Auto Loans in Amarillo (TX)

Amarillo may be home to Cadillac Ranch, but you need something a bit more drivable. Here at Longhorn Auto Finance, we’d be happy to help. As opposed to waiting until you’re in the dealer’s financing office, we enable you to apply for a car loan in advance. We match you with a lending consultant who can help you get the auto loan necessary for the vehicle you prefer. You’d have a hard time finding a better, faster, easier way to buy a car in the Texas Panhandle.

Amarillo Car Loan Rates

Locking down the most competitive interest rate you can should be at the top of your list. After all, it will dictate how much your vehicle ends up costing in the long run. Take a look at how various factors affect your interest rate.

  • Credit score: higher score equals lower rate of interest.
  • Vehicle age: newer vehicle equals lower rate of interest.
  • Term length: fewer months means lower rate of interest

It is extremely hard to gauge your rate of interest without more information. Take a moment to complete your application, then see what rates you are offered.

Financing a Used Car in Amarillo

Preowned cars are cheaper, that goes without saying. That means they are less expensive to finance and insure. Preowned cars and trucks are financed at higher finance fees, but down payments are often half of what they are for new vehicles of around the same price. Many finance companies, however, will require that you buy from a dealership instead of a private seller. In most instances, a used car is the better value.

Amarillo Auto Loans for People with Bad Credit

There are some disadvantages to financing a car with bad credit:

  • You will be forced to pay more in total interest.
  • You have to have a larger down payment.
  • You have to repay the loan more quickly.

Although subprime credit can make it challenging to finance a car, you have a few different options. We can help. We serve people with credit problems of all kinds, helping them secure the loans they need. Searching for a car that will fit your needs and price range is vitally important, especially if you will have a high APR rate on account of bad credit.

Dealers have been known to charge higher rates than they have to. To make sure you get a fair rate, be sure to inquire about the rate quoted by the lender. No matter your credit, we can help you find a vehicle for which you can get a loan. It would be wise of you to go with a payment that is around 5 to 10% of your monthly income. If you get paid $1,738 per month, you would be best off with a payment of $87 (5%) to $174 (10%).

Buy Here Pay Here Auto Loans in Amarillo, Texas

In house financing, also referred to as buy here pay here financing, has boomed in the years after the recession, largely due to the fact that so many consumers’ credit ratings were impacted by the housing market and slow economy. Nearly all dealer financing isn’t direct to the consumer, as car dealers go through various lenders to provide the loans, but buy here pay here dealers don’t. They decide who gets approved on the lot, typically with no credit check. Regrettably, you can look forward to inflated interest rates, high down payments, and well-used vehicles that are steeply-priced. Worst of all, these dealers very rarely report to the credit agencies, and that means you could make each and every payment as agreed with no lift in your FICO score.

Amarillo Income and Finances

Amarillo, also known as “The Yellow Rose of Texas” or “The Helium Capital of the World,” has enjoyed a growing economy largely on account of the Amarillo Economic Development Corporation (AEDC). However, average per-capita income in Potter County is not especially high.

  • Income Per Year: $20,851
  • Recommended Monthly Payment: $139 (8% of monthly income)

Have you determined how much car you can get financed? Have a look at the table below. The rates are only estimates, and the amounts are derived from $20,851 in yearly income, the average in Amarillo. Loan length is 60 months.

Good Credit Fair Credit Poor Credit
Monthly Installment $139 $139 $139
Loan Rate 3.50% 7.00% 10.00%
Years 5 5 5
Sticker Price $9,554 $8,777 $8,180
Money Down $1,911 $1,755 $1,636
Loan $7,643 $7,022 $6,544
Interest Paid $699 $1,321 $1,798
Total Paid $10,253 $10,098 $9,978