Auto Loans in Bowling Green (KY)

If you’d like to finance a car in Bowling Green, we can help. We have access to a wide network of lenders and dealers, and that means we can help applicants of all credit tiers and income brackets. We may not necessarily be able to get you behind the wheel of one of Bowling Green’s hometown Chevy Corvettes, but you’ll be amazed at the convenience of working with a devoted lending expert to help answer any questions you have and line up your loan.

New versus Preowned Auto Loans in Bowling Green

Bowling-GreenHave you got new car fever? When it leaves the lot, a new car loses a considerable portion of its value, and as a result, negative equity is a greater risk. In order to keep your loan amount in line with the value of your vehicle, banks and finance companies usually require about double the down payment for a new car versus a pre-owned one.

Then again, interest rates for new cars are lower, and if you have a favorable credit record, no money down car and truck loans may be an option. All things considered, you are better off speaking with an automotive finance professional to ascertain if a new vehicle is best for you.

Financing a Preowned Vehicle in Bowling Green

In the world today, automobiles can go tens of thousands of miles before running into issues, meaning a used car or truck is scarcely a problem. Preowned cars and trucks are financed at higher rates of interest, but down payments are often half of what they are for new vehicles that are priced the same. For anyone wary of maintenance, you’ll want to opt for low-mileage vehicle with exceptional ratings when it comes to reliability. All in all, a preowned car will give you more value for your money.

Bad Credit Bowling Green Auto Loans

Borrowers with good credit benefit from highly affordable annual percentage rates and great terms. However, many people have run into credit problems, many of which were brought on by the recession. No one wants to deal with being declined by a lender, and therefore you should find a lender or dealer in Bowling Green that works with bad credit. Fortunately, we serve consumers at every point on the credit spectrum, helping them secure the loans they need.

As you may know, financing a car can strengthen your credit score in a matter of months. In fact, many people end up refinancing at a better rate after a couple of years of payments under their belt.

Bowling Green Buy Here Pay Here Car Lots

The buy here pay here industry hopes you assume that they’re your only option, yet this is very rarely the way it is. Dealers like these will finance almost anybody, regardless of their credit, but there are downsides. Sadly, you can look forward to exorbitant loan rates, high down payments, and well-used vehicles that are steeply-priced. Worst of all, these dealerships very rarely work with the credit reporting agencies, so you could make all of your payments on time without any boost to your FICO score.

Loan Amounts for Bowling Green Residents

The higher your credit, the more you can finance. The same applies to your income. We’ve included a chart that depicts the maximum loans for individuals with an income of $2,457 a month, the average in Bowling Green.

Credit Score Income Factor Amount Borrowed
Great Credit 10 $24,570
Average Credit 9 $22,113
Temporary Bad Credit 8 $19,656
Poor Credit 7 $17,199
Horrible Credit 6 $14,742

Truth be told, though, it’s better to secure a smaller loan than you actually could based on your income and credit. You really should allocate just 8% of your monthly income, that’s it, for your auto loan. If you live in Bowling Green and, like the average resident, earn $29,482 per year, this would be $197. How much car will this buy you? The numbers in the chart below are based upon a monthly payment of $197, coupled with a 20% down payment and 5-year loan. Loan rates are approximated.

Prime Credit Okay Credit Poor Credit
Car Payment $197 $197 $197
APR 3.50% 7.00% 12.00%
Sticker Price $13,506 $12,408 $11,045
Down Payment $2,701 $2,482 $2,209
Interest Paid $989 $1,867 $2,957
Total Paid $14,495 $14,275 $14,003

Your Auto Loan is Waiting

At Bluegrass Auto Finance, we’re experts at getting behind the wheel of a new car. Submit your application, and we’ll get you approved. It’s quick, easy, and risk-free.