Auto Loans in Fenton (MO)

If you’re thinking of financing a car in Fenton, few if any companies have simplified credit acceptance like we have. We help consumers in Fenton on a regular basis, helping them arrange their financing from home. Enjoy the convenience of working with a dedicated lending expert who can help answer any questions you have and arrange your loan.

Auto Loans in Fenton for New Cars

If you are looking to purchase a new car, you should do so on condition that: You don’t mind spending at least $15,000 on a car, and you aren’t considering offloading this vehicle before you’ve paid it off. It takes a long time to pay off a new car, so if you always wind up trading in your vehicle after each couple of years, you should consider leasing a car.

Financing a Used Vehicle in Fenton

A preowned vehicle is a good plan for the thrifty buyer. The annual percentage rates for used autos are marginally higher, but this cost is counterbalanced by lower sticker prices and rates of depreciation. Loan companies have got limitations when it comes to mileage and year of production, however.

  • Mileage: no more than 70,000 to 100,000 miles.
  • Age: maximum of 7 years old.

To get the best of both worlds, consider a certified preowned car.

Fenton Bad Credit Car Loans

Credit score is crucial when purchasing a car in Fenton. Has yours had better days? Fortunately, there are loan providers and dealers in Fenton that approve financing for credit-challenged consumers. Chances are we can match you with a lender or dealer in our network who is willing to approve your loan.

Dealerships for Bad Credit in Fenton

Discussing your auto loan, not selecting a car or truck, typically comes first at dealerships that accept bad credit. Car dealerships have been known to charge more expensive rates than they have to. To make sure you get a competitive rate, make certain you inquire about the buy rate. This is the rate offered by the lender before the dealer has tacked on extra points for setting up the loan. If at all possible, your loan payment should be equal to just 5-8% of your gross income on a monthly basis. By way of example, a typical Fenton consumer who has an income of $2,307 each month, the average, should plan to set aside just $115 to $185.

Fenton Buy Here Pay Here Financing

Considering a buy here pay here dealer because of bad credit? Normally, there are more attractive alternatives. Most of the time, dealer financing isn’t direct to the consumer, in that dealerships go through banks or credit unions to provide the loans. By contrast, BHPH dealers make approval decisions on-site, typically without a credit check. Sadly, you can expect inflated interest rates, expensive down payments, and high mileage vehicles that are steeply-priced. That isn’t all: these car lots seldom report back to the credit agencies, and that means you could make all of your payments punctually without any boost to your FICO score.

Loan Amounts for Fenton Residents

Not surprisingly, loan companies evaluate your income and credit score to calculate how much they are going to let you borrow. We’ve included a chart depicting potential pre-approvals for Fenton residents with an income of $2,307 per month, the average in Fenton.

Credit Multiplier Amount Borrowed
Great Credit 10 $23,070
Decent Credit 9 $20,763
Temporary Bad Credit 8 $18,456
Bad Credit 7 $16,149
Really Bad Credit 6 $13,842

Just remember, there’s how much you’re able to finance, and the amount is smart.

Auto Loans with $185 Monthly Payment

Have a look at this table, which shows what price car you can finance based upon your FICO score, given an income of $2,307 on a monthly basis, 5 year repayment, and 20% due at signing.

Great Credit Fair Credit Bad Credit
Monthly Income $2,307 $2,307 $2,307
Monthly Installment $185 $185 $185
Rate 3.50% 6.50% 10.50%
Purchase Price $12,682 $11,791 $10,733
Down Payment $2,536 $2,358 $2,147
Total Interest $928 $1,641 $2,487
Price with Interest $13,610 $13,432 $13,220

Your Fenton Car Loan is Waiting

Missouri Auto Finance is your trusted source when it comes to finding, and funding, a car in Fenton. Apply online, and we’ll get you approved. It’s fast, easy, and risk-free.