Auto Loans in Georgetown (KY)

Every single day, we help people in Georgetown get an auto loan, regardless of whether they are contending with significant challenges:

  • Damaged Credit
  • Zero Credit
  • Zero in Cash or Trade

We give you the ability to submit your application through our system. It’s hard to envision a more convenient way to buy your next car.

What Interest Rate Should You Expect in Georgetown?

Lenders wouldn’t be able to stay in business if they lent to people who did not repay them. Therefore, the stronger your credit, the more affordable your auto loan rate will likely be. As one example of how important your interest rate is, check out these numbers.

Below is a table that compares a similar car loan at 3.50% and 12.00% APR:

Excellent Credit Bad Credit
Size of Loan $32,216 $32,216
APR 3.50% 12.00%
Years 5 5
Finance Fees $2,948 $10,782

It’s extremely tough to determine your interest rate without information such as your credit score and income. Take a moment to complete your application, then see what rates you are eligible for.

Financing a Preowned Car in Georgetown

Used cars and trucks offer a few important advantages:

  • More affordable out the door cost when compared with an equivalent new vehicle.
  • Lower down payment requirements.
  • Less risk of being upside down.

The shorter finance terms typical of used vehicles typically equate to less total interest, even when you’ve got a higher interest rate. Maintenance issues can be assuaged by buying a vehicle that is only one to two years old, or purchasing an extended warranty. Below, we have compiled some figures to help you figure out if it’s best to buy a vehicle that’s new or used. We’re assuming a car or truck two years old, having lost one half of its value, and a buyer with a prime credit score.

New Car Used Car
Price $40,270 $20,135
Down Payment $8,054 $2,014
APR 5.00% 7.50%
Duration 60 months 48 months
Monthly Payment $607.96 $438.16
Interest Paid $4,261 $2,910
Total Paid $44,531 $23,045

Bad Credit Car Loans in Georgetown

Banks typically fund loans only for people with scores of 700 or higher. Nobody likes to deal with a credit denial, so it is essential to find a company in Georgetown that has experience with non-prime credit. Chances are we can find you a dealer or lender in Georgetown who wants to finance your credit.

A significant percentage of your credit score is calculated from your history of making–or missing–payments. That means a car loan, being a large installment loan, can help you rebuild your credit. In fact, after 1-2 years of timely payments you may be able to refinance at a better rate of interest. Make sure you settle on a reasonably priced monthly payment. Typically no more than 5-8% of your monthly income is best, or $201 to $322 if you make $4,027, the average in Georgetown.

Buy Here Pay Here Dealers in Georgetown, Kentucky

Considering heading to a buy here pay here dealer for a car that could be financed? Normally, there are better options. These dealers will finance nearly anybody, regardless of their credit, but there are disadvantages. Sadly, you will be faced with exorbitant annual percentage rates, huge down payments, and vehicles that are too expensive for the number of miles they have. Even worse, these car lots rarely report back to the credit agencies, and that means you could make each and every payment in a timely manner without helping your credit score.

Georgetown Consumer Profile

  • Income Per Year: $48,322
  • Income Per Month: $48,322
  • Recommended Monthly Payment: $322 (8% of monthly income)

Overall, an appropriate finance package includes a down payment of 20%, car payment of 5-8% of monthly income, and a repayment term of 60 months or less. Given an income of $4,027 monthly, let’s see how much car you could buy given your credit.

Good Credit Decent Credit Bad Credit
Car Payment $322 $322 $322
APR 3.50% 7.00% 12.00%
Vehicle Price $22,136 $20,337 $18,103
Money Down $4,427 $4,067 $3,621
Note Size $17,709 $16,270 $14,483
Total Interest $1,620 $3,060 $4,847
Price with Interest $23,757 $23,397 $22,950

Apply Online in 90 Seconds

If your credit score isn’t so good, let us help. A finance manager will guide you through the approval process, helping you obtain an acceptable rate of interest.