Credit History Significantly Affects Auto Loans in O’Fallon
June 12, 2015
Individuals who have no credit history, an excellent credit report or a poor credit record must realize that this background information concerning past and present debts will significantly affect your efforts to acquire home or auto loans in OFallon. In fact, this documentation will determine the type of financing for which you may qualify and the interest rate, as well.
In addition to your credit history, there are a number of factors that also impact car loans, whether new or pre-owned:
- The current annual percentage rate (APR) when you apply for the loan.
- The amount of your down payment. More money down means less money is financed. This saves you valuable funds in the long run.
- Exactly how much money is being financed.
- The make and model of vehicle that you choose. Newer models and sport vehicles tend to cost more.
- The term or length of the loan (how many years or months). Shorter term loans save you money.
- Special promotions that may be offered by the dealership.
- Your credit risk. Those with less than ideal credit can qualify for a loan but may not receive the advantages of persons with better credit.
Dealerships typically provide a wide variety of makes and models in all manner of condition in a wide range of years. Excellent prices may be found from Ford to used Toyota cars for sale.
Contact 5 Star Auto Plaza at (636)940-7600 to discover how a member of our experienced sales team can assist you with locating the perfect used auto to meet your particular requirements and supply the best option from a selection of premier auto loans in O’Fallon.