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Auto Loans in Topeka (KS)

Arranging your financing ahead of time is an intelligent approach, because it makes buying a car a much easier process. For years, we’ve been building a network of lenders and dealers across the nation, and that means we can help applicants get pre-approved for a car loan, even if their credit isn’t the best. Ordinarily, we can place borrowers with the right dealer or lender in real time.

Bad Credit Car Dealers in Topeka, Kansas

You shouldn’t let credit stand in the way of your next car. We can pair you with dealers all across Kansas that can give you a second shot at financing. In any sub-prime financing arrangement, there are certain things to be expected higher interest rates and bigger down payments, combined with shorter repayment periods. On the plus side, they will arrange your financing through banks and finance companies that report back to the credit agencies, offering you the ability to boost your credit score. Here at Motive Auto Finance, we work with many such dealerships, and you can get pre-approved by submitting your application.

Minimizing Your Interest

Getting the cheapest rate of interest possible is absolutely essential.

Take a look at how much less you’ll owe in interest at an interest rate of 3.50% versus 7.00% or 11.00%.

Good Credit Fair Credit Poor Credit
Loan Amount $15,552 $15,552 $15,552
APR 3.50% APR 7.00% APR 11.00% APR
Monthly Payment $283 $308 $338
Interest Paid $1,423 $2,925 $4,736

So as to get the most affordable rate you can, be sure to check your credit report for any errors. If you find anything inaccurate, be sure you contact the credit agency that’s reporting the error. This is a quick and simple way to improve your credit. Also, paying off any outstanding debt can reduce your debt-to-income (DTI) ratio, thereby reducing your rate of interest. Financing your vehicle for 60 months or less will result in a lower rate than a 6 or 7 year note, and it will leave you with less negative equity. Last but not least, a solid down payment will lower your loan-to-value ratio–a further way of reducing your rate.

Your Job is Your Credit Dealerships in Topeka, KS

In House Financing Car Dealers in Topeka Kansas
Get Financed!

Maybe you’ve considered getting a car loan at a buy here pay here car lot in Topeka? These Topeka in house financing car lots don’t depend on banks or investment companies to approve their customers, so they can work with a broad selection of consumers.

Sometimes folks with really horrible credit assume that a buy here pay here car lot is the only real place that will be willing to finance them. However, there are a number of disadvantages:

  • Excessive Interest Rates
  • Big Down Payments
  • Lack of Ability to Improve Credit Score

Securing the Ideally-Sized Loan

It’s essential that you choose a vehicle that fits your budget. Try not to spend greater than 8% of your monthly income on this new payment. For a resident of Topeka bringing in $1,728 per month, the city average, this would be $138.

Excellent Credit Fair Credit Bad Credit
Income Per Month $1,728 $1,728 $1,728
Monthly Payment $138 $138 $138
Rate 3.50% 7.00% 11.00%
Term 5 Years 5 Years 5 Years
Money Down $1,900 $1,745 $1,590
Total Interest $695 $1,313 $1,936
Price with Interest $10,194 $10,040 $9,884
Car Price $9,499 $8,727 $7,948

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