Auto Loans in Blue Springs (MO)

Blue_Springs_MOBlue Springs may have been listed as one of the best places to live in not just Missouri, but the entire nation, but that doesn’t mean it’s any easier to finance a car here. That’s why it’s smart to search for financing before heading to the car dealership. The advantages of doing so are significant:

  • Less time spent at the dealership.
  • Chance of a more competitive interest rate.
  • Greater negotiating power.

For years, we’ve been building relationships with dealers and lenders across the state of Missouri, and we have one of the best success rates in the industry. Enjoy the convenience of working with a devoted financing specialist to address any questions you have and arrange your loan.

Auto Loans for Preowned Cars in Blue Springs

In this day and age, automobiles are so well built that a preowned vehicle is seldom an issue. The shorter finance terms usual for preowned vehicle lending normally equate to less interest accrued, even if you’ve got a more expensive apr rate. Banks and finance companies have limitations in terms of miles and age, however.

  • Mileage: less than 70,000 to 100,000 miles.
  • Model Year: less than 7 years old.
  • Non-commercial vehicles only.

To help you determine whether a new or used car is going to serve you best, review this helpful chart. This is assuming a vehicle that is two years old, and has therefore lost 50% of its value, and a borrower with a prime credit score.

New Car Used Car
Price $41,500 $20,750
Down Payment $8,300 $2,075
APR 5.00% 7.50%
Term 5 years 4 years
Monthly Payment $626.52 $451.54
Total Interest $4,391 $2,999
Total Paid $45,891 $23,749

Bad Credit Blue Springs Auto Loans

Have you got below-average credit on account of issues like unpaid debts, job loss, repossession, or even bankruptcy? Even though bad credit might make it difficult to finance a new or used car, it’s not impossible. Through us, you can contact an auto finance specialist from a lender or dealer within driving distance who is ready to get you behind the wheel.

At a bad credit dealership in Blue Springs or anywhere, your salesperson will speak with you about financing right from the start. If you apply through us, you can line up your financing ahead of time, then plan an appointment for you to pick out your car or truck and complete the paperwork. Make sure that your auto loan payment is not greater than 10% of your income. For an individual earning the Blue Springs average of $4,150 of income per month, that’s $415. In fact, 50% of this, $208, is far better.

How Much Will You Pay in Interest?

Lenders would go out of business if they lent to people who did not repay them. For this reason, the the stronger your FICO score, the lower your interest rate is bound to be. Let’s say you get an auto loan of $33,200 at 3.50% APR, because you have pretty good credit. You would wind up paying $3,038 in interest. On the flip side, if you have below-average credit and a rate of 10.50%, you would pay $9,616 in interest. Lenders need to know more before they can offer you an interest rate, so make sure to submit your application.

Blue Springs Buy Here Pay Here Dealers

Perhaps you have considered BHPH financing because of bad credit? Usually, there are more attractive options. These car lots provide credit lines directly, whereas a lot of dealers outsource this, and they regard your job as your credit. Drawbacks include excessively high lending rates that border on the state’s legal limit, as well as high rates of repossession Even worse, these dealerships seldom report back to the credit reporting agencies, so you could make all of your payments on time without improving your FICO score.

Loan Pre-approvals for Blue Springs Consumers

The amount you’ll be able to borrow will depend on the amount of money you earn, and how good your credit score is. To illustrate, consider these numbers based on an income of $4,150 a month, which is the average in Blue Springs.

Credit Multiplier Loan
Good Credit 10 $41,500
Average Credit 9 $37,350
Subprime Credit 8 $33,200
Poor Credit 7 $29,050
Really Bad Credit 6 $24,900

Don’t get a loan than you really need, just because you are able to. In general, an ideal funding arrangement features a down payment of 20%, car payment of less than 10% of monthly income, and term length of 5 years or less. Provided an income of $4,150 each month, let’s take a look at the amount you could spend given your credit.

Prime Credit Fair Credit Subprime Credit
Monthly Installment $332 $332 $332
Interest Rate 3.50% 6.50% 10.50%
Purchase Price $22,813 $21,210 $19,308
Down Payment $4,563 $4,242 $3,862
Borrowed Funds $18,250 $16,968 $15,446
Interest Paid $1,670 $2,952 $4,474
Total with Interest $24,483 $24,162 $23,782

Go here if you live in Kansas City, just 19 miles away.