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Due to the price tag of the average new car, it is very hard to obtain a vehicle without using a loan. Whether your credit gets approved or not will depend on an assortment of factors, such as:

  • FICO History
  • Income
  • Location
  • Down Payment

Instead of going from business to business, trying to obtain a loan, you can submit one application online. You could be behind the wheel of a new car before you know it.

Auto Loan Rates in Missouri

What will your rate of interest be? In reality, your annual percentage rate differs greatly based on your FICO score, as well as other variables. The rates displayed below are only for informational purposes. These aren’t advertisements, and your exact rate could be very different.

Credit Rating New Car Used Car
Excellent 3.3% 3.5%
Good 4.7% 4.8%
Average 6.8% 7.8%
Subprime 9.1% 10.3%
Bad 13.0% 13.7%
Very Bad 13.5% 14.9%

Checking your credit score can keep you from being overcharged. If you don’t know your score, you could pay too much in interest. Go here to check your score.

Used Car Loans in Missouri

You will find that the loan rates for a used car are higher than the rates for a new one. However, a second hand car auto loan has a great deal of benefits, for example:

  • Down payment is cheaper.
  • Lower out the door cost.
  • Minimized risk of car poor.

Check out the table below.

Years Old Price APR Months Payment Interest Total
New $21,500 6.00% 60 $415.66 $3,439 $24,939
1 Year $17,200 7.50% 60 $344.65 $3,479 $20,679
2 Years $14,620 7.50% 60 $292.95 $2,957 $17,577
3 Years $12,427 7.50% 60 $249.01 $2,514 $14,941

For most individuals, a second hand car is a great option. Loan companies charge higher rates of interest for used cars, but in many instances, you only need 10% down, and the insurance costs are less expensive.

Bad Credit Auto Loans in Missouri

Your credit score is supremely important when financing a car. Basically, if you’ve got poor credit, you can expect an interest rate of more than 10%. Before the internet, you had to agree to whatever annual percentage rate and provisions you were offered. Today, there are better ways to get financed. Buy here pay herecar lots are another option. Yes, your credit isn’t going to be an obstacle at this type of place, but you will end up paying a lot in interest for a high mileage vehicle. If you can, you want to secure your auto loan through one of the following lenders:

  • Local bank.
  • Credit union you can join.
  • Vehicle loan company.

A dealer or auto finance professional will help you get financed through one of these loan providers. There are several advantages: superior rates of interest, better service, and if you make your payments on time, an increase to your credit score.

On top of that, you can complete your application online.

Missouri Resources