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Auto Loans in Wichita (KS)

Auto loans for bad credit in Wichita – it’s what we do. We appreciate the inconveniences that Wichita consumers with bad credit struggle with. Listed below are the keys to our system

Bad Credit Car Loans in Wichita KS
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Wichita Car Lots That Accept Bad Credit

If you are looking for a dealership in Wichita that approves bad credit, look no further. Unlike buy here pay here dealers, these larger dealerships offer:

  • Less expensive APR rates.
  • Lower down payments.
  • Both new and used vehicles.

Your credit and income will dictate the cars you’re qualified to finance. Below is an example based on a monthly income of $2,650, the average in Wichita:

Credit History Multiplier Sum
Good Credit 10 $26,500
Mediocre Credit 9 $23,850
Temporary Bad Credit 8 $21,200
Poor Credit 7 $18,550
Terrible Credit 6 $15,900

Bear in mind, this is merely an estimation. You might meet the requirements to finance a larger or lesser amount.

A vehicle finance professional can help you determine how much you can borrow, and at what rate. Just go here to submit your application.

Affordable Auto Finance Rates for Wichita Borrowers

Securing a more affordable interest rate can result in big savings. If you don’t think interest rate is of utmost importance, glance over these figures.

Good Credit Decent Credit Poor Credit
Loan $23,850 $23,850 $23,850
APR 3.50% APR 7.00% APR 11.00% APR
Payment Per Month $434 $472 $519
Interest Owed $2,182 $4,486 $7,263

A stronger credit score will result in lower interest rates on car loans, along with any other loans you may need. At this site, you can check your report once every 12 months, at zero cost, and contest any inaccuracies you find, possibly improving your credit score. Also, lenders take note of your monthly debts as a percentage of your income–your debt-to-income ratio–so paying off some of your other debts can result in a cheaper interest rate. Be sure to opt for a loan that isn’t too long. Your monthly payments will be higher, but you’ll pay less overall. Down payments are also important. The less you borrow as a percentage of the price of your new car or truck, the lower your rate of interest will likely be.

Credit unions often offers lower rates than banks, and there are a number that operate in the Wichita area. For instance, the main branch of Meritrust CU is located on Oliver Street. Your finance professional can help you get a great rate from such an establishment.

Buy Here Pay Here (BHPH) Car Lots in Wichita, KS

Car lots in Wichita that advertise buy here pay here financing have certain things in common. They…

  1. Approve auto loans directly.
  2. Rarely require credit checks.
  3. Want you to make payments 2-4 times per month, often in person.

If you’ve got horrible credit, Wichita buy here pay here dealers are often the only real way to go. However, there are a couple of negatives:

  • Excessive Interest Rates
  • Big Down Payments
  • High Risk of Repossession

How Much to Spend

The lot might well be jam packed with vehicles that you are able to buy, but which are really too expensive. The following chart demonstrates how much car the average Wichita consumer can afford based on an income of $2,650 per month, a car payment equivalent to 8% of this income ($212), and a finance term of 60 months.

Exceptional Credit Okay Credit Subprime Credit
Income $2,650 $2,650 $2,650
Payment $212 $212 $212
APR 3.50% 7.00% 11.00%
Money Down $2,913 $2,677 $2,438
Total Interest $1,066 $2,014 $2,969
Total Investment $15,633 $15,397 $15,158
Sticker Price $14,567 $13,383 $12,188

Cars for Sale in Wichita


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