Car Loans for Genesis cars | April 2024 | RateCity

Genesis is a luxury car brand, owned by Hyundai. While fairly new to Australia, its popularity is growing among Australians looking for a premium or prestige vehicle.

Genesis was initially conceived during the development of Hyundai’s Genesis sedan. Since then, it has spun off into its own brand, offering a range of luxury vehicles separate to Hyundai, though Hyundai is still its owner.

Genesis’ range of vehicles includes:

• G70 – mid size sedan
• G80 – luxury electric sedan
• G80 Sport – luxury sports sedan
• GV60 – electric crossover utility vehicle (CUV)
• GV70 EV – luxury electric SUV
• GV70 – premium urban SUV

As part of the Hyundai motor group, these Genesis cars are mostly manufactured in its home country of South Korea and imported to international destinations like Australia.

The price of Genesis cars will vary depending on the model and the dealer, as well as the extras you choose. As luxury vehicles, Genesis cars tend to be on the more expensive side, similarly to other prestige car brands.

According to carsguide.com.au, Genesis cars range from between $59,300 for a G70 sedan to up to $147,000 for a G80 sedan (accurate as of 16 June 2023).

You may be able to get a more affordable Genesis car if you choose a used car rather than a brand new model. However, as Genesis hasn’t been available in Australia for as long as some other more established luxury car brands, there may not be as many used Genesis choices available to you.

Much like other prestige vehicles, you may need some financing help to afford a Genesis car. While dealer finance is an option, there are plenty of other alternative car loan options available for you to compare. It may not take long to find a car loan that’s just right for your financial situation and personal goals.

As a relatively recent entry to the Australian car market, many of the Genesis vehicles available for sale are new models, meaning you may be able to benefit from a new car loan. Choosing a secured car loan may also let you benefit from a lower interest rate, as your loan will be guaranteed by the value of the Genesis vehicle you’re purchasing. However, you also risk losing your new car if you’re unable to keep up with your repayments.

You may also be able to apply for an unsecured car loan, which doesn’t require collateral so you won’t automatically lose your Genesis car if you can’t make the repayments. Plus, you may be able to buy a used Genesis car without having to satisfy the terms and conditions for a new car loan. However, you may also need to pay a higher interest rate, which could in turn affect your borrowing power.

Your credit score may also play an important role in being approved for a car loan. If you have a history of borrowing and repaying money, your good credit score may mean you can get a car loan with a lower interest rate or more flexible features and benefits. This could potentially increase your borrowing power and make it easier to afford a prestige vehicle like a Genesis.

But if you’ve had some credit problems in the past, you may find it harder to get a low interest car loan approved. If you have bad credit, you may need to pay a higher interest rate, or your application could be declined altogether. If you’re concerned about the effect that your credit score could have on your Genesis car purchase, you could consider taking steps to improve your credit score before applying.