Get an Auto Loan Quote

Auto Loans in Mankato (MN)

It is smart of you to try and find financing before you head to the car lot, because it addresses a number of the stumbling blocks from the car-buying experience. Our company assists clients in Mankato regularly who would like to get approval online for financing. In most cases, we’re able to match borrowers with the right dealer or lender in as little as a minute.

Mankato Car Lots That Accept Bad Credit

Don’t allow credit to keep you from the driver’s seat of your next car. We can pair you with dealers all across Minnesota that won’t turn you down, simply because your credit isn’t the best. Since this is a high-risk loan, you can expect:

  • Interest rates that are steeper.
  • Down payments that are more substantial.
  • Loan repayment terms that are shorter.

On the other hand, keep in mind that you are getting not just a car, but also the chance to build up your credit. We have many of these dealerships in our network, and when you apply online, we can match you with one who wants to get you the loan you need.

Documentation Guidelines for Mankato Borrowers

The paperwork required to finance a car varies from lender to lender, but there are a few things that you will need at any dealer or lender.

  • License or Permit: This allows the lender to confirm that the name on your ID is the same as the one on your application.
  • Proof of Income: Paycheck stubs are critically important, as a way to validate your claimed income.
  • Proof of Insurance: You can usually buy coverage on the day of purchase, so you do not have to have this in advance.
  • Proof of Residence: You can furnish this through an energy or other utility bill confirming that the address on your application is accurate.
  • References: These are another means of verification, and only necessary when you have a bad credit score.

Please ask your finance consultant what documentation is needed by your particular bank or lender.

Tote The Note Dealers in Mankato, MN

Car dealers in Mankato that offer on-the-lot financing have a few things in common. They…

  1. Offer auto loans on location.
  2. Do not check your credit.
  3. Want weekly or twice-monthly payments, often in person.

Sometimes people with really horrible credit think that an in house financing car lot is the only real place that will be willing to take their credit, despite the fact that the cost of your vehicle will be higher as a result of higher rates of interest, plus it is unlikely that your FICO score will go up as you pay back the loan. That is because these dealers don’t report back to Equifax, Experian, and Transunion.

What Car to Buy?

Try not to purchase a car that strains your budget. Check out the scenarios that follow, displaying how much car the average Mankato consumer can afford based on an income of $1,798 per month, a car payment equivalent to 8% of this income, and a term of 60 months.

Good Credit Okay Credit Bad Credit
Monthly Payment $144 $144 $144
Interest Rate 3.50% 7.00% 11.00%
Down Payment $1,977 $1,816 $1,654
Loan $7,907 $7,264 $6,616
Interest Paid $724 $1,366 $2,015
Total with Interest $10,607 $10,446 $10,284
Car Price $9,884 $9,080 $8,270

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