Auto Loans in Saint Charles (MO)

If you want to get a car financed in St. Charles, and you want it done fast and without headaches, you have come to the right place. Here at Missouri Auto Finance, we help clients line up their auto loans before they ever step foot on the dealership, matching them with local finance professionals who guide them through the process from end to end. It’s tough to imagine a better way to get your auto loan, especially if there are any possible complications on your credit history that could deter lenders.

Saint Charles Auto Loans for New Cars

buying a new car
Both new and used vehicles available.

There are considerable advantages to new cars:

  • Decreased annual percentage rates.
  • More manufacturer incentives.
  • Decreased service costs.
  • Longer term financing offered.

On the other hand, there are downsides too.

  • Extreme depreciation.
  • More expensive in the long run.
  • More substantial down payments recommended.
  • Increased risk of negative equity.

Be that as it may, new car dealerships will do nearly anything to sell vehicles, and you can often score an amazing package through the automaker’s captive finance department, even if you don’t have excellent credit.

Financing a Used Vehicle in Saint Charles

buying a used car st charles mo
Pre-owned a smarter choice?

Preowned autos give you several significant advantages:

  • A smaller amount has to be financed.
  • More affordable insurance rates.
  • Shallower rate of depreciation.

Considering they have gone through that immediate depreciation, preowned vehicles necessitate reduced down payments, ordinarily 10% of the vehicle’s purchase price. A number of lending companies, however, will require that you purchase from a dealership as opposed to a private seller. Below, we have put together the following numbers that will help you figure out if you ought to buy a new or used vehicle. These numbers are for the same vehicle, only the used version is two years old and has lost 50% of its value during that time.

New Car Used Car
Price $37,650 $18,825
Down Payment $7,530 $1,883
Loan Rate 5.00% 7.50%
Years 5 4
Monthly Payment $568.40 $409.65
Total Interest $3,984 $2,721
Total Paid $41,634 $21,546

Bad Credit Saint Charles Car Loans

Most of the time, auto lenders look at a credit score designed for the automobile industry. This score draws on your prior experience with auto loans or leases. Obviously, you don’t want to spend your time looking for a dealer or finance company in Saint Charles that works with lower credit scores. Through us, you can contact an auto finance professional from a lender or dealer within driving distance who is willing to accept you as a client.

Auto loans can actually improve your credit scores. Of course, you need to make each payment on time. In an attempt to avoid missed payments, most finance companies allow you to automate your payments. Make sure to decide on an economical monthly payment. Typically no more than 5-8% of your monthly income is advisable, or $188 to $301 if you bring in $3,765, the average in Saint Charles.

Buy Here Pay Here Dealerships in Saint Charles, Missouri

If you have overwhelming credit problems stemming from bankruptcy or debt settlement, buy here pay here financing may sound like a good option. They might not check your credit, which means bad credit probably won’t be an impediment, but chances are you’ll be charged excessively for your vehicle and its loan. Negatives include ridiculous finance fees and overpriced vehicles with ignition interlocks to help with repossession If strengthening your credit score is important to you, and why wouldn’t it be, you are better off applying through us, since BHPH dealers will not help you restore your credit.

Loan Amounts for Saint Charles Consumers

Maximum loan amounts depend on the amount of money you make, and how strong your credit score is. These amounts use an income of $3,765 each month, which is typical of the average Saint Charles resident.

Credit Multiplier Loan Amount
Great Credit 10 $37,650
Average Credit 9 $33,885
Subprime Credit 8 $30,120
Poor Credit 7 $26,355
Horrible Credit 6 $22,590

It’s always good to borrow less than you can. In this way, you can save some income for unexpected expenses. In summary, the recommended funding arrangement features a down payment of 20%, car payment of 8% of monthly income, and term length of 60 months or less. With an income of $3,765 a month, let’s see how much car you could buy given your credit.

Great Credit Okay Credit Poor Credit
Payment Amount $301 $301 $301
APR 3.50% 6.50% 10.50%
Months 60 60 60
Purchase Price $20,696 $19,242 $17,517
Down Payment $4,139 $3,848 $3,503
Borrowed Funds $16,557 $15,394 $14,013
Total Interest $1,515 $2,678 $4,059
Price with Interest $22,211 $21,920 $21,575

Talk to a Finance Specialist Near You

If you have less-than-perfect credit, we can help. A finance manager will guide you through the approval process, helping you secure an affordable rate of interest.