For financing on a Genesis, you can get a loan through a dealership with Genesis Finance, which can be convenient. But you can get more loan options if you decide to finance via your bank or credit union. It’s a good idea to compare all three to find the loan with the best conditions, approval ratings, and customer service.
Genesis is the luxury brand division of the major Korean car manufacturer, Hyundai. Despite its relatively short career, Genesis is now considered one of the most reliable and innovative car-making brands in the industry, which makes them even more appealing to savvy car shoppers looking for luxury vehicles.
If Genesis appeals to you, let’s get to work! The first step is figuring out financing and deciding which auto loan works best for a Genesis. The
car insurance broker and auto loan expert
Jerry is here to lend a helping hand.
How to get a Genesis car loan
Whether you prefer a luxury sedan with all the trimmings like a
G70 Elite or sizing up with the
G80 Ultimate SUV, there are a few steps to take in order to get a Genesis car loan.
Check your credit
Before you get started, you’ll need to arm yourself with information, and the most important bit you’ll need is your credit score. Your credit score largely determines the conditions of your loan that your lenders will offer, including the interest rate and loan repayment terms. If your credit score is over 660, you’re in a good position going in.
A score below 660, on the other hand, may make things more difficult. It’s not impossible to get a loan with a lower score, but you’re more likely to be declined, especially considering that Genesis is a luxury brand. You may have to provide proof of income or have a cosigner in order to be approved.
Use the table below to determine your average APR and monthly payment for different Genesis vehicles based on your credit score:
Car Make | Average Annual Interest Rate | Average Monthly Payment |
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Compare lenders
As mentioned above, you can apply for an auto loan for a Genesis through your bank, a credit union, or Genesis Finance. Each one has its own pros and cons, so it’s best to weigh all three against each other to determine which method is best.
Three is the magic number of lender offers you should consider at the very least. When you start researching, look for the following loan conditions:
- Short loan term. Aim for 60 months at most.
- Low APR. The ideal rate is around 4.93% or lower.
- Manageable monthly payments. These shouldn’t exceed 15% of your monthly income.
Don’t forget to take your lender’s reputation into consideration. You shouldn’t have to settle or sacrifice equally important considerations, like the lender’s history of customer service or their approval rating, in order to secure a good deal. Get the very best!
Get preapproved
If you want to be at more of an advantage going into the process, there’s no better advantage than getting preapproved for your car loan first. Having a preapproval gives you an idea of what loan conditions you qualify for and can comfortably afford. This allows you to negotiate a better loan before you sign and helps protect you from unfavorable terms.
To start the preapproval process, you’ll first need to fill out a loan application and provide the lender you’re working with the following information:
- Social Security number
- Employment documents
- Driver’s license or other photo ID
- Income documents (paystubs, etc.)
Key Takeaway To get a Genesis car loan, make sure you know your credit rating first. Then, shop around for lender offers to compare. Get preapproved for the best terms.
Average loan term for a Genesis car loan
When it comes to loan terms, which is the length of time you agree to spend repaying the loan, you may be tempted right off the bat by the pros each type of term has. Short terms, for example, get the loan paid off faster, and with less interest paid overall. Long terms, on the other hand, have lower monthly payments.
But don’t forget that there are cons to each of these as well. The shorter the loan term, the higher your monthly payments will be. And with longer terms, the more interest you’ll ultimately pay, so the loan itself will be more expensive overall.
The trick is to strike the right balance between the two. An ideal loan term is typically around 60 months. Don’t be afraid to go shorter if you can afford to—doing so would allow you to both pay off the loan faster and for less overall interest.
Before you sign, be sure to check the loan document with the terms and conditions for
prepayment penalties. Prepayment penalties are fees you’ll incur if you try to pay the loan off before the term is up. These aren’t typical for car loans, but the practice is gaining traction in recent years.
Use the following table to get an idea of how much your APR, interest, and monthly payments might look, depending on your credit rating:
Loan Terms | Average Annual Interest Rate | Average Monthly Payment |
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Finding a Genesis car loan in your state
Like most loans, what you end up paying back for an auto loan will be more than just the amount you borrowed. You’ll accumulate interest on the loan, according to the interest rate as determined by the state you buy in, and APR, which is determined by your credit score.
For an idea of what you might be paying for a Genesis car loan in your state, check out the table below.
Credit Rating | Average Annual Interest Rate | Average Monthly Payment |
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Genesis car loans: new vs. used
Although the oldest Genesis model is only six years old, you may still be able to find one used or certified pre-owned. That means you can get a used car loan to buy one. But the process of securing a used car loan differs from that of new cars.
If you’re in the market for a pre-owned Genesis, keep in mind that if you finance through your bank or credit union, used car loans typically carry higher APR.
If you want to get an idea of how your potential Genesis’ age can affect your loan, payment, and APR, you can refer to the following table:
Car Year | Average Annual Interest Rate | Average Monthly Payment |
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How to calculate the costs for a Genesis car loan
With Jerry’s car loan calculator, you can get a general idea of what you can expect your financing options to look like. Your APR and monthly payments are dependent on a number of factors, including your credit rating, loan term, loan amount, and location. Use the car loan calculator to see what you could pay with a Genesis car loan.
Average Annual Interest Rate | Average Monthly Payment |
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Save money on Genesis insurance with Jerry
Luxury cars carry luxury prices, and that includes their
car insurance rates. But affordable rates are still just a few taps away if you’ve got
Jerry on hand!
Jerry is the fully-licensed brokerage app that can help you save an average of $887 on your car insurance! That’s because Jerry submits the necessary information car insurance companies need to determine your premiums to dozens of the best companies simultaneously, to bring you tailored quotes in minutes. Avoid luxury prices without sacrificing coverage with Jerry!