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Auto Loans in Jefferson City (MO)

Auto financing with bad credit in Jefferson City – it’s our specialty. Luckily, we work with car lots that finance bad credit in Jefferson City. Benefits we offer include:

  • Superior Application Placement System
  • Huge Network of Lenders
  • Detailed Borrower Instruction

Auto Loans Jefferson City Missouri

Bad Credit Car Dealers in Jefferson City, MO

Most traditional lenders like banks reject applications from individuals who have credit problems. Thankfully, there are dealers that do work with the sub-prime market. When compared with a BHPH dealer, such dealerships can offer:

  • More competitive APR rates.
  • Smaller sized down payments.
  • Fairer finance terms.
  • More stringent oversight.
  • Option to rebuild your credit.

You may not meet the criteria to finance just any car on the lot. Typically, when you have a low credit score, you can finance six to eight times your monthly income. For residents of Jefferson City earning $649 each month, this is $3,894 to $5,192. Having said that, it’s best to borrow less than you can, restricting your monthly payment to only 10% of your income–$65, in this example.

Apply online to find out your options.

Do You Need a Down Payment?

Even if you’ve got good credit, having no down payment can stand in the way of financing your car. A down payment will reduce your loan-to-value ratio by minimizing the size of the loan in relation to the value of the vehicle. The result is a more affordable interest rate and less interest owed overall.

No money down cars are no myth, but it’s more common for them to trade in their old car or truck in order to meet any down payment requirement.

Buy Here Pay Here Car Lots in Jefferson City, MO

When you’ve got dealt with bankruptcy or foreclosure, a buy here pay here dealer could very well appear to be a smart move. Dealers like these will finance just about anyone, regardless of their credit, but there are drawbacks.

Regrettably, you should be prepared for excessive rates of interest, huge down payments, and cars and trucks that cost too much given their mileage and condition. For this reason, these dealerships have a sullied reputation. Let us place you in the hands of dealer finance professional who can get you approved, regardless of your credit.

Credit Considerations for Jefferson City Residents

Besides providing you with the funds you’ll need, an auto loan can actually help you get your credit back in line. An auto loan can enhance two significant credit scoring factors:

  1. History of Payments (35% of score).
  2. Types of Credit Used (10% of score).

Of course, this works both ways, in that you can exacerbate your credit problems if you go delinquent on your payments. Of course, the benefits associated with an improved score are enormous, including lower interest rates and insurance premiums, as well as greatly reduced down payments.

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