Auto Loans in Chesterfield (MO)

As one of the leading providers of vehicle financial services, we’re proud to help people in Chesterfield get approved for car loans, even when they’re confronted with issues such as:

  • Low Credit Scores
  • Zero Credit
  • No Down Payment

We do business with a vast network of lenders and dealers, which means we can help applicants from every walk of life. We connect you to a credit specialist who will assist you each step of the way.

Financing a New Car or Truck in Chesterfield

There are a few things to think about when financing a new car. The second you pay for it, a new car loses one fifth of its value, meaning that you’re more likely to wind up upside down on your loan. That said, a new car could be easier to finance with no down payment, due to new car rebates and so on. In the end, you are better off talking to a vehicle finance specialist to establish whether a new vehicle would fit you best.

Used Car Financing in Chesterfield

More often than not, intelligent investors finance used cars, not new ones. As they’ve already experienced that first depreciation, preowned cars and trucks require less costly down payments, normally 10% of the vehicle’s purchase price. A great many loan providers, however, will only finance cars from actual dealerships, not from private parties. Below, you will find the following numbers to help you decide if you should get a new or used vehicle. These numbers are based on the following assumptions:

  • Used vehicle is two years old.
  • Credit score of 690 to 720.
  • 20% down payment for new car, 10% for used.
  • Simple Interest.
New Car Used Car
Price $58,220 $29,110
Down Payment $11,644 $2,911
Interest Rate 5.00% 7.50%
Years 5 4
Monthly Payment $878.95 $633.46
Finance Fees $6,161 $4,207
Total Paid $64,381 $33,317

Chesterfield Bad Credit Car Loans

If you have first-rate credit, you are likely to have the benefit of highly affordable interest rates and advantageous terms. Unfortunately, many individuals have battled credit problems stemming from the economic downturn. Seeking out a finance company in Chesterfield who finances bad credit is critical. Otherwise, you could be denied or be strapped with an exorbitant interest rate.

When you apply online through Missouri Auto Finance, our team works to match you with a lender or dealer in Chesterfield who wants to approve your loan.

An auto loan can definitely raise your credit ratings. But, not surprisingly, you will need to make each and every payment by the due date.

So as to stay away from missed payments, consider having your car payment taken straight from your checking account. Determining the ideal payment amount is a must. As one example, suppose you make $5,822 per month, the average for Chesterfield residents.

  • 5% of Income: $291 (Ideal)
  • 8% of Income: $466 (Okay)
  • 10% of Income: $582 (Maximum)

Chesterfield Buy Here Pay Here Car Lots

The buy here pay here industry continues to grow, largely because so many consumers’ credit ratings took hits on account of the housing market and slow economy. These dealers will approve virtually anybody, no matter their credit, but there are downsides. Problems include ridiculous lending rates and down payments, as well as older vehicles and bimonthly payments If bettering your credit score is important to you, you should apply online through us, as buy here pay here dealerships won’t help you in raising your credit.

Purchasing a Vehicle in Chesterfield: How Much You Can Borrow

The maximum loan you can secure will depend on the amount of money you’re making, and how good or bad your credit scores are. To illustrate, consider these numbers for the average Chesterfield consumer who gets paid $5,822 monthly.

Credit Multiplier Amount Borrowed
Good Credit 10 $58,220
Fair Credit 9 $52,398
Slow Credit 8 $46,576
Bad Credit 7 $40,754
Very Bad Credit 6 $34,932

It’s always good to borrow less than you can. This enables you to keep your expenses low.

Auto Loans with $466 Monthly Payment

Below we have a table revealing what car can be afforded with a payment of $466, 20% down payment, and 5-year term.

Prime Credit Okay Credit Bad Credit
Monthly Payment $466 $466 $466
APR 3.50% 6.50% 10.50%
Years 5 5 5
Vehicle Price $32,004 $29,755 $27,087
Down Payment $6,401 $5,951 $5,417
Loan $25,603 $23,804 $21,669
Total Interest $2,343 $4,141 $6,276
Price with Interest $34,346 $33,897 $33,363