Auto Loans in Fort Thomas (KY)

If you need an auto loan in Fort Thomas, you need a lender and dealer you can trust. We’ve spent years establishing a network of lenders and dealers across the country, and we have one of the highest approval rates in the business. It really is tough to imagine an easier way to finance your next car.

New and Used Car Loans in Fort Thomas

A lot of people opt for new cars, and it’s easy to see why. New cars are nicer, safer, and well-warrantied. They are often easier to finance if you have credit problems, and if you have excellent credit, they may be available with zero down or zero percent interest.

That said, used cars can be financed too, and they are often a good option. Because they’ve already undergone that initial drop in value, used cars and trucks necessitate less expensive down payments, often 10% of the vehicle’s purchase price. Consider, however, that there are limits on the vehicle in terms of age, mileage, and type. These vary from lender to lender, but typical criteria are listed here: Vehicle must have less than 100,000 miles and not be more than 7 years old. If you want to combine the low cost of a preowned car or truck with the dependability of a new one, consider a used car that has passed an automaker evaluation, meaning a certified preowned car or truck.

Fort Thomas Bad Credit Car Loans

If you have low credit scores, bank financing usually isn’t possible. Most banks, and even some credit unions, are loathe to finance people with bad credit. They prefer applicants with “prime” to “super-prime” scores, as they borrowers are a safer investment. Of course, you don’t have all month to go looking for a bank or finance company in Fort Thomas that will work with bad credit borrowers. Fortunately, we are known for serving consumers who have credit problems of all kinds, helping them secure the loans they need. There are dealers and lenders out there who cater to subprime borrowers, and we can put you in touch with such a company as soon as you apply online.

Finance a Car, Improve your Credit?

A large portion of your credit score is based on your history of making–or missing–payments, and making payments on your new auto loan can help you increase your credit. Indeed, after 12-24 months of good payment history it’s possible you’ll be eligible to refinance at a lesser rate.

The most important thing is to keep your payment low, so you’ll have no trouble paying it, and either set your calendar or arrange for auto-pay to make sure you never-ever miss a payment. Commit 8% of your monthly income, at most, for your payment. For people in Fort Thomas who have an income of $3,298 per month, this would be $264.

Fort Thomas Buy Here Pay Here Dealers

For those who have severe credit problems on account of bankruptcy or debt settlement, a buy here pay here dealer could very well appear to be the only option. It’s true, they don’t look at your credit, which means your credit problems ought not be a hindrance to getting approved, but chances are high you’ll pay more than you think by the time all is said and done.

The fact is, you should expect exorbitant annual percentage rates, high down payments, and vehicles that cost too much given the kind of shape they’re in. For this reason, these dealers have a sullied track record. We want to match you with subprime finance specialist who can get you in the car or truck you want, even if you’ve had to file bankruptcy.

Fort Thomas Consumer Profile

  • Per-Year Income: $39,570
  • Income Per Month: $39,570
  • Recommended Monthly Payment: $165 to $330 (5-10% of monthly income)

To sum up, the optimum funding arrangement includes a down payment of 20%, car payment of 5-8% of monthly income, and a repayment term of 60 months or less. With an income of $3,298 monthly, let’s consider how much car you could buy based upon your credit.

Exceptional Credit Fair Credit Poor Credit
Payment Amount $264 $264 $264
APR 3.50% 7.00% 12.00%
Years 5 5 5
Sticker Price $18,129 $16,656 $14,826
Down Payment $3,626 $3,331 $2,965
Loan $14,503 $13,324 $11,861
Total Interest $1,327 $2,506 $3,969
Price with Interest $19,456 $19,162 $18,796