Auto Loans in Lee’s Summit (MO)

Lee's SummitIf you’re considering getting an auto loan in Lee’s Summit, not many companies have refined credit approval like we have. We make it easy to submit your application in real-time. You’ll be led step-by-step through the lending process by a lending professional in your city, and both new and used vehicles are available, depending on your credit and income.

These loans are typically offered through banks or finance companies, and when you apply, you will be contacted by a dedicated finance specialist in Lee’s Summit who will help you compare rates and terms, securing the ideal loan for your needs. The application is a breeze, taking less than 3 minutes. Go here to get started.

Choosing the Right Type of Vehicle

As we said previously, both new and preowned vehicles are available, and that decision will ultimately be yours. Many buyers simply can’t resist the allure of a new car or truck. After all, who doesn’t want the newest, fastest, best machine–especially when you’re paying this much money? However, new cars have their risks, foremost of which is negative equity–the burden of having a higher loan balance than your asset (vehicle) is worth. This happens so often with new vehicles because they depreciate so quickly: 20% in the first month, 35% in the first year, and 50% by the end of the second year of ownership.

Benefits of Buying Used

Used cars and trucks are a smart idea for consumers intent on avoiding negative equity. Used vehicles are financed at higher finance fees, but down payments are much lower than what they are for new vehicles of a similar price. Even if you are upside-down on a preowned car or truck, it will typically be for a shorter time. Below, you will find the following figures that may help you decide if you ought to get a vehicle that’s new or used. We are assuming a two year old vehicle that has lost one half of its value, and a buyer with a credit score of 690 to 720.

New Car Used Car
Price $39,970 $19,985
Down Payment $7,994 $1,999
Interest Rate 5.00% 7.50%
Months 60 48
Monthly Payment $603.43 $434.89
Finance Fees $4,230 $2,888
Total Paid $44,200 $22,873

Bad Credit Lee’s Summit Car Loans

There are all kinds of complications that lead to bad credit: unpaid bills, repossession, bankruptcy, and more. Finding a lender in Lee’s Summit who serves people with bad credit is essential. After all, you don’t want to get declined or be charged an unnecessarily high interest rate. Sure, you will have to pay a higher rate on account of your credit profile, but there are fair rates and extortionate ones. The same goes for down payments and fees. Through us, you can contact an auto financing expert from a dealer or lender in your area who wants to accept you as a client.

Clearing up Mistakes on Your Credit Report

If you want to minimize your interest rate, you need to check your credit report for irregularities that could be reducing your score. Luckily, it’s not that hard to notify the credit bureaus of any kind of discrepancies, and the process could lead to:

  • Lower rates of interest
  • Lesser down payments
  • Greater amount borrowed

Buy Here Pay Here Car Lots in Lee’s Summit, Missouri

Buy here pay here dealers usually help people with acute credit problems like filing for bankruptcy. Sure, they don’t check your credit, meaning bad credit shouldn’t be a hindrance to approval, but it’s quite possible you will pay more than you should by the time the dust settles.

You will see that preowned autos are the only thing available, and these Lee’s Summit dealers may make you make payments weekly, at the lot. Repossession is frequent, and the interest rates are just short of extortionate. There’s a good reason that these car dealers have a dirty reputation. Let us put you in touch with a reputable dealer who will work with you, even if your credit is awful.

Lee’s Summit Consumer Profile

  • Per-Year Income: $47,969
  • Monthly Income: $47,969
  • Average Car Payment: $440
  • Optimal Car Payment: $320 (8% of monthly income)

Ready to determine how much car is in your budget? Have a look at the table below. The annual percentage rates are only estimations, and the figures are based upon an income of $47,969 annually, the Lee’s Summit average. Loan length is 60 months.

Prime Credit Okay Credit Poor Credit
Monthly Income $3,997 $3,997 $3,997
Payment Amount $320 $320 $320
APR 3.50% 6.50% 10.50%
Term Length 5 Years 5 Years 5 Years
Car Price $21,972 $20,428 $18,596
Money Down $4,394 $4,086 $3,719
Interest Paid $1,608 $2,843 $4,309
Total Investment $23,580 $23,271 $22,905

 

Your Auto Loan is Waiting!

No matter your credit, it’s our mission to help you find the loan you need. A finance specialist will lead you through the process, helping you borrow your funds at a fair rate of interest.