By refinancing your Genesis with Way.com, you could:
Any model from the Hyundai stable will definitely be worth owning. A Hyundai Genesis luxury sedan is often a status symbol for many Americans. The sleek features and outstanding performance make it a vehicle worth having - but only as long as you don't wreck your finances in the process!
If you're stuck with a high-APR Genesis car loan, refinancing offers you a way out.
For many Genesis owners, expensive car loan payments could be a reminder of how you bought into the terms of a high-APR loan. The bank or dealership might've convinced you that this is the best offer you could get for your credit score.
The truth is, you can score much lower rates if only you know where to find them! If you didn't do that the first time around, then refinancing helps you do it right this time. Some of the advantages include:
Even the most well-planned vehicle purchases can go haywire - especially given the rising prices in the economy these days. Don't believe us? Sample this - the average auto monthly payment in the US has crossed $600! Therefore, every penny saved is important.
If you refinance with the right lender and a great credit score, you can save up to $1850 every year on your auto loan by reducing your APR by at least 1-2%. You can also use cashback auto refinancing to borrow funds for immediate needs.
$684.10/mo
Monthly savings
$55.90
Difference in interest
$2683.20
Don't rush to refinance as soon as you find out you're overpaying. You need to find the right lender, have a good credit score, and meet a few essential criteria before you can get a good deal.
Consider Genesis refinancing only when:
| Lender | Est. APR | Loan amount | Min. credit score |
|---|---|---|---|
| RefiJet | 3.49 - 28.00% | $6,000 - $120,000 | 560 |
| Caribou | 5.99 - 38.00% | $12,000 - $135,000 | 630 |
| RateGenius | 4.99 - 22.00% | $9,000 - No max. | 560 |
| LendingClub | 5.99 - 25.99% | $5,000 - $65,000 | 670 |
| Consumers Credit Union | 6.54 - 22.24% | $8,500 - $600,000 | 630 |
| Upstart | 12.17 - 30.99% | $6,000 - $70,000 | 520 |
| MyAutoloan | 1.99 - 22.00% | $6,000 - $110,000 | 585 |
| Ally | 9.54 - 24.49% | $8,500 - $100,00 | 530 |
| LightStream | 9.74 - 17.19% | $6,000 - $110,000 | 670 |
| Tresl | 4.99 - 22.00% | $9,000 - No max. | 560 |
| Autopay | 4.99 - 22.00% | $9,000 - No max. | 570 |
| OpenRoad | 5.29 - 29.00% | $8,500 - $110,000 | 510 |
| iLending | 5.74 - 24.00% | $8,500 - $160,000 | 570 |
| Gravity Lending | 5.49 - 15.99% | $11,000 - $210,000 | 590 |
| Lending Arts | 6.44 - 22.00% | $6,000 - $160,000 | 560 |
| PenFed Credit Union | 6.29 - 18.99% | $11,000 - $110,000 | Did not disclose |
| Bank of America | Not available | $8,500 - Max. not disclosed | Did not disclose |
| Digital Federal Credit Union | 7.24 - 15.99% | $3,500 - $600,000 | 610 |
| Alliant Credit Union | 7.52 - 27.40% | $5,000 - $1,200,000 | Did not disclose |
| Navy Federal Credit Union | 5.54 - 19.00% | $253 - No max. | Did not disclose |
Today, Genesis produces six popular models which include three SUVs and three cars, all of which can be refinanced. These include:
Having all the required documents ready will help you breeze through the refinancing process. Keep the following ready:
Also keep your personal details ready, like:
While different lenders have different eligibility requirements, your Genesis will typically pre-qualify for refinancing if:
Use an online auto refinance calculator to input your desired APR and determine how much you can save every month.
Shop around with multiple lenders to find the best offers. Pre-qualification can help you shortlist the best offers and rates.
Complete the formalities by sending in the required documents. There will be a hard credit inquiry - so be prepared for a drop in your score by a few points.
If you're someone with previous bankruptcies, repossessions, late payments, or defaults, you will still be able to refinance a vehicle with bad credit. However, you may have to some compromises like:
You can find lenders who specialize in bad loans using refinance platforms like Way.com.
At Way.com , we know that buying a Genesis is only the start of an expensive ownership journey. That's why we're simplifying vehicle ownership in America - starting with your car payments!
Our AI-enabled fintech platform can help you:
... and much more!
Way.com is the #1 auto super app and car services marketplace in the country making car ownership affordable for millions of Americans. Whether you own a sedan, sports car, hatchback, motorcycle, or RV, the Way.com auto super app can help you save more than $1000/year through our following services:
Way.com has a 4.5 rating on Trustpilot, with more than 3 million satisfied customers. The Way app also has a 4.7 rating on Google Play and 4.9 on the iOS app store.
The auto refinance rates published in this guide are based on the results of research completed by Way.com’s data team. Using public data, we averaged these rates across various segments. Given these auto refinance rates are averages, please contact our agents for a personalized quote to you.
There isn't a legal limit to how many times you can refinance a car. However, it is very hard to refinance multiple times in real life. For starters, it will take at least 6-12 months for your credit score to rebuild itself after every refinancing.
Lenders will also be hesitant to approve you because refinancing multiple times comes across as financially irresponsible.
You need to wait for at least 6-12 months from the start of the loan to refinance it. This will give your credit score enough time to rebuild itself after the initial hard credit inquiry.
That depends on several of your personal and financial criteria. Some of these include:
If you originally signed up for a very costly Genesis car loan with a high APR, refinancing can help you save money by reducing your rate. A good credit score can lower your APR by at least 2-3% and save up to $1850 every year.
The least expensive Genesis is the G70, which is priced at around $38,000.
Ideally, you should have a higher score than when you first bought your Genesis. That will help you get a lower rate than before, and reduce your payment. For the best rates, aim for a credit score more than 700.
Do you find Auto refinance complex? Here is the ultimate Auto Refinance FAQ Guide with answers to all your questions!
Save up to $1850 per Year