Auto Loans in Arlington (TX)

In Arlington, you have several options for obtaining a car loan, but few if any companies have streamlined the experience like we have. Our network of dealers and lending companies is unrivaled, which means we can help applicants get pre-approved for financing, even if their credit isn’t perfect. You’ll be walked one step at a time through the lending process by a finance specialist in Arlington.

Arlington Auto Loan Rates

Your interest rate is dependent upon, most significantly, your credit scores, where you live, and whether you are financing a new or used vehicle. Imagine you obtain a car loan of $22,072 at 3.50% APR, because you have pretty good credit. You would, over a period of 60 months, pay $2,020 in interest. On the flip side, if you have a credit score in the 600’s and a rate of 10.00%, you would find yourself paying $6,066 in interest. Lenders need more information before they can quote you a rate of interest, so make sure you submit your application.

Auto Loans for Used Cars in Arlington

Today, cars and trucks are built to be driven well over 100,000 miles, which means a preowned vehicle is rarely a problem when it comes to reliability. Because they have already been through that first drop in value, used autos call for lower down payments, generally 10% of the vehicle’s purchase price. A lot of loan providers, however, will only finance cars from actual dealerships, not from individual sellers. In the long run, a used car or truck will provide greater value for your money.

Bad Credit Arlington Car Loans

When you’ve got poor credit, a auto loan approved by a bank usually isn’t possible. This is the good news: there are loan providers and dealers in Arlington that work with people with bad credit. The good news is, we specialize in serving people with credit problems of all kinds, helping them secure the loans they need.

Dealerships in Arlington That Finance Bad Credit

Looking for a car that you can finance at an affordable rate is pivotal, , especially when you will have a high rate of interest thanks to credit problems.

The dealer will typically need you to present income verification in the form of pay stubs or tax statements, and also a recent lease or power bill with your street address on it. Your finance professional will have all the details. No matter your credit, you should be able to find a vehicle for which you can get approved. It is best if the payments are between 5 to 10% of your monthly income. If you earn $2,759 per month, this is a payment of $138 (5%) to $276 (10%).

Buy Here Pay Here Dealers in Arlington, Texas

Buy here pay here dealers typically help people who have acute credit problems such as:

  • Filing bankruptcy
  • Asset Repossession
  • Debt Settlement
  • Tax Liens
  • Collections
  • Judgments
  • Charge-offs

In most cases, dealer finance is indirect, in that dealers work with off-site banks and lenders to provide the loans, but buy here pay here dealers are the actual loan originator.

You’ll find that preowned autos are the only models available, and these are not no down payment car deals. In most cases, the down payment matches what the dealer had to pay for the vehicle, and you could end up paying thousands more than you expected through exorbitant rates. As if that weren’t enough of an issue, these car lots seldom report to the credit bureaus, which means you could make all of your payments on time without making improvements to your FICO score.

Purchasing a Vehicle in Arlington: Loan Amounts

The maximum loan you can obtain will depend on how much money you earn, and how good your credit score is. We’ve included a chart that depicts potential pre-approvals for Arlington residents with an income of $2,759 per month, the average in Arlington, Texas.

Credit Income Factor Amount Borrowed
Excellent Credit 10 $27,590
Fair Credit 9 $24,831
Subprime Credit 8 $22,072
Poor Credit 7 $19,313
Horrible Credit 6 $16,554

But don’t forget: there’s the amount you’re able to borrow, and the amount you really should.

Auto Loans with $221 Monthly Payment

Here we have a chart demonstrating what car you can afford with a payment of $221, 20% down payment, and 5-year term.

Excellent Credit Okay Credit Bad Credit
Payment $221 $221 $221
APR 3.50% 7.00% 10.00%
Term Length 60 Months 60 Months 60 Months
Car Price $15,166 $13,934 $12,985
Money Down $3,033 $2,787 $2,597
Total Interest $1,110 $2,096 $2,855
Total Paid $16,276 $16,030 $15,840

Dealers in Arlington, TX

Dealer Address Zip Code
Arlington Referral Lot 1112 E Division St 76011
Vandergriff Hyundai 1120 W Interstate 20 76017
Don Davis Ford Lincoln 633 N Watson Rd 76011
Hiley Volkswagen Of Arlington 1400 Tech Centre Pkwy 76014
Q Motorcars 3316 E Pioneer Parkway 76010
Enterprise Car Sales Arlington 1112 East Division Street 76011