Auto Loans in Arnold (MO)

A few years back, you had to lender after lender, searching for one who will allow you to buy the car you want. Here at Missouri Auto Finance, we have made this process simpler, quicker, and more convenient. We have a wide network of lenders and dealers, and we specialize in getting you approved by the dealer that wants your business most. More often than not, we can position consumers with a willing dealer or lender even if their credit has been impacted by bankruptcy or repossession.

New Vehicle Financing in Arnold

Are you hoping to finance a new car or truck? Used cars and trucks can be problematic, because you have to worry about getting a car that hasn’t been treated well. New cars, on the other hand, are likely to provide you with tens of thousands of miles of worry-free driving. Regrettably, top-notch credit is necessary to be eligible for a low interest rate through the dealership, and you might be required to have a 20% down payment. If you’re not sure, speaking with an automotive finance professional will help you decide if a new vehicle is right for you.

Financing a Used Vehicle in Arnold

Even though you’re getting a used car or truck, you can still get a trustworthy vehicle that boasts decent fuel economy. Since they’ve already gone through that initial depreciation, used cars call for less expensive down payments, ordinarily only 10% rather than the 20% required for new cars. Worried there will be repairs and maintenance issues? This can be lessened by looking for a vehicle that is still covered by its factory warranty or obtaining a new warranty. If you want to combine the affordability of a used vehicle with the dependability of a new one, consider purchasing a vehicle from your desired manufacturer’s certified preowned (CPO) program.

Financing a Car with Bad Credit in Arnold

There are lots of different issues which can lead to below-average credit: outstanding bills, foreclosure, going bankrupt, and much more. Naturally, you don’t want to waste a lot of time looking for a dealer or lender in Arnold that will work with your credit. This is where we can help. We specialize in serving clients all across the credit spectrum, helping them secure the loans they need.

A major portion of your credit score relies on your history of making–or missing–payments. That means an auto loan, being a big installment loan, can help you boost your credit.

At the same time, missing just one single payment can damage your score dramatically.

Budget 8% of your monthly income, at most, for your car loan. For residents of Arnold who earn $4,218 per month, this is $337.

Arnold Buy Here Pay Here Car Lots

Folks in Arnold and across Missouri head for buy here pay here car lots, believing they will only be able to get approved at one of these places. Rarely is this the case. Generally, dealer financing isn’t direct to the consumer, as car dealers go through banks or credit unions to provide the loans, but buy here pay here dealers are the actual loan originator.

You will discover that higher-mileage autos are the only thing for sale, and these are not zero down car loans. In most cases, the down payment is less, but not much, than you would pay for the vehicle from an individual seller. Rates equal to the state’s maximum legal limit are common. And if that weren’t enough, these dealerships almost never report back to the credit reporting agencies, which means you could make all of your payments when they’re due without raising your FICO score.

Arnold Consumer Profile

  • Income Per Year: $50,610
  • Monthly Income: $50,610
  • Ideal Monthly Payment: $211 to $422 (5-10% of monthly income)

Ready to determine how much car you can finance? Check the table below, but keep in mind the rates have been approximated, and the figures assume an income of $50,610 a year, the average in Arnold. Loan length is 60 months.

Exceptional Credit Fair Credit Poor Credit
Monthly Income $4,218 $4,218 $4,218
Payment $337 $337 $337
Loan Rate 3.50% 6.50% 10.50%
Vehicle Price $23,186 $21,558 $19,624
Money Down $4,637 $4,312 $3,925
Note Size $18,549 $17,246 $15,699
Interest Paid $1,697 $3,000 $4,547
Total Investment $24,884 $24,558 $24,171

Your Car Loan is Waiting!

Regardless of your credit, we’re ready to help you secure the funds you need. Talk to a finance expert in Arnold now.