Do you need a car loan in Kansas? Whether you need a new or used car, our network of dealers and lenders has got you covered. You can submit an application for car financing in just 2-3 minutes. We have an advanced application placement platform that matches you, the applicant, with a lender in your area who is willing to pre-approve you for financing. As you can imagine, this streamlines the entire process and maximizes your chances of approval. There is no minimum credit score required, and there is no obligation to accept the loan offered by the dealer or lender to whom you’re matched. It’s fast, it’s easy, and it’s free.
Let’s look at how it works in more detail.
- To begin with, you’ll want to submit your secure online application.
- We’ll try to match you with the right Kansas car loan lender for your location, income, and down payment.
- Your dealer or lender will contact you via phone or email with information about your interest rate, vehicle options, etc.
- You may choose to accept or decline this offer.
- If you accept, you can simply complete your auto loan documentation and pick your car from a local car dealership.
Follow through to submit your secure application.
KS Credit Scores and Income
The two biggest factors for any loan approval are credit and income. There are other factors, such as employment history and loan-to-value ratio (LTV), but these are less important than the big two: how much money you make, and how well you’ve paid off your debts. Let’s look at some average figures for Kansas residents as a whole:
- Average KS Income: $37,044 Per Annum
- Average KS Credit Score: 682
- Autos Registered: 1,982,360
Although there is no minimum requirement in terms of credit score, most companies will want you to earn at least $1500 per month in gross income (pre-tax). Furthermore, your total monthly debt, including your auto loan, should not be more than half of how much you make per month. In Kansas, this equates to $1,544, on average. Don’t meet these prerequisites? You may still be eligible by going the extra mile in at least one of the following ways:
- Get a Co-buyer
- Provide a Larger Down Payment
- Go with Buy Here Pay Here Financing
Putting money down is important. Believe it or not, the majority of lenders demand it. Divide how much the vehicle you want costs by five (20%). If you can come up with that much, you would be offering the ideal down payment, but you may be able to meet the minimum requirements with a down payment of only 10%. In fact, we offer access to zero down car dealerships in Kansas.
You also need to give some thought to your installment payments. Never invest in excess of 18 to 20% of your income for total transportation costs, including your car payments, fuel, insurance, and maintenance. Let’s consider average numbers for Kansas residents.
- Yearly Income: $37,044
- Monthly Income: $3,087
- Payment Range: $556-$617
Low credit score? Get more information about financing a car with credit problems here.