Auto Loans in O’Fallon (MO)

A car, truck, or SUV is a costly investment, so it’s very important to secure the cheapest annual percentage rate possible. We do business with a vast network of dealers and lenders, and we specialize in placing your application with the lender that suits you best. We place your application with a lending expert whose job is to get you approved for the car loan you need.

Vehicle Finance Interest Rates in O’Fallon

You probably want to know how high your interest rate will be. First off, you should know your credit score. This is the most significant factor. To illustrate the impact of your credit score on your auto loan, have a look at this chart.

Below, we’ve compared the same $29,832 car loan, but with different credit scores and interest rates:

Prime Credit Poor Credit
Loan $29,832 $29,832
Loan Rate 3.50% 10.50%
Months 60 60
Finance Fees $2,730 $8,640

To receive a definitive rate quote, you will have to contact a finance professional.

Auto Loans for Used Cars in O’Fallon

Used cars, believe it or not, have significant benefits. Some individuals discount used cars for having higher rates of interest, but keep in mind that they are cheaper at signing and over time. A great many banks and finance companies, however, will only finance cars from actual dealerships, not from private sellers. Ultimately, a preowned vehicle is usually the better value.

Bad Credit O’Fallon Auto Loans

People with excellent credit enjoy highly affordable loan rates and great terms, but most of us don’t have this pleasure. There’s good news, however: there are loan providers and dealerships in O’Fallon that can assist people who have credit problems.

More than likely, we can match you with a lender or dealer in our network who is ready to finance your credit.

Credit report inaccuracies have become fairly widespread. Have you checked that your credit hasn’t been bungled on account of mistaken identity or human error?

One time every 12 months, you can check your credit free of charge at Annual Credit Report, a site created by the leading credit bureaus, and be sure you get the APR rate that’s in line with your credit.

O’Fallon Buy Here Pay Here Dealerships

Buy here pay here dealers customarily deal with people with truly serious credit problems such as filing for bankruptcy. Normally, dealer finance isn’t direct to the consumer, as dealerships go through banks and lenders with whom they have relationships to provide the loans. By contrast, BHPH dealers are the actual source of the loans. Most often, preowned autos are the only models available, and these aren’t no money down cars. Normally, the down payment is the same as what the dealer had to pay for the vehicle, and you could wind up paying thousands in the end through inflated rates. Because of this, these dealerships have a lousy track record. We can put you in touch with dealer finance specialist who can get you in the car or truck you want, regardless of your credit.

O’Fallon Consumer Profile

  • Income Per Year: $44,750
  • Income Per Month: $44,750
  • Average Car Payment: $410
  • Suggested Car Payment: $186 to $373 (5-10% of monthly income)

Wondering how much car is in your budget? Have a look at the chart below, but keep in mind the rates have been estimated, and the numbers assume a yearly income of $44,750, the average in O’Fallon. Repayment term is 60 months.

Great Credit Okay Credit Subprime Credit
Monthly Installment $298 $298 $298
Loan Rate 3.50% 6.50% 10.50%
Vehicle Price $20,498 $19,058 $17,349
Money Down $4,100 $3,812 $3,470
Borrowed Funds $16,399 $15,247 $13,879
Interest Paid $1,501 $2,652 $4,020
Total Paid $21,999 $21,711 $21,369