Approximately 261,388 men and women are now living in Lexington, KY, and each and every day, approximately 93% of them travel to the workplace each day by car. For this, you need a car, and for many people, this means an auto loan.
However, this is one of the hardest periods in Kentucky history to get a car loan, due to the overall economy.
Stressed? You shouldn’t be! We can help you finance the car or truck you need. If you apply online, our software program connects with our network of Kentucky loan companies to locate the one which is best suited for your credit score, income, and location.
So long as you limit a few different quotes to only 30 to 45 days, then all your credit report inquiries should be filed as just a single inquiry on your credit profile.
Just click here to APPLY ONLINE.
What Amount Can I Afford?
When getting a car, budgeting is critical. You’d be smart to talk with a financial planner. That said, we can offer some guidelines based upon Lexington’s average income, debt, and insurance figures. Remember, these are only average numbers. You really need to compute how much you personally should be paying.
- Income: $16,254
- Monthly Debt Payments: $594
- Monthly Budget for Transportation: $135 (10% of Income)
The size of the auto loan to which this equates is based on numerous conditions: rate of interest, length of term, credit ratings, etc.
Getting a Car with A Low Credit Score in Lexington, KY
In Kentucky, the average credit score is 679; however, 78,416 Lexington residents have issues with bad credit, which is 1 out of 3 people!
If you need a bad credit auto loan, our Approval Maximization Engine is your best bet.
Submit your application for a bad credit auto loan in Lexington, KY, and our Approval Maximization Engine goes to work matching your loan application with a car finance company who can finance poor credit.
It is speedy, easy, and totally free.
Car Loan Acceptance For Lexington Applicants
These are a couple of suggestions to help you improve your odds of getting approved.
- Know How Much You Can Spend: Try not to spend more than 10% of your total income or 36% of your monthly debt payments toward vehicle payments and upkeep.
- No Down Payment Isn’t Ideal: Putting 5-20% down will reduce the risk of bad equity and decrease the size of the loan.
- Have Somebody Co-sign: Getting a trusted person with a good credit score to cosign your auto loan can reduce your rate of interest a good deal. If you want an auto loan with no credit or bad credit in Lexington, KY, having a co-signer is essential.
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Financing a Car with No Down Payment: Lexington, KY
You can find zero down auto loans in Lexington, KY. However, these aren’t always a good idea. Cars and trucks are worth significantly less from the moment you get them. An advance payment will prevent you from being cornered by your borrowed funds.
If you’d like car loans with bad credit scores, acceptance may be reliant on whether you’re able to offer a predetermined down payment amount.
Watch out for Lexington Buy Here Pay Here Lots
Noticed all of the buy here pay here car lots cropping up in Lexington and across Kentucky? These dealerships accommodate folks who’ve got terrible credit, not to mention folks who need auto loans after major credit-related disasters, including:
- Going Bankrupt
- Foreclosed Properties
Getting a bank loan would be unimaginable for folks who have credit problems such as these. Lexington buy here pay here dealerships, meanwhile, will give them a car loan, typically without any credit check. The rates of interest tend to be excessively high, and the potential risk of negative equity is rather substantial. We can connect you with loan providers who provide loans to people with subprime credit all the time.
Car Finance Documents
Documentation? You heard that right. In order to finance a car, you will need to supply some documents. This includes proof of income, residence, and insurance, along with your drivers license.