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When you bought your Hyundai at the dealership, you may have opted for Hyundai’s financing, too. Hyundai Motor Finance is the finance arm of that car manufacturer’s business, offering auto loans for new and used Hyundais. Many drivers choose to finance their new cars this way.
Now that you’ve had your car for a while, you might be curious if you can refinance your car loan with Hyundai Finance as well. The answer is no. Hyundai Motor Finance offers auto loans for vehicle purchases, but it does not offer refinancing. However, that doesn’t mean you can’t refinance your Hyundai a different way.
Learn how to refinance your auto loan with a different lender and what you need to get started.
No, refinancing through Hyundai isn’t an option. Hyundai Motor Finance is a captive lender, meaning it offers auto loans directly to buyers at Hyundai dealerships. Hyundai offers financing to make it easier to buy one of their cars. However, you can’t refinance a car loan through Hyundai.
If you want to refinance your Hyundai auto loan, you’ll have to look beyond Hyundai Finance. Most people explore banks, credit unions, and online lenders when they’re ready to refinance, and that applies to Hyundai refinancing as well. The loan you take out with the new lender will replace your existing Hyundai Motor Finance loan, with an all-new interest rate, loan term, and monthly payment. Your old loan with Hyundai will be paid off and closed.
You absolutely can refinance a Hyundai loan with a different lender. The process is usually simple and straightforward:
Comparison shopping for your new loan is important if you want to find a lower interest rate or monthly payment. Different lenders offer different interest rates, loan terms, fees, and other factors that affect the amount you’ll pay, so make sure you collect information from at least three for comparison. You can decide on the one that suits you best based on your goals for refinancing.
Make sure to consider not only different lenders, but different types of lenders, too. You may find the best fit at a national bank, a local bank, a credit union, or an online lender. It all depends on what you’re looking for and which loan offers you may qualify for. Some lenders may have more flexible credit requirements but charge higher fees, for example. Others may offer lower rates but require a stronger credit profile. That’s why it’s necessary to shop around.
You may want to refinance a Hyundai Motor Finance loan for any number of reasons, but these are the most common:
If you want to refinance because you saw a promotional interest rate offer on certain Hyundai vehicles, you should know that those promo rates are for new vehicle loans. They’re designed as an incentive to purchase the vehicle and use dealer financing.
When you’re ready to refinance, make sure you gather up the following documents and information so you have the details close at hand. It will make the process go faster, and you’ll likely have to submit much of the information via secure upload for the loan to be approved.
Lenders will also check your credit report, so you will want to temporarily thaw yours if it’s frozen.
Refinancing your Hyundai auto loan might save you more than you think. Use an auto refinancing calculator to compare your current loan details with a new interest rate and terms. You’ll be able to see an estimate of your new monthly payment and any potential savings.
To get the most bang for your buck, remember to compare multiple refinancing options. RefiJet lets you see offers from multiple lenders in one place, so it’s easy to compare them and find the one that works best for you.
Here are some of the most commonly asked questions about refinancing Hyundai Motor Finance loans.
No, as a captive lender, Hyundai Motor Finance offers purchase loans only for Hyundai vehicles. It does not offer refinancing services.
Yes, you can refinance your Hyundai loan with a third-party lender, whether you choose a bank, credit union, or lender specializing refinance auto loans.
Whenever you apply for credit, you may see a small dip in your credit score, and refinancing is no exception. However, the drop in your score will be temporary, and most people see their credit score fall by just five points or less.
Before you start the refinance process, make sure you have your driver’s license, insurance card, VIN number, and loan details. The lender may request copies of your paystubs, bank statements, or tax returns, too.
Considering refinancing your Kia Motors Finance loan? Learn whether Kia Finance offers refinancing, how Kia refinancing works, and what options you have with RefiJet.
