Auto Loans in Newport (KY)

Here at Bluegrass Auto Finance, we help people in Newport get the auto loans they need, regardless of whether they’re contending with things like:

  • Rocky Credit
  • No Credit History
  • Lack of Down Payment

Our team helps clients in Newport every day who want to locate a bank, dealer, or finance company in Newport willing to offer them reasonable rates for financing. We place your application with a lending specialist to help you step by step through the process.

New and Preowned Car Loans in Newport

In case you’re looking to purchase a new car, be sure this sounds like you:

  • You plan to keep driving the car until the loan has been paid back.
  • You are able to supply a big down payment.
  • You are at ease with being upside down on your loan .

If you have to get rid of a lease, you can transfer it to a different owner, but car loans don’t work this way. However, once the loan has been repaid, you own the vehicle.

Used Car Auto Loans in Newport

You don’t need a brand new car to have a trustworthy, fuel efficient vehicle. Preowned cars command higher interest rates, but down payments are not but 50% of what they are for new cars and trucks of around the same price. If you are in over your head on a used car, it will typically be for a shorter time period. It is a good idea to have the vehicle checked out by a mechanic before buying it, or consider a used car that has passed an automaker evaluation, such as a certified preowned car or truck.

Newport Car Loans for People with Bad Credit

Most of the time, auto finance companies pull a credit score tailor-made for the automotive industry. This score is heavily influenced by your history with auto loans or leases. Even though poor credit might make it harder to purchase a new vehicle, you’re not without options.

We have the solution. At Bluegrass Auto Finance, we specialize in serving customers at every point on the credit spectrum, helping them secure the loans they need.

Should Your Score Be Stronger?

Credit report irregularities are getting to be relatively widespread. Have you made certain your credit hasn’t been the victim of mistaken identity or human error?

Be sure you pull your credit history a minimum of one time yearly. Failing to take action could contribute to higher rates, smaller loans, and less chance for being approved.

Newport Buy Here Pay Here Dealerships

Have you considered a buy here pay here dealer because of bad credit? Normally, there are better options. Such car lots provide auto loans on the lot, as opposed to traditional dealers which farm this out to one of their affiliated lenders, and they will typically finance everyone. Regrettably, you will be faced with inflated rates of interest, big down payments, and well-used vehicles that are overpriced. If elevating your credit score is important to you, you should contact an auto finance specialist through us, as BHPH car lots will not help you strengthen your credit.

Newport Income and Finances

  • Yearly Income: $27,651
  • Income Per Month: $27,651
  • Average Car Payment: $253
  • Recommended Car Payment: $115 to $230 (5-10% of monthly income)

Auto Loan Budgeting in Newport

Have you wondered how much car is feasable? Check the table below. The lending rates have been approximated, and the amounts are based upon an income of $27,651 a year, the average in Newport. Loan length is 60 months.

Excellent Credit Okay Credit Subprime Credit
Monthly Income $2,304 $2,304 $2,304
Car Payment $184 $184 $184
APR 3.50% 7.00% 12.00%
Months 60 60 60
Sticker Price $12,665 $11,636 $10,358
Down Payment $2,533 $2,327 $2,072
Interest Paid $927 $1,751 $2,773
Price with Interest $13,592 $13,386 $13,131

Ready to Get Rolling?

Regardless of your credit, we work hard to help you find the funds you need. We charge no application fees, and you could be choosing your new vehicle before you know it.