When it comes to your Genesis financing needs, there’s no team like Genesis of the North Shore. We’re here to help drivers find the right vehicle without breaking the bank, and we’re sharing everything you need to know about the refinancing journey. Learn how to take the next step without hurting your credit with help from our expert team.
How to Decide If Refinancing is Right for You
Like any financing plan, refinancing an auto loan comes with a hard credit check. It’s the lender’s way of mitigating risk and protecting their assets. That’s why you’ll want to take the time to determine if refinancing is the right move for your vehicle. It’s considered a good financial decision to refinance if you’re going to save at least at least 2 percent on your interest. You may also want to refinance if your circumstances have changed and you need a lower monthly payment.
Start With a Soft Check
A hard check can have a significant effect on your credit score—and you may not even qualify for more favorable terms. To avoid this, you can start with lenders who only require a soft credit check for the prequalification element of the application. This lets you see what kind of loans will be available to you without worrying about your credit being affected.
Apply for Loans All at Once
If the time comes to do the hard credit check, don’t hold back. A hard credit check can have an impact on your credit score, but all the credit pulls within a two-week period are treated as a single pull, rather than several smaller ones. This way, you can easily review your options with several different lenders.
Explore Refinancing Options with Our Genesis Financing Team
When the time comes to refinance your vehicle, let Genesis of the North Shore support your journey. We’re here to help you continue driving the vehicle you love, all while protecting your personal finances. Visit our dealership to get started.
