Auto Loans in Hopkinsville (KY)

A car, truck, or SUV is one of the most expensive assets in your life, but if you approach the auto finance process the right way, you will save a ton of money down the line. For years, we’ve been securing relationships with dealers and lenders across the country, which means we can help applicants of every credit type and budget. We assign you a lending expert whose mission is to get you approved for the car loan you need.

Auto Loans for New Cars in Hopkinsville

We all like the smell of a new car, but there are some things to think about when shopping for a new car or truck. Various personal finance experts counsel against purchasing a new car. This is because their resale value decreases so quickly, which means that you’re more likely to wind up upside down on your loan. That said, a new car is often simpler to finance with no down payment, due to manufacturer discounts and such. In the end, it is wise to consult a dealer finance manager to learn if a new our used vehicle is best for you.

Used Car Financing in Hopkinsville

Used vehicles are highly recommended for the cost-conscious shopper. Some consumers discount used cars for having increased rates, but keep in mind that they still don’t cost as much in upfront cash and over time. If you are concerned about maintenance, make sure you opt for low-mileage vehicle with solid ratings in terms of reliability. It is wise to have the vehicle checked out by a mechanic before buying it, or consider getting a used vehicle that has been inspected and certified by the car maker itself.

Financing a Car with Bad Credit in Hopkinsville

There are some disadvantages to financing a car with bad credit:

  • You have to pay more in interest.
  • You have to have a larger down payment.
  • You have to finance for shorter terms.

This is the good news: there are loan companies and dealers in Hopkinsville that have experience serving credit-challenged consumers. Luckily, we are dedicated to serving people on every end of the credit spectrum, getting them approved for the loans they need.

An auto loan can without a doubt help you restore your credit score. However, you need to make each and every payment by the due date.

Believe it or not, after a year or so of making payments in time you may be eligible to refinance at a reduced rate. Make certain you choose an economical monthly payment. Typically no more than 5-8% of your monthly income is best, or $67 to $108 if you earn $1,348, the average in Hopkinsville.

Hopkinsville Buy Here Pay Here Car Lots

Folks turn to buy here pay here auto lots, believing they can only get approved at one of these places. Not the case. Such dealers grant car loans directly, while traditional dealerships contract this, and they regard your income as a form of credit.

Drawbacks include:

  • Exorbitant Interest
  • Inflated Down Payments
  • Steeply-Priced Cars and Trucks
  • Ignition Kill-Switches

There’s a good reason why these dealerships have a sullied reputation. We want to place you with a reputable dealer who will work with you, even if you’ve had to file bankruptcy.

Hopkinsville Income and Finances

  • Per-Year Income: $16,171
  • Monthly Income: $16,171
  • Average Car Payment: $148
  • Ideal Car Payment: $67 to $135 (5-10% of monthly income)

Auto Loans in Hopkinsville Based on Credit Tier

Have a look at this table, which shows what price car suits your budget based on your credit rating, given an income of $1,348 on a monthly basis, 60 month repayment, and a down payment of 20%.

Good Credit Okay Credit Bad Credit
Monthly Payment $108 $108 $108
Rate 3.50% 7.00% 12.00%
Car Price $7,410 $6,808 $6,060
Money Down $1,482 $1,362 $1,212
Total Interest $542 $1,024 $1,622
Total with Interest $7,952 $7,832 $7,682