Luckily, all new Kias come with top-notch warranties, including:
- First-Year Adjustments = 1-year or 20,000 KM
- Powertrain Warranty = 5-year or 100,000 KM
- Worry-Free Comprehensive Warranty = 5-year or 100,000 KM
- 24/7 Roadside Assistance = 5-year & unlimited KM
Documents Needed To Apply For Kia Financing
When applying for a car loan, there are certain documents you’ll need to provide your lender to be considered for financing. This may include:
- Personal Documents – You’ll need to provide your Kia lender documents that can prove your identity and address. This may include your driver’s license, passport or any other government-issued photo ID.
- Insurance Documents – In Canada, you need car insurance to legally drive a car. As such, your lender may require you to have car insurance before they can approve you.
- Financial Documents – Your Kia lender will assess your income, debt and other relevant factors to verify your ability to afford the loan. They may ask for your pay stubs, bank statements, tax returns and an employment letter.
- Vehicle Information – Your Kia lender, will also need to know the details of your vehicle in order to determine its value and ensure there’s no lien against it.
- Credit Information – Your Kia lender may also request to pull your credit report in order to assess your creditworthiness.
How Much Does It Cost To Finance A Kia?
To give you a better idea of how much a new Kia costs, let’s say you’re financing your vehicle over 60 months (5 years).
| Average Cost by Model | Interest Rate | Monthly Payment | Total Cost |
| Kia Forte – $17,695 | 2.99% APR | $317.88 | $19,072.64 |
| Kia Cadenza – $41,545 | 5.99% APR | $802.99 | $48,179.28 |
| Kia Soul – $21,195 | 3.99% APR | $390.24 | $23,414.55 |
| Kia Sedona – $31,995 | 4.99% APR | $603.64 | $36,218.31 |
| Kia Soul EV – $42,595 | 6.99% APR | $843.23 | $50,593.87 |
How To Reduce Your Kia Car Costs?
When you buy directly through Kia, you may have access to discount programs like:
- $500 Grad Program – If you’re graduating from post-secondary studies within 8 months or have graduated in the last 2 years, Kia can offer you a $500 discount.
- Military Benefit Program – Members of the Canadian Armed Forces (active, reserve or retired) are eligible for a $500 voucher to use on an approved Kia.
- Mobility Assistance Grant – If you or any of your passengers have a disability, this grant ($750) can help you buy and install special equipment for your Kia.
- Loyalty Rate Reduction Program – If you’re a regular customer and you currently lease or own a Kia that’s been registered and licensed within the last 90 days, you can score a 1% discount on your interest rate when you get a new Kia.
Should You Accept 0% Kia Financing?
Although 0% Kia financing might sound great on the surface, there are a few important things to consider before you sign up for it, such as:
Does Your Preferred Kia Come With 0% Financing?
First, make sure the 0% financing deal actually applies to the Kia you want. Some dealers will only give away these kinds of promotions on the latest (most expensive) models or vehicles that they’re trying to clear out because they aren’t selling well.
How Long Will the 0% Financing Offer Last?
Unfortunately, 0% financing offers aren’t permanent. They’re promotions that only last for a predetermined introductory period of several months, maybe a year if you’re lucky. Once that promotional term ends, you’ll have to start paying interest and fees.
Moreover, some 0% financing deals feature shorter payment terms because the dealer is more worried about you defaulting. Shorter terms normally come with higher payments, so don’t forget to verify the conditions of your Kia payment plan before you sign up.
How Flexible Will Your Loan Payments Be?
If you agree to a 0% financing promotion, your loan may not be adjustable because the dealer is trying to make a profit on the sale, despite the lack of interest or fees charged. So, any special arrangements, like early or lump-sum payments could be impossible.
Kia Financing FAQs
Can I buy a Kia online?
What should my down payment be to finance a Kia?
What are the average interest rates to finance a Kia?
Can I get a bad credit car loan to finance my Kia?
Is it possible to refinance my car loan after purchasing a Kia?
Thinking About Financing A Kia In Canada?
If that’s your goal, make sure to do a lot of research beforehand, because there are plenty of good deals you could take advantage of when it comes to new or used Kias in your region. Shop around, compare prices and speak to an auto expert about the pros and cons of financing a Kia today, so you can potentially drive away in one tomorrow.
