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Financing your Kia purchase at the dealership can be a convenient way to buy a car, but what if your loan is no longer working for you? Does Kia Finance refinance?
It is possible to refinance a Kia vehicle. However, you’ll need to go through another lender, not Kia Finance.
Refinancing a Kia Finance auto loan works much like refinancing any other auto loan. You’ll want to shop around for loan offers that fit your needs, then apply for the new loan. Those loan proceeds will go toward paying off the Kia Finance auto loan. Here’s everything you need to know.
Kia Finance is a captive lender, the auto financing arm of Kia Motors. It exists to help buyers purchase a Kia vehicle. When you visit the dealership and apply for dealer financing, it’s Kia Finance that offers the auto loan.
Kia Financing only offers auto loans for the purchase of a new or used Kia. It doesn’t offer refinancing of other auto loans or even its own loans.
If you’re interested in Kia refinancing, you’ll need to look beyond Kia Finance to other companies that do offer this service.
Going with a different lender is the only way to get a Kia Finance refinance, since Kia doesn’t refinance its own loans. Here’s how it usually works: You’ll shop around for refinance offers from other lenders, like banks, credit unions, and online lenders. It’s especially helpful if you can compare these offers all in one place. The lender you choose approves your new loan, and you use those proceeds to pay off the Kia Finance loan balance. Then, you just need to make payments to the new lender.
Refinancing with a different lender is the most common way of adjusting your auto loan to work better for your current situation.
Plenty of people buy a Kia with dealer financing but later decide a different loan or lender might be a better fit. Some common reasons people seek out a Kia Finance refinance include:
The Kia refinancing process follows the basic steps below.
First, make sure you have some important information close at hand:
Comparison shopping is an important part of refinancing. Get quotes from multiple lenders so you can compare interest rates, loan terms, and monthly payments. Look for the loan with the lowest rates and fees that works for your budget and long-term goals. If you know your priorities ahead of time, such as a lower payment or shorter loan term, you can use them to make your decision.
Once you’ve narrowed your options to a few strong contenders, submit your formal loan application. This is when you’ll need to upload your proof of income, identity, and insurance documents. After you submit the application, the lender will verify your information and let you know its decision.
When your loan is approved, the lender releases the funds to Kia Finance, paying off and closing the loan. When your Kia loan is paid off, all that’s left is to make payments to your new lender. Take note of the due date for your new loan payment, as it may be different from your Kia Finance payment due dates.
Ready to see how much you could save by refinancing? Use an auto refinancing calculator to see the difference between your current loan and what your new monthly payment might be. By changing the interest rate or loan term with a new loan, you may save more than you expected.
Finding the right offer for a Kia refinance loan doesn’t have to be hard. Use RefiJet to research your options and compare loan offers without harming your credit. When you find an offer that works, you can apply for a refinance loan and even add extra protection like GAP coverage, all in one place.
Find answers below to some common questions about refinancing Kia Finance loans.
No, Kia Finance offers auto purchase loans, not refinancing. You’ll need to go elsewhere if you want to refinance the loan from your Kia dealer.
Refinancing a Kia loan with a new lender is the best way to change the terms of your loan to suit you better. There are a wide variety of lenders that can refinance your Kia loan.
There may be a small and temporary dip in your credit score when you apply for a refinance loan. Most people who experience this see a drop of five points or less, which shouldn’t last more than a year on your credit report.
When you’re ready to refinance, make sure you have your loan information and vehicle details ready. You’ll also need to prove your income and identity, so grab your driver’s license and a few weeks’ worth of pay stubs, 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.
