Missouri Bad Credit Auto Loans (MO)

Have you been rejected by a bank or other lender for an auto loan? You simply need to find a dealer or lender who approves these kinds of loans. We can get you approved for financing through our extensive network of Missouri dealers and lenders.

When you submit an application online, our dealers and lenders compete to finance your credit, which helps increase your odds of being approved. A finance professional near you will contact you to discuss your options and walk you through the process, from end to end. Experience the thrill of setting foot on the dealer lot with your loan already arranged and approved, so you can negotiate like a cash buyer.

Missouri Requirements for Approval

Most importantly, there is no minimum credit score for application and pre-approval.

  • Resident of Missouri.
  • Weekly income of $375.
  • Employed for a minimum of 1 year.
  • Any bankruptcy discharged.
  • No repossession in the past 12 months.

If you meet these requirements, your odds of approval will be about as high as the Ozarks.

What Kind of Vehicles are Eligible?

Vehicle restrictions vary from lender to lender, but we’ve listed a number of the common requirements below.

  • Vehicles may be new or used.
  • No more than 75,000 miles on vehicle.
  • Vehicle 6 years old or newer.
  • Minimum loan amount of $7500.

Many loan companies want you to purchase your vehicle from a dealership with whom they’ve partnered. If you’re approved through a dealership, then, obviously, they will want you to choose a car or truck from their lot.

How Much Upfront Cash is Necessary?

Unfortunately, down payments are often a requirement when financing a car with less-than-perfect credit. They reduce the risk to the bank, finance company, or dealer. If the vehicle has to be repossessed, they have a better chance of recouping their investment. For you, the buyer, there are advantages too. You will owe less in overall interest, simply because you’ll be financing less, and you’ll have less risk of negative equity on the vehicle to boot. There are lenders who offer no down payment car loans for people with bad credit. If your lender or dealer offers you this option, don’t plan to trade in the vehicle before you’ve repaid the loan. You could easily find yourself in a negative equity situation.

Will My Credit Score Increase?

If you have poor credit, paying off a car note as agreed is a highly effective means of rebuilding credit. Your history of payments is an important factor in your credit score. When you make your payments on time month after month, this establishes your creditworthiness. Missing or late payments, on the other hand, can really damage your credit, which means that you want a monthly payment you’ll be able to afford – keep it reasonable and cost-effective. Even though financial advisors recommend dedicating just 18-20% of your income to vehicles, no more than half of that (10%) should be put toward your auto loan payment. People in Missouri, on average, earn $2,114 on a monthly basis. This means a payment of $211 monthly would be appropriate. Of course, you need to adjust these percentages to your own budget.

Missouri Bad Credit Car Loan Rates

It goes without saying: lower credit scores mean higher interest rates. Your actual APR will depend on a variety of factors, including your lender, credit rating, vehicle type, financing term, and other factors. However, we can give you a few estimations based on our industry experience.

FICO Used Vehicle APR New Vehicle APR
660-689 9.5% 7.0%
620-659 14.5% 10.5%
590-619 19% 16%
500-589 22% 18.5%

There are not offered rates. They are simply estimations that could be far off-base from what you’re quoted by your lender.