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

  • St. Charles Used Cars

    Review Your DealerThey did me a great deal by working with  me on my trade in. I got into something I actually wanted and didn’t break the bank. Read More
  • St. Charles Used Cars

    Review Your Dealer5 Star Auto Plaza even won my husband over with their sales techniques. There was no high pressure tactics or belittling us. I was also impressed with all the clean cars and their selection. I would go back without hesitation. Read More
  • Chesterfield Used Cars

    Review Your DealerI made an appointment at 5 Star Auto Plaza. They showed me the car and gave me a test drive. They were  very friendly, courteous, and didn’t try to hard sell me. The car sold itself, yet they made the experience easy. Read More
  • St. Louis Used Cars

    Review Your DealerI found the gentlemen  I dealt with at 5 Start Auto Plaza quite respectful and seemed to really have my best interest at heart . My salesman really worked with me on picking out the perfect car for me. I appreciated the personalized approach he offered. Read More
  • O’Fallon Used Cars

    Review Your DealerDidn’t have to go through a big deal on getting a deal. I told them what I thought the car was worth and they worked with me to get me there. Read More
  • St. Peters Used Cars

    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
  • St. Louis Used Cars

    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
  • St. Charles Used Cars

    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
  • St. Louis Used Cars

    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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