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Auto Loans in O Fallon (MO)

Financing a car was no big issue prior to the downturn, but not any longer. It’s best to work with a lender or dealer who is able to cater to your credit and finances. We’ve built an unmatched network of dealers and lenders that want to get you into the car you need. Your auto finance specialist will serve as your guide, leading you step by step through the process. Visit here to apply for financing.

Bad Credit Car Dealerships in O Fallon, MO

For anybody who is trying to find an auto dealer in O Fallon that finances bad credit, you’re in the right place. As with all subprime loans, you can expect:

  • Greater APR rates.
  • More money owed upfront.
  • Smaller sized loans.

But keep in mind, it’s much better than having no new car at all, and if you make your payments on time, you can strengthen your credit score while doing so. At Motive Auto Finance, we work with many of these dealerships, and they want to get you behind the wheel of the car you need. Go here to apply online.

Should You Finance a Brand New Car or Truck?

Many borrowers can finance either a new or used car, but which should they opt for? A brand new vehicle is worth just 75-80% of its retail price after the first year of ownership, and 50% after 3 years, so you can usually get more for your money when you purchase pre-owned.

New Car Used Car
Years Old 0 1
Price $37,290 $27,968
Down Payment $7,458 $2,797
Interest Rate 5.00% 7.50%
Length 5 years 4 years
Monthly Payment $562.97 $608.60
Finance Fees $3,946 $4,042
Amount Paid $41,236 $32,010

O Fallon Buy Here Pay Here Dealerships

People in the BHPH industry would love you to think that they’re your only option, but this typically isn’t the way it is. These types of dealers offer financing in-house, as opposed to traditional dealerships which farm this out to separate lenders, and they are more focused on your job than your credit. Unfortunately, you should expect inflated interest rates, high down payments, and well-used vehicles that are overpriced. This is why these car dealers have a lousy track record. Let us connect you with subprime finance specialist who can get you in the driver’s seat of a great vehicle, even if your credit is terrible.

Credit Improvement for O Fallon Borrowers

When you your loan is reported to the credit bureaus, financing a vehicle can actually raise your credit score. But keep in mind, this impact isn’t instant. You must pay back the loan as scheduled, making every month’s payment on time.

Your score won’t spike the day you pay off your loan. Rather, its rises steadily as you continue making payments on time. You shouldn’t dismiss the benefits of an enhanced credit score. It makes life so much less difficult and more affordable, and you’ve just got to pay your lender in full month in and month out.

Used Cars for Sale in O Fallon, MO

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