Auto Loans in Florissant (MO)

A car, truck, or SUV is a large asset, so it is important to lock down the most affordable rate of interest available for your credit. Our network of financing specialists is unmatched, and we have finance professionals set and ready, expecting your application. We will match you with a finance professional in Florissant who can help you secure the financing you need without breaking the bank.

Auto Loans for New and Used Cars in Florissant

We help consumers get approved for both new and used vehicles. New cars are far from a smart investment, given that they lose a significant portion of their value in the first year after purchase, meaning that you’re at a greater risk of negative equity. In order to keep your loan amount in line with the value of your vehicle, banks and finance companies customarily require about twice the down payment on a new vehicle as opposed to a used one. However, interest rates for new cars are lower, and it’s often easier to buy a new car with bad credit. If you’re unsure, speaking with an automotive finance specialist in Florissant or nearby St. Louis will help you decide if a new vehicle is best for you.

A great many smart consumers purchase a used car instead of a new one. The loan rates for preowned autos are a bit higher, but other advantages, such as a lower sticker price and shallower rate of depreciation, more than make up for these heightened rates. If you are under water on a used vehicle, it will typically be for a shorter length of time. In the long run, a preowned vehicle will be less of a strain on your finances.

Bad Credit Car Loans in Florissant

There are lots of different things which can result in below-average credit: medical bills, foreclosure, going bankrupt, and much more. If such problems have tarnished your credit record, you may face the following when trying to buy a car:

  • Bigger down payment requirements.
  • Higher rates of interest (APR).
  • Narrower vehicle selection.

Of course, the biggest issue could be credit denial. You don’t want to deal with having a loan application declined, and therefore it is important to find a lender or dealer in Florissant that finances subprime credit. Luckily, we are experts in serving consumers with credit problems of all kinds, getting them the loans they need.

Checking for Errors on Your Credit Report

It’s now estimated that 20% of Americans have errors on their credit report, as reported by one of the main credit agencies. Every year, you can check your credit at no charge at Annual Credit Report, a site created by the leading credit bureaus, and make sure you secure the interest rate that’s as low as possible. Check to make sure you don’t see:

  • Paid accounts or debts still marked as open.
  • Paid accounts or debts marked settled or similar.
  • Accounts or debts listed under your name instead of an ex-spouse’s.
  • Accounts listed under your name on account of mistaken identity or outright fraud.

Any such issues are grounds for filing dispute, which should give you a good chance of recouping some points on your credit score.

Florissant Buy Here Pay Here Car Lots

Folks in Florissant go to buy here pay here auto lots, sometimes referred to as tote the note dealers, under the impression that they will only be able to get approved with no credit check. Rarely is this the case. These types of dealerships offer auto loans in-house, in contrast to traditional dealers which contract this, and they typically don’t even check your credit.

You will see that preowned autos are the only thing available, and these Florissant dealers may expect you to make payments weekly, at the lot. Repossession frequently occurs, and the interest rates are deemed unfair by many consumer agencies. This is why these car dealers don’t have a good track record. We can connect you with dealer finance specialist who can get you financed, even if you’ve been through bankruptcy.

How Much Can You Borrow?

Take a look at the maximum loan amount you’ll be eligible to borrow given your credit. Have a look at these figures based off of an income of $3,512 per month, the average in Florissant.

Credit Income Factor Loan Amount
Excellent Credit 10 $35,120
Decent Credit 9 $31,608
Subprime Credit 8 $28,096
Poor Credit 7 $24,584
Very Bad Credit 6 $21,072

However, it’s advisable to borrow a smaller loan than you’re actually able to.

What You Can Afford with $281 Monthly Payment

Have a look at this table, which shows what price car you can afford given your credit standing, given an income of $3,512 a month, 5 year loan, and a down payment of 20%.

Excellent Credit Okay Credit Bad Credit
Monthly Income $3,512 $3,512 $3,512
Payment $281 $281 $281
Rate 3.50% 6.50% 10.50%
Sticker Price $19,305 $17,949 $16,340
Money Down $3,861 $3,590 $3,268
Note Size $15,444 $14,359 $13,072
Total Interest $1,413 $2,498 $3,786
Price with Interest $20,719 $20,447 $20,126

Complete Your Application Online

If you’ve got poor credit, put us to work. Discuss your needs with a finance expert nearby now.