Auto Loans in Fort Mitchell (KY)

If you’re searching for an auto loan in Fort Mitchell, your search is over. We enable you to submit your application through our system, right from your computer. It truly is hard to envision a more convenient way to get your auto loan.

Auto Loan Interest Rates in Fort Mitchell

Curious as to what your interest rate will be? Do you know your credit score? This is the most significant factor. Let’s see how credit and other factors impact the rate you’ll be offered.

Factor Lower Rate Higher Rate
Credit Better Worse
Credit Profile Deeper Shallower
Monthly Income Higher Lower
Time with Employer More Months Fewer Months
Loan Term Shorter Longer
Miles on Vehicle Fewer miles Higher miles
Type of Vehicle New Used

It is very hard to approximate your rate of interest without having information such as your credit score and income. Simply complete your application, then see what rates you are offered.

Auto Loans for Used Cars in Fort Mitchell

If you’d like to lessen the chances of being upside down, purchase a used car. Used vehicles command higher rates of interest, but down payments are much lower than what they are for brand new vehicles of an equivalent value. Even if you’re upside-down on a preowned car, it will typically be for a shorter time period. To help you determine whether a new or used car loan you need, we have published this helpful chart. These estimates rely on these assumptions:

  • 50% depreciation in the initial 24 months of ownership.
  • Prime credit score.
  • 20% down payment for new car, 10% for used.
  • Simple Interest.
New Car Used Car
Price $37,720 $18,860
Down Payment $7,544 $1,886
Loan Rate 5.00% 7.50%
Duration 60 months 48 months
Monthly Payment $569.46 $410.41
Interest $3,992 $2,726
Total Paid $41,712 $21,586

Financing a Car with Bad Credit in Fort Mitchell

Bad credit has a number of drawbacks:

  • You have to pay more in interest.
  • You have to have a larger down payment.
  • You have to go with a shorter term loan.

Luckily, there are finance companies and dealerships in Fort Mitchell that accomodate credit-challenged consumers. Through us, you can contact an automotive lending professional from a lender or dealer in your zip code who wants to accept you as a client.

Studies have revealed that 1 in 5 individuals has an inaccuracy on their credit report, many of which result in a reduced credit score. Every year, you can check your credit for free at AnnualCreditReport.com, in accordance with the FACT (Fair and Accurate Credit Transactions) Act. It is smart to do this in order to be sure you get the interest rate that’s as low as possible.

Buy Here Pay Here Auto Loans in Fort Mitchell, Kentucky

Buy here pay here dealers usually help people who have significant credit problems such as:

  • Filing bankruptcy
  • Foreclosure
  • Vehicle Repossession
  • Tax Liens
  • Judgments

Generally, dealer finance is indirect, in that dealers work with a network of lenders to provide the loans, but buy here pay here dealers engage in direct lending. They make credit decisions in-house, typically without a credit check. You will discover that higher-mileage autos are the only models on the lot, and you may have to have an ignition interlock mounted in your vehicle. Rates of repossession are astronomical, and so are the interest rates. If that weren’t enough of an issue, these car lots rarely work with the credit reporting agencies, and that means you could make all of your payments punctually without boosting your credit score.

Loan Pre-approvals Based on Income

Have a look at how much you could borrow given various credit tiers. The following amounts presume an income of $3,772 per month, which is typical for people who live in Fort Mitchell.

Credit Multiplier Sum
Good Credit 10 $37,720
Average Credit 9 $33,948
Slow Credit 8 $30,176
Poor Credit 7 $26,404
Horrible Credit 6 $22,632

Vehicle Budgeting for Fort Mitchell Residents

It’s best if you buy a less expensive car than you can afford, as a way to save income for unexpected expenses. How much you can invest in your new car hinges on a number of factors. The estimations in the chart below are derived from a monthly payment of $302, which is 8% of the average consumer’s monthly income in Fort Mitchell, coupled with a 20% down payment and 5-year loan. Interest rates are estimated, and simply for illustrative purposes.

Prime Credit Decent Credit Poor Credit
Monthly Income $3,772 $3,772 $3,772
Monthly Payment $302 $302 $302
Rate 3.50% 7.00% 12.00%
Months 60 60 60
Purchase Price $20,735 $19,049 $16,957
Down Payment $4,147 $3,810 $3,391
Borrowed Funds $16,588 $15,239 $13,566
Interest Paid $1,518 $2,866 $4,540
Total Investment $22,253 $21,915 $21,497