Frequently Asked Questions

Buying a car can be a fun experience, but getting the financing for that car can sometimes be a headache. Fortunately, consumers are finding the Internet is a great tool for applying and receiving Missouri car loans. All consumers should carefully review terms and conditions and the basics of their proposed auto loans, including interest rate, term and whether there are any prepayment penalties. To learn more, be sure to review these frequently asked questions.

What is MOCarLoans.com?

MOCarLoans.com is a service that matches borrowers with lenders in their area. Whether you're looking to buy a new or used car, or even refinance your existing auto loan, you can compare lenders and programs thanks to the services provided by MOCarLoans.com. To start the process, fill out the informational questionnaire on this site. By providing basic info such as how much you'd like to borrow and your desired type of loan (new, used, refinance), you're taking the first step in comparison shopping and smart borrowing.

I'm working to repair my credit. Can I still apply for a loan?

One of the best parts of looking for a loan on the Internet is that consumers with less-than-perfect credit are exposed to a wide variety of loan programs. You may encounter higher interest rates as a result of your current credit situation, or a loan that requires a cosigner or other collateral. No matter the situation, you should take advantage of the numerous lenders and loan programs available on the Internet. You may just find a loan that fits your needs. Be sure to carefully review your loan proposals and select the one that fits your financial comfort zone. Make your payment on time each month, and know that your credit score can improve if you practice smart borrowing and repayment habits.

I've been presented with a number of loan proposals. How do I select the right one?

You should feel fortunate that you have the luxury of reviewing several proposals at once - in fact, you're comparison-shopping for your auto loan! It's best to consider the benefits of each loan proposal and how they will impact your life. For example, a loan with a 48-month term will have higher monthly payments than a 60-month loan, but you will pay off the loan faster and therefore spend less on interest. If you can afford it, a shorter loan term could be an advantage. Make sure to review interest rates and any terms and conditions - such as prepayment penalties. Select the loan that fits your monthly budget and comfort level.

I have an auto loan, but I'd like to refinance. Can I do it online?

Absolutely! Services such as MOCarLoans.com also match borrowers with lenders who will refinance auto loans. There is a chance that you could find a new loan with a lower interest rate or a more preferable loan term. If you're having difficulty making your existing loan payment, this might be a smart way to save your credit rating and re-adjust your monthly budget. Be sure to review your existing loan and compare it to any refinance proposals you receive. Look over fees and any other charges associated with the refinance before agreeing to the refinance.