What Kind of Car is In Your Budget? Help from St. Louis Auto Stop Dealership

If you are planning to look for a used vehicle in St. Louis, you need to check out our inventory at the Auto Stop dealership first. We have a great inventory of affordable cars and we even can help you if you’ve had some credit problems in the past.

Before coming out to our dealership, do some homework within your own personal finances to see how much you can reasonably pay for your next used St. Louis car. Your budget should be the resource you look at to find out how much you can afford to pay. A budget is comprised of your total income and total amount of expenses for a month’s time. Whatever money is left over can be a rough estimate of how much you can afford to spend on your used vehicle.

As long as you know where you are budget-wise, the next stop should be St. Louis’ Auto Stop where our vehicle experts can match the right car with the right budget. Not only that, we can help you get the financing you need on your next vehicle even if you’ve had credit problems in the past.

It is good practice to never spend more than you can afford on anything, especially when the expense is one of the largest you make in a lifetime when you purchase a vehicle. Keep your finances in mind and then come to the St. Louis Auto Stop with confidence that we have the right vehicle to fit your particular budget.

One Way To Estimate the Amount of Your Bad Credit Loan

If you’re applying for a bad credit car loan in St. Louis, you’re probably wondering how much money you might get. When applying for a loan, it sometimes feels a bit like a chicken and egg situation. Which comes first? Do I ask how much I could get for a loan, then start looking for vehicles in that price range? Or do I start looking for vehicles that I might want, and then tell the lender what I’m interested in?

Well we’ve got a pretty simple way to get a sense of how much you might get approved for. It’s not perfect science, and there are a few steps to it, but it will give you an idea as to how much you could get approved for.

Since we’ll be going through a few different steps here, it’s probably a good idea to grab a pen, a sheet of paper, and a calculator.

First, write down your gross monthly income. That’s the total amount of money you take home in a month. If you get paid every two weeks, multiply your paycheck amount by two, and you’re in the right zone.

Second, multiply your income by a measure of your credit score. If you have good credit, multiply by 10. If you have fair credit, multiply by nine. If you have mediocre credit, multiply by 8. For bad credit, multiply by 7, and for very bad credit, multiply by 6. The number you get is one estimate for your loan amount. Write that down, you’ll need it in a moment.

In our next article, we’ll look at a second way to get an estimate of your loan amount.