Auto Loans in Abilene (TX)

Increasingly, consumers in Abilene and all of West Texas have been lining up their financing before ever going to the dealership. Why? Because it often results in a cheaper annual percentage rate and significantly better terms. We have a vast network of lenders and dealers, and we have some of the highest success rates in the industry. We match you with a finance specialist who will work tirelessly to get you financed.

New and Preowned Auto Loans for Abilene Residents

Abilene TXA lot of people decide to purchase a new car versus a pre-owned one because of the greater convenience and, often, lower monthly payments due to lengthier financing options. However, there are disadvantages as well.

  • Immediate depreciation.
  • Heftier upfront investment.
  • Larger down payments needed.
  • Negative equity is more of a risk.

More often than not, new cars are best for people who have first-rate credit, as the interest rates can be extremely inexpensive.

Used Car Financing in Abilene

In the world today, automobiles are built to go well over 100,000 miles, which means a preowned vehicle is seldom a problem from a maintenance perspective. Because they have gone through that immediate drop in value, used cars and trucks necessitate lower down payments, normally half of what you’d owe for a similarly priced new car or truck. Worried about service issues? This can be relieved by choosing a vehicle still under warranty or investing in an extended warranty. In order to help you determine which type of car is the right choice, we have included this helpful chart. These estimates are based on the assumption that the used vehicle has depreciated 50% over a 2-year period, and the borrower has a credit score in the low 700’s.

New Car Used Car
Price $15,580 $7,790
Down Payment $3,116 $779
APR 5.00% 7.50%
Months 60 48
Monthly Payment $235.21 $169.52
Interest Paid $1,649 $1,126
Total Paid $17,229 $8,916

Car Loans for Personnel from Dyess AFB

Dyess Air Force Base employees more than 5000 Abilene residents, and fortunately, many lenders and dealers in our network offer special rate discounts for military personnel. Some discounts and rebates apply only to active-duty servicemembers, while others apply to veterans, retired military, and reservists as well. Be sure to inquire with your finance specialist about any specials offered as thanks for your service to our nation.

Abilene Bad Credit Car Loans

Banks and credit unions typically approve people with very solid credit ratings. That is, scores of 700 at minimum. Finding a loan company in Abilene that finances people with bad credit is essential. Otherwise, you could be turned down or be charged an unnecessarily high rate of interest. When you apply for financing through us, we work to match you with a dealer or lender in our network who wants to approve your credit.

A major percentage of your credit score is predicated upon your history of making–or missing–payments. That means an auto loan, being a major loan, can help you in re-establishing your credit. Indeed, you may be able to refinance your vehicle after your score has increased to a new tier. Don’t overburden your finances with a big car payment. Typically 5-8% of your monthly income is recommended, or $78 to $125 if you bring in $1,558, the average in Abilene.

Abilene Buy Here Pay Here Car Lots

Have you considered financing a car through a BHPH dealer because of bad credit? Typically, there are more attractive options. These car lots grant credit lines on the lot, unlike traditional dealerships which make use of banks and loan companies, and they will typically finance anyone. The fact is, you can look forward to inflated interest rates, expensive down payments, and high mileage vehicles that are too expensive in light of their condition. Even worse, these car lots almost never report to the credit reporting agencies, which means you could make each and every payment on a monthly basis without improving your credit score.

Abilene Income and Finances

  • Per-Year Income: $18,695
  • Monthly Income: $18,695
  • Average Car Payment: $171
  • Recommended Car Payment: $125 (8% of monthly income)

Car Loan Budgeting in Abilene

Consider this table, which shows you what price car you can afford based upon your credit score, provided an income of $1,558 a month, 60 month term, and a down payment of 20%.

Great Credit Fair Credit Poor Credit
Monthly Installment $125 $125 $125
Interest Rate 3.50% 7.00% 10.00%
Vehicle Price $8,564 $7,868 $7,333
Money Down $1,713 $1,574 $1,467
Loan Amount $6,851 $6,295 $5,866
Total Interest $627 $1,184 $1,612
Total Investment $9,191 $9,052 $8,945

Your Abilene Auto Loan is Waiting

Our company is your trusted source when it comes to finding, and funding, a car in Abilene. Apply online, and we’ll get you approved. It’s fast, safe, and secure.