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Auto Loans in Minnetonka (MN)

Getting approved for an auto loan got much harder after the economic crisis, but it isn’t impossible. We allow you to find a lender or dealer that appreciates the opportunity to fund your loan, whatever your credit. We work with a vast network of lenders and dealers who are willing to accept you as a client, even if your credit is very poor. Your auto finance manager can help you:

  • Review loans.
  • Compare loan terms and conditions.
  • Pick out a new or pre-owned car or truck.

Go ahead and get started.

Car Loan Minnetonka MN

Bad Credit Car Dealerships in Minnetonka, MN

Those car dealers that approve loans on site are termed in house financing car dealers, buy here pay here car lots, and/or tote the note dealerships. You’ll have a better experience with dealer that can find you financing through a trusted lender. Most of the time they are a safer option, as Minnesota regulators hold them to tighter standards than BHPH car lots that offer financing without credit checks. As compared to a buy here pay here car lot, such dealers typically offer less expensive rates and more desirable terms. The dealer will analyze your credit and income to decide which cars you’ll be able to finance. As a way to reduce the risk of loan delinquency or repossession, buy a vehicle that won’t break your budget, with a payment of about 10% of your income–no more. If you make $5,123 per month, this translates to a payment of $512.

A lending specialist is standing by, waiting to determine how much you’re eligible to borrow, and at what APR. If you want to speak with one, be sure to submit your application.

Income Verification for Minnetonka Residents

To combat fraud, lenders need to verify things like your identiity, where you work, and where you live. You will want to have your driver’s license. You can’t test out any cars if you don’t, and it is used to battle fraud. Lenders usually ask to see a minimum of two recent paycheck stubs, but more could be necessary if your credit isn’t up to par. Also, it’s not uncommon for lenders to require you to be earning a consistent income for a certain time period, normally 12 months. Next is insurance. Full coverage will be required for your financed vehicle, though it’s possible to obtain this on the day of purchase. Proof of residence can be supplied by submitting a couple of recent electricity bills or a copy of your lease agreement. Lenders want to know where to find the vehicle if they have to repossess it. If this looks like a headache, don’t worry: it’s really easy–a finance professional can guide you through each step of the process.

Buy Here Pay Here Dealerships in Minnetonka, Minnesota

Buy here pay here dealerships would like you to think that you can’t get approved anywhere else, yet this usually isn’t the case. Dealers like these will approve almost anyone, no matter their credit, but there are negatives.

Alas, you can expect excessive annual percentage rates, large down payments, and well-used vehicles that are steeply-priced. There’s a good reason that these dealers have a bad track record. We want to place you in the hands of a reputable dealer who can put you in the driver’s seat, not matter your credit.

Cars in Minnetonka That Fit Your Budget

Dealer lots in Minnetonka are full of cars and trucks that you can finance, but which you probably shouldn’t. Avoid spending much more than 8% of your monthly income on a car payment. If you live in Minnetonka and make $5,123 on a monthly basis, this would be $410.

Exceptional Credit Okay Credit Bad Credit
Income Per Month $5,123 $5,123 $5,123
Car Payment $410 $410 $410
Rate 3.50% 7.00% 11.00%
Term 60 Months 60 Months 60 Months
Down Payment $5,632 $5,174 $4,712
Loan $22,529 $20,698 $18,850
Total Interest $2,062 $3,893 $5,741
Total Paid $30,223 $29,765 $29,303
Sticker Price $28,161 $25,872 $23,562

Used Cars in Minnetonka for Sale

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