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Auto Loans in Kansas City (MO)

Getting the loan you need is usually the most significant barrier to shopping for a car, but we can put you in the fast lane to success. We help you find a lender or dealer that is sensitive to your credit and finances. We’ve spent years forming an extensive network of dealers and finance companies that meet the needs of people on the entire credit spectrum, not just the highest levels. An auto finance specialist will help you arrange your loan. After that, all you’ll have to do is go to the your dealer’s lot and get your new car or truck. Go ahead and get started.

Auto Loan Kansas City MO

Bad Credit Car Dealers in Kansas City, Missouri

Car dealerships that offer loans in house promote themselves as in house financing car dealers, buy here pay here car lots, and/or tote the note lots. Your best option is to find a dealership that lines up financing for people in Kansas City with bad credit through an off-site lender. Normally they report your payments to Transunion, Equifax, Experian – a rarity among smaller pre-owned car lots that offer financing on site. In any non-prime financing arrangement, there are certain things to be expected steeper interest rates and bigger down payments, plus shorter lending terms. With that being said, it’s much better than not being able to obtain a car, and these dealers can help you build up your credit through timely repayments. There are many of these dealerships in our network, and they want to get you the car you deserve. Just go here to apply online.

The Best Auto Finance Rates for Kansas City Borrowers

Getting the best rate of interest you possibly can–it’s absolutely essential.

Take a look at this chart depicting the impact of different rates of interest.

Good Credit Fair Credit Bad Credit
Amount Borrowed $21,636 $21,636 $21,636
Interest Rate 3.50% APR 7.00% APR 11.00% APR
Payment Per Month $394 $428 $470
Interest Paid $1,980 $4,069 $6,589

Luckily, there are several basic ways you can cut down on the amount you wind up paying in interest.

  • Credit Profile: Confirm that there aren’t any misreported or fraudulent debts pushing down your credit score. If you come across one, you should definitely take action to correct it.
  • Loan-to-Value Ratio: A good down payment will bring down your loan-to-value ratio–the size of your loan as compared to the price of the vehicle–which should lower your interest rate.
  • Debt-to-Income Ratio (DTI): Less debt will often translate into a reduced rate of interest, so pay off as much as you can.
  • 36-60 Month Loan: Long-term loans offer reduced monthly installments, but shorter ones offer cheaper rates of interest.
  • Age of Vehicle: It is significantly cheaper to finance a new vehicle as opposed to a used one–though pre-owned vehicles often cost less on the whole.

Buy Here Pay Here Dealerships in Kansas City, Missouri

In house financing, otherwise known as buy here pay here financing, has expanded in the years after the economic downturn, largely due to the fact that so many people’s credit ratings were impacted by the economy. As a rule, dealer financing is sourced elsewhere, in that dealers go through various lenders to offer the loans. By contrast, BHPH dealers don’t. They decide who gets financed on location, generally without any credit check.

Regrettably, you should expect exorbitant loan rates, massive down payments, and well-used vehicles that are steeply-priced. And if that weren’t enough of an issue, these dealers very rarely work with the credit reporting agencies, and that means you could make each and every payment as agreed without any lift in your credit score.

Picking a Vehicle

It’s critical to go with a car or truck that fits your budget. This table shows how much car the average Kansas City consumer can afford based on an income of $2,404 per month, a payment of $192, and a term length of 60 months–the most extended term that’s advisable.

Exceptional Credit Okay Credit Poor Credit
Monthly Income $2,404 $2,404 $2,404
Monthly Installment $192 $192 $192
Interest Rate 3.50% 7.00% 11.00%
Down Payment $2,643 $2,428 $2,211
Loan Amount $10,572 $9,713 $8,845
Total Interest $967 $1,827 $2,694
Total with Interest $14,182 $13,967 $13,751
Car Price $13,215 $12,141 $11,057

Zipcode Make Model Minimum Price Maximum Price Condition
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