What Does My Monthly Car Payment Include in Kansas City?
Calculate Your Payment on a Used Car for Sale at a Buy Here Pay Here Dealer
At Auto Bank in Kansas City, the professionals are ready to help you get into a quality used vehicle today with payments that fit into your monthly budget. Our financial experts can steer you in the right direction toward affordable used cars on our buy here pay here car lot and answer any questions you might have about what, exactly, your car payment covers.
In general, your car payment to Auto Bank covers:
- Loan Principal
- Accrued Interest
- Complementary 3-month/3,000-Mile Used Car Warranty from Auto Bank for no additional fee
You’ve probably tried to get a car loan from a traditional lender before - like a bank or a credit union. If they’ve turned you down, turn to Auto Bank, where we offer on-the-lot financing for every used car we sell, regardless of your credit history. Let’s take a look at what you can afford on our lot (hint: it’s a lot!).
Use Auto Bank’s Bad Credit Car Loan Calculator
Even if you have a low credit score, you can still be approved for a car loan here at Auto Bank on East Front Street or East Truman Road in Kansas City, Missouri. While our friendly team members are happy to help you determine what you may expect a monthly payment to be, you also can use our online loan calculator to play around with some numbers and help you decide what kind of down payment and monthly payment amounts you might be able to swing toward a new-to-you car. The principal, or cost of the car less your down payment, is the major part of your car payment to Auto Bank. You’ll also repay interest in each payment, just like any other car loan.
Should you want to add an additional used car warranty to your purchase, you can finance it in your loan. Although we provide you with a short-term complementary warranty, it’s always a good idea to extend it with one that will protect you long-term, especially for the life of your loan. A warranty will ensure that you never have to pay full-price out-of-pocket for any expensive, major repairs.
When you finance with Auto Bank, you’re also receiving our long-term commitment to customer service and satisfaction; we’re always available to answer your questions and guide you through the car-buying process and provide you with a complimentary short-term warranty on your new-to-you car, truck, or SUV.
Case Study 1: Used Car for Sale for $10,000 near Grandview
To help show you exactly how your monthly car payment is broken down, let’s take a look at a vehicle that is listed for $10,000. Cars in this price range are the perfect budget-friendly option for anyone looking at a reliable used car in the Kansas City area.
Using our online loan calculator, we can determine exactly how much you’ll pay each month and the duration of your loan based on the vehicle price, interest rate, your down payment, and the value of your trade (which is optional).
A $10,000 used car with a $1,000 down payment and 9 percent interest will cost you just $187 per month over the course of a 60-month - five-year - loan term. When you shorten your loan term, your monthly payment amount will increase, but you won’t have a car payment for as many years. For example, a three-year car loan (36 months) will have you paying about $286 per month, which is still quite affordable!
Putting down a larger down payment, perhaps by adding on a trade-in vehicle, can lower your monthly payments. For example, if you had a $2,000 down payment, including your cash and the trade-in value of your current car, you could lower your 60-month payment to just $166, and your 36-month payment to just $254.
Making on-time payments can also ensure your car remains affordable because you aren’t accruing additional interest by not paying toward the principal of your loan. You also won’t ever incur any late fees if you provide your payments to Auto Bank when they’re due.
Case Study 2: Buying a Used Car in Kansas City for $15,000
Now, let’s pretend you’ve increased your budget for a used car to $15,000. Cars in this price range tend to be newer model years and have slightly lower mileage on their odometers. They also are likely to have some of the latest tech features that you desire in a vehicle, like rearview cameras, Bluetooth connectivity, and more.
If you put down a $1,000 down payment toward a $15,000 car and get a 9 percent interest rate, you’re looking at a monthly payment of just $291 for 60 months. Should you want to cut your loan term in half, a 36-month loan will cost you about $445 per month.
If you double your down payment, either with cash or by adding a trade-in vehicle to your offer, you will lower your 60-month loan payment to $270, and your 36-month loan payment to just $413.
And again, on-time payments will keep this monthly amount lower than if you miss payments and accrue late fees or more interest because you aren’t paying down your loan principal.
Adding on a Used Car Warranty to Your Purchase
Auto Bank of Kansas City is a buy here pay here dealership committed to getting you into an affordable, nicer, newer vehicle. This is why we offer a standard warranty for every vehicle we sell. You do not need to pay anything additional to get this warranty.
However, if you’d like to extend your warranty, we offer extended Vehicle Service Contracts to protect your investment in the long-term. The service contract - sometimes called an aftermarket warranty - can protect your vehicle from six months up to 10 years, depending on the package you choose. Coverage tends to be bumper-to-bumper and includes nearly everything from your car’s engine and transmission to brake rotors.
These Vehicle Service Contracts can be added into your loan, so you don’t have to pay out-of-pocket to purchase them. You’ll pay for the extended warranty in monthly installments, built directly into the monthly payment you make directly to Auto Bank.
Buy a Used Car from Auto Bank Today!
The best part of buying from Auto Bank is you can complete your purchase all under one roof, with no need to find third-party financing, and drive off the lot the very same day. Auto Bank’s financial specialists are standing by to help you as soon as you’re ready to buy a new-to-you reliable vehicle in Kansas City.
Visit one of our used car lots at 2000 East Truman Road or 6901 East Front Street - a short drive from Belton, Grandview, or Independence - to see the huge variety of cars you can purchase. Or, if you’d prefer, complete our pre-approval form online, and give us a call with any questions you have about the car-buying process.
The calculator and resulting numbers used in this blog post are intended solely for general informational purposes and are provided as a rough estimate. You should not make financial decisions based on this information alone. Visit Auto Bank to learn more about your car loan interest rate. Please note that title, registration, and other fees are not considered in the calculations. When available, we recommend using interest rate information provided to you by Auto Bank.