Auto Loans in Springfield (MO)

Springfield enjoys a special place in automotive lore as the birthplace of the most famous of American roads:  Route 66. We strive to honor and uphold that heritage by making it easier than ever for Springfield consumers to get out on the highway. Financing is often a speed bump along the way, but not with us. Enjoy the convenience of having a devoted financing professional who can answer your questions and arrange your loan before you ever step into the dealer showroom.

New and Used Cars for Financing in Springfield

Depending on your credit and finances, you may be eligible for a new or used vehicle, probably both. A new car is nearly guaranteed to offer stress-free driving, possibly for years to come. Most manufacturers now offer powertrain warranties for tens of thousands of miles, and the rates for new cars are significantly lower, given their lack of maintenance issues and such.

However, if you want to minimize the impact of your purchase on your monthly budget, consider a loan for a used car. The rates of interest for preowned vehicles are slightly higher, but this expense is made up for in lower sticker prices and rates of depreciation. For anyone who is concerned about repairs and maintenance, make sure you finance a a vehicle that has low mileage and solid dependability. If you want the best of both worlds, consider a used car that has passed an automaker assessment, like a certified preowned vehicle.

Bad Credit Car Loans in Springfield

Maybe you have bad credit on account of unpaid bills, job loss, repossession, or bankruptcy? Although below-average credit can make it challenging to buy a new vehicle, it is by no means hopeless. Luckily, we are experts in serving consumers with credit problems of all kinds, getting them the loans they need.

Believe it or not, a car loan, if paid as agreed, can strengthen your credit score over time. In order to avoid missed payments, investigate options like automatic payments. You should choose an affordable monthly payment. Typically no more than 5-8% of your monthly income is healthy, or $71 to $114 if you make $1,428, the average in Springfield.

What Will Your Interest Rate Be?

Getting the cheapest interest rate you can should be your biggest priority. After all, it will dictate how much your vehicle costs in the end. Let’s pretend you borrow $11,424, and because of your top-notch credit, you’re given a rate of 3.50% APR. You would wind up paying $1,045 in interest. On the other hand, if you have less-than-perfect credit and a rate of 10.50%, you would pay $3,309 in interest. If you want a definitive estimate of your interest rate, you need to contact an auto finance specialist.

Buy Here Pay Here Financing in Springfield, Missouri

Folks turn to buy here pay here auto lots, thinking that they can only get approved with no credit check. Not the case. These types of dealers offer car loans on location, whereas the vast majority of dealerships contract this, and they regard your income as a form of credit.

Problems with sort of financing include excessive interest charges that border on the state’s maximums, as well as tremendous down payments and harsh contracts that allow for quick repossession in the event of a missed payment Worst of all, these dealers almost never work with the credit agencies, so you could make each and every payment in a timely manner without increasing your FICO score.

Springfield Consumer Profile

  • Per-Year Income: $17,131
  • Monthly Income: $17,131
  • Average Car Payment: $157
  • Suggested Car Payment: $114 (8% of monthly income)

Check out this table revealing what car you can afford with a payment per month of $114, 20% down payment, and 5-year term.

Great Credit Okay Credit Subprime Credit
Monthly Installment $114 $114 $114
Rate 3.50% 6.50% 10.50%
Term Length 5 Years 5 Years 5 Years
Purchase Price $7,850 $7,298 $6,644
Down Payment $1,570 $1,460 $1,329
Note Size $6,280 $5,839 $5,315
Interest Paid $575 $1,016 $1,539
Total Investment $8,424 $8,314 $8,183

Your Springfield Auto Loan is Waiting

Regardless of your credit, we work hard to help you find the funding you need. We will match you with a finance manager from a dealer or lender in your area.