Auto Loans in Kansas City (MO)

In the past, you needed to banks and lenders all over town, hoping to find one who will approve you for financing. Here at Missouri Auto Finance, we have simplified the process. For years, we’ve been cultivating relationships with lenders and dealers across Missouri, and we have companies ready to approve you for the financing you need. It’s tough to imagine an easier way to purchase your next car. You could be headed to Arrowhead Stadium for a Chiefs game before you know it!

Have you checked your credit score? This is the most important factor when it comes to buying a car on credit. The better your credit, the cheaper your loan, simply because you will pay less in interest. Don’t think interest rate is a big deal? Think again. Here is a chart comparing the identical car loan at 3.50% and 10.50% APR:

Prime Credit Subprime Credit
Size of Loan $19,232 $19,232
APR 3.50% 10.50%
Duration 60 months 60 months
Interest $1,760 $5,570

It’s very difficult to forecast your interest rate without having more information. Why not submit your application and find out what rates a local dealer can get you.

Used Car Loans in Kansas City

Even if you’re financing a used car, you can still get a reliable, fuel efficient vehicle. A vehicle that’s two years old costs about 50% of the original price. Financing less means less interest charged, even if you have a higher rate of interest. Worried you’ll face maintenance problems? This can be assuaged by opting for a late model vehicle or investing in an aftermarket warranty. In the long run, you may wind up congratulating yourself for purchasing a preowned car or truck.

Bad Credit Kansas City Auto Loans

Credit scores are a crucial factor when you finance a car. Has yours taken a few licks? Thankfully, there are lenders and dealerships in Kansas City that approve financing for people who have bad credit. Through us, you can contact an auto lending specialist from a dealer or lender within driving distance who wants to approve your loan.

Looking for a car with affordable monthly payments is crucial, particularly when you have a bad credit score. You might not be able to finance many of the autos for sale. To get the lowest rate available, be sure to ask the dealer the buy rate. This is the rate offered by the lender before the dealership adds on extra points for sourcing the loan. Basically, your monthly payment should constitute just 5-8% of your monthly income. For instance, a resident of Kansas City who has a gross income of $2,404 monthly, the average, should plan to fork out just $120 to $192. Any more than this and falling behind will become far too easy.

Buy Here Pay Here Financing in Kansas City, MO

When you have been through bankruptcy or repossession, buy here pay here financing might appear to be a smart move. Dealers like these will finance just about anyone, no matter their credit, but there are problems with sort of financing. Negatives include:

  • Excessive Interest
  • Outrageous Down Payments
  • Steeply-Priced Autos
  • GPS Tracking Devices

If improving your credit score is important to you, and why wouldn’t it be, you should submit your application through us, since buy here pay here car lots won’t aid you in increasing your credit.

Kansas City Consumer Profile

Kansas City MO

  • Income Per Annum: $28,849
  • Monthly Income: $28,849
  • Average Car Payment: $264
  • Optimal Monthly Payment: $192 (8% of monthly income)

Example Loans Based on Credit Score

Ready to determine how much car you can get financed? Have a look at the chart below. The lending rates have been estimated, and the figures presuppose a yearly income of $28,849, the average in Kansas City. Repayment term is 5 years.

Great Credit Fair Credit Subprime Credit
Monthly Income $2,404 $2,404 $2,404
Monthly Installment $192 $192 $192
Rate 3.50% 6.50% 10.50%
Vehicle Price $13,215 $12,287 $11,185
Money Down $2,643 $2,457 $2,237
Total Interest $967 $1,710 $2,592
Total Paid $14,182 $13,997 $13,776