Auto Loans in Cape Girardeau (MO)

In Cape Girardeau, you have several options for obtaining a car loan, but few companies have refined credit acceptance like ours has. Our network of dealers and finance companies is unparalleled, and we have agents ready and willing to finance your purchase. We assign you a financing professional who will work tirelessly to get you approved.

New Car Auto Loans in Cape Girardeau

A lot of individuals decide to buy a new car instead of a pre-owned one because it’s easier.

However, if your credit isn’t the best, a new car’s steep rate of depreciation, accompanied by high rates of interest, can bring about negative equity. Consequently, a solid down payment is recommended. That said, loan companies view new vehicles as lower risk investments, meaning it could be simpler to finance one if you’ve got unfavorable credit ratings.

Used Car Loans in Cape Girardeau

Preowned vehicles are less costly, that goes without saying, so they come with they are cheaper to get financed and keep insured. Some individuals disregard used autos for having steeper interest rates, but remember that they are less expensive in upfront cash and in the long run. If you are anxious about repairs and maintenance, you can shop for a vehicle that has low miles and solid dependability. Below, we have put together some figures that may help you decide whether you ought to get a new or used vehicle. These estimations are based on these assumptions:

  • Two year old used vehicle.
  • Credit score of 690 to 720.
  • 20% down payment for new car, 10% for used.
  • Fixed APR.
New Car Used Car
Price $16,760 $8,380
Down Payment $3,352 $838
APR 5.00% 7.50%
Length 60 months 48 months
Monthly Payment $253.03 $182.36
Finance Charge $1,774 $1,211
Total Paid $18,534 $9,591

Cape Girardeau Auto Loans with Bad Credit

Traditional financial institutions like banks and credit unions usually approve people who have scores of 700 or better. Naturally, you don’t want to spend your time looking for a dealer or finance company in Cape Girardeau that works with credit scores that aren’t perfect. We have the solution. At Missouri Auto Finance, we are dedicated to serving customers on every end of the credit spectrum, getting them the loans they need.

For the minimum interest rate, remember to inspect your credit report for discrepancies that could be lowering your score.

Each year, you can check your credit without spending a dime at Annual Credit Report, in accordance with the FACT (Fair and Accurate Credit Transactions) Act, and be sure you secure the rate of interest that’s as low as possible.

Buy Here Pay Here Financing in Cape Girardeau, MO

Considering heading to a buy here pay here dealer for a car that could be financed? Normally, there are better alternatives. Typically, dealer finance is sourced elsewhere, in that dealers go through banks or credit unions to provide the loans. By contrast, BHPH dealers provide auto loans themselves.

Alas, you should expect excessive rates of interest, big down payments, and vehicles that cost too much given their mileage. Is boosting your credit one of your goals? Then you should submit your application through us, since BHPH dealers can’t help you increase your credit.

Securing Funds for a Vehicle in Cape Girardeau: How Much You Can Finance

The maximum loan you can obtain will depend on the amount of money you earn, and how strong your credit scores are. These figures assume an income of $1,676 monthly, which is typical of the average Cape Girardeau resident.

Credit Income Factor Loan Amount
Good Credit 10 $16,760
Fair Credit 9 $15,084
Slow Credit 8 $13,408
Bad Credit 7 $11,732
Terrible Credit 6 $10,056

It’s best if you borrow less than you can, just to save yourself some income for other things. To conclude, an ideal funding arrangement incorporates a down payment of 20%, car payment of 8% of monthly income, and a repayment term of 5 years or less. Provided an income of $1,676 each month, let’s consider what price car you could buy based upon your credit.

Excellent Credit Okay Credit Bad Credit
Monthly Income $1,676 $1,676 $1,676
Monthly Payment $134 $134 $134
Rate 3.50% 6.50% 10.50%
Months 60 60 60
Sticker Price $9,213 $8,566 $7,798
Money Down $1,843 $1,713 $1,560
Interest Paid $674 $1,192 $1,807
Total Paid $9,887 $9,758 $9,604

Ready to Get Started?

No matter your credit, it’s our mission to help you obtain the loan you need. Apply online, and we’ll get you approved. It’s fast, safe, and risk-free.