Auto Loans in Erlanger (KY)

If you’re looking for an auto loan in Erlanger, we can help. We’ve spent years establishing relationships with dealers and lenders across the country, and we have one of the highest rates of approval in the market. It’s difficult to find a better way to finance your next car.

Erlanger Auto Loans for New Cars

Through us, you can choose to finance a new or used vehicle. Choosing between a new or pre-owned vehicle can be challenging. Buying a new car is often faster and easier than buying a used one, since you don’t have to concern yourself with the vehicle’s condition or history. However, a down payment of 20% is generally recommended, and you should be willing to keep the car until it’s been paid off. If you’re undecided, an automotive finance professional will help you decide whether a new our preowned vehicle is the right choice.

Used Vehicle Financing in Erlanger

Used vehicles are the best approach for consumers interested in cutting costs. Used cars and trucks come with higher APR rates, but down payments are not nearly as high as what they are for new cars and trucks that are priced the same. Worried there will be service problems? This can be lessened by buying a vehicle still under warranty or purchasing an extended service contract. In the end, a used car will deliver greater value for the money.

Erlanger Auto Loans for People with Bad Credit

Traditional lenders like banks typically fund loans only for people with scores of 700 or higher. Locating a lending company in Erlanger who finances bad credit is vital, as you don’t want to have your application declined or have to deal with an unnecessarily high APR rate.

We can help. At Bluegrass Auto Finance, we serve people with credit problems of all kinds, helping them secure the loans they need.

Is Your Credit Report Accurate?

Reports are showing that 40 million American consumers have at least one mistake on their credit report, as reported by one or all three of the primary credit agencies.

Each year, you can check your credit at no cost at Annual Credit Report, a site created by the leading credit bureaus. It is wise to do this in order to make sure you secure the rate of interest that’s as low as possible.

Erlanger Buy Here Pay Here Car Lots

Buy here pay here car dealers usually finance people who have major credit problems like:

  • Chapter 7 or 13 Bankruptcy
  • Home Foreclosure
  • Involuntary Repossession
  • Debt Settlement
  • Judgments

These dealers provide auto loans on the lot, in contrast to regular dealerships which work with banks and lending companies, and they are more focused on your income than your credit.

Negatives include outrageous interest rates, down payments, and vehicle prices Worst of all, these dealerships almost never report to the credit reporting agencies, which means you could make each and every payment on a monthly basis without a boost to your FICO score.

Erlanger Consumer Profile

  • Income Per Year: $50,263
  • Monthly Income: $50,263
  • Optimal Monthly Payment: $335 (8% of monthly income)

Vehicle Budgeting for Erlanger Buyers

In general, the ideal finance package includes a down payment of 20%, car payment of less than 10% of monthly income, and a repayment term of 5 years or less. With an income of $4,189 a month, let’s take a look at how much car you could buy based upon your credit.

Prime Credit Decent Credit Poor Credit
Monthly Income $4,189 $4,189 $4,189
Monthly Payment $335 $335 $335
APR 3.50% 7.00% 12.00%
Months 60 60 60
Sticker Price $23,027 $21,155 $18,832
Down Payment $4,605 $4,231 $3,766
Amount Borrowed $18,422 $16,924 $15,065
Interest Paid $1,686 $3,183 $5,042
Total Paid $24,713 $24,338 $23,874