What You Need for Auto Financing in St. Louis

August 14, 2015  

Applying and qualifying for auto financing in St. Louis is not as complicated as it may first appear. There are, however, several factors for consideration and necessary requirements that must be fulfilled to secure an affordable car loan.

What You Need for Auto Financing in St. Louis

Of primary importance is separating your gross and net incomes, as they are quite different. Gross income is the amount you earn before taxes are deducted. Net wages comprise your actual “take-home” pay. Loan officials base your income on your primary means of employment, even if you have more than one job. The second and subsequent sources of money are not counted.

Additional monies that you may receive from unemployment, social security and disability are also not viewed as part of your income. A lender will also look over your debt to income ratio. This figure is determined by dividing your earnings by your debts. Ideally, this amount should be no more than 20-30%. A healthy down payment will reduce your overall loan repayment. For purchasing pre-owned vehicles, a down payment of at least 10% of the auto’s cost is usually necessary, although exceptions are certainly possible.

For an even better used car deal, cars, trucks and one owner SUVs for sale may offer more value and longevity for the price.

Consult the expert sales and lending professionals at 5 Star Auto Plaza at (636)940-7600 to discuss your options for auto financing in St. Louis. We are ready to supply not only the perfect used vehicle for your specific needs, but cost-effective financing for every circumstance.

 

5Star auto plaza Review

5 Star Auto Plaza

5 Star Auto Plaza Review

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    Review Your DealerI  wanted a new car for myself so I started checking out some cars online. I found a Lexus LS430 and decided it was the perfect car for me, I just needed to find the right priced one. I found one at 5 Star Auto Plaza, they worked within my budget and I got the car [...] Read More
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    Review Your DealerThey gave me a great price on my trade in and the overall price was very fair according to blue book. I am more than pleased with how the service was here. Read More
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    Review Your DealerFriendly faces and attitudes made all the difference for me from past experiences. They even detailed my suv upon delivery. Great experience. Read More
  • St Charles Used Cars

    Review Your DealerLast summer I purchased a F150  from these guys.  After looking at several local dealerships, I found 5 Star Auto Plaza had the best prices, they had honest sales people and a great selection.  My truck is a great, it runs perfectly and it we absolutely love it!   Read More
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    Review Your DealerRecently after filing for a bankruptcy, our SUV broke down so we need a new family car.  We were really concerned after being turned down by another local auto dealer and our bank for a car loan due to our lack of credit after the bankruptcy.  We were truly elated to find 5 Star Auto [...] Read More
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    Review Your DealerExcellent, top notch service! We were treated with respect and they listened to our needs 100%- Will be back Read More
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    Review Your DealerReally good people who are out to help people get in position to help themselves. Read More
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    Review Your DealerGreat person to help with purchasing a car. Friendly and very professional. Thanks for all the help. Read More
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    Review Your DealerChris King was very informative about establishing my credit. Very informative on credit building. I was very pleased with customer service in the entire building. They kept me laughing. 5 Star Auto Plaza, you ROCK! Read More
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