Auto Loans in Lexington (KY)

Lexington may be the Horse Capital of the World, but you’re looking for a faster, more comfortable mode of transportation, right? For that, you will most probably need a car loan. There are quite a few ways to secure the funds you need for a car, but only a few firms have simplified the experience like ours has. Our team helps shoppers in Lexington and throughout the state of Kentucky who wish to discover a lender or dealer in Lexington who can offer them fair rates for financing. We will match you with a lending specialist who can help you obtain the loan required for the vehicle you prefer.

Lexington Car Loan Rates

As you probably know, rate of interest is extremely important when financing a car. It’s based off of several factors. Principal among these is your credit. If your credit is excellent, you will enjoy a great rate of interest. If it isn’t, you simply won’t. It’s impossible to tell you what your annual percentage rate is going to be, but we can provide a few estimations.

Credit Score Low APR High APR
720 to 690 3.4% 5.5%
690 to 660 4.8% 8.1%
660 to 500 6.9% 24.5%

These aren’t advertised rates, only approximations. Lending institutions need your application in order to give you a rate of interest. Go here to submit your application.

Used Car Loans in Lexington

If you’d like to minimize the effect of your purchase on your bank account, finance a preowned car. The finance rates for preowned vehicles are a bit more expensive, but this expense is counterbalanced by lower sticker prices and rates of depreciation. Maintenance worries can be relieved by selecting a vehicle that’s just one or two years old, or buying a new warranty. To get the best of both worlds, consider getting a used vehicle that has been checked and certified by the car maker itself.

Auto Loans in Lexington with Bad Credit

Credit score is crucial when purchasing a car. Has yours taken some knocks? Finding a loan lender in Lexington that finances people with bad credit is vital, or you could be denied or have to deal with an unnecessarily high APR rate. You may be required to offer a down payment of 10-20%, and longer finance terms such as 60-72 months may not be available, particularly if you’re financing a used vehicle. But through us, you can contact an automotive financing specialist from a lender or dealer in Lexington who wants to approve your loan with reasonable terms.

It’s now thought that 1 in 5 consumers has mistakes on their credit report, many of which result in a lowered credit score. Thankfully, it is fairly easy to resolve any irregularities, and the process could lead to:

  • Less expensive finance rates
  • More affordable down payments
  • Extended financing

Lexington Buy Here Pay Here Dealerships

Considering heading to a buy here pay here dealer for approval? Typically, there are more attractive options. As a rule, dealer financing isn’t direct to the consumer, as dealerships go through various lenders to provide the loans, but BHPH dealers don’t. They are the actual source of the loans. You will discover that higher-mileage cars and trucks are the only thing for sale, and these are not no down payment car deals. Normally, the down payment matches the vehicle’s wholesale value, and you could wind up paying at least 20% APR. There is a good reason why these dealers have a sullied reputation. We want to put you in touch with subprime finance specialist who can get you the loan you need, even if your credit is terrible.

Loan Amounts for Lexington Consumers

The maximum loan you can get will depend on the amount of money you’re making, and how good your credit scores are. These numbers incorporate an income of $1,355 monthly, the average among Lexington consumers.

Credit Income Factor Sum
Excellent Credit 10 $13,550
Fair Credit 9 $12,195
Temporary Bad Credit 8 $10,840
Poor Credit 7 $9,485
Very Bad Credit 6 $8,130

But don’t forget: there is how much you could finance, and how much is financially responsible. Check out this chart demonstrating what car can be afforded with a payment amount of $108, 20% down payment, and 60 month term.

Excellent Credit Okay Credit Poor Credit
Monthly Income $1,355 $1,355 $1,355
Payment Amount $108 $108 $108
Rate 3.50% 7.00% 12.00%
Years 5 5 5
Car Price $7,448 $6,843 $6,091
Down Payment $1,490 $1,369 $1,218
Borrowed Funds $5,959 $5,474 $4,873
Total Interest $545 $1,030 $1,631
Total with Interest $7,994 $7,873 $7,722

Your Lexington Auto Loan is Waiting!

If you’ve got damaged credit, we can help. We will connect you with a finance specialist from a dealer or lender in your area.