Auto Loans in Beaumont (TX)

Beaumont Car LoanIf you’re financing a car, your rate of interest has a major impact on your monthly payment, as well as the amount you end up paying for the car over the long haul. Our company assists consumers in Beaumont and across the Texas Gulf Coast, helping them get in touch with a bank, dealer, or finance company willing to offer them reasonable rates for financing. We place your application with a finance professional whose primary objective is to get you approved for the car loan you need. You can compare rates, discuss terms, and arrange your loan before you ever walk into the dealer showroom.

Auto Loans in Beaumont with Bad Credit

Have you got bad credit resulting from issues like outstanding debts, job loss, foreclosure, or bankruptcy? We’ve noticed that far too many local shoppers believe they have no choice but to finance through a buy here pay here car lot in Beaumont, due to a bankruptcy or other problems, but this is hardly ever the best option. The good news is, we serve consumers with credit problems of all kinds, getting them approved for the loans they need.

An auto loan can certainly improve your credit rating. But, not surprisingly, you have to make each and every payment on time. At the same time, missing a single payment can hurt your score significantly. Determining an appropriate payment amount is vital. To give an example, suppose you have an income of $1,779 per month, the average for Beaumont residents.

  • 5% of Income: $89 (Ideal)
  • 8% of Income: $142 (Okay)
  • 10% of Income: $178 (Maximum)

Beaumont Auto Loans for New Cars

Lots of individuals would prefer to finance a new car just because there’s little risk of ending up with a maintenance nightmare. However, if you finance a new car, you should plan to keep it until the loan is fully paid back, so you don’t find yourself owing the bank the loan balance remaining after the car has been traded in or sold. For the most part, new cars are best for buyers with a good credit score, as the loan rates can be extremely affordable.

Financing a Preowned Vehicle in Beaumont

For the most part, sensible shoppers eschew new vehicles in favor of their preowned counterparts. Used cars and trucks command higher finance fees, but down payments are not but 50% of what they are for new cars and trucks of around the same price. Worried you’ll face maintenance issues? This can be relieved by choosing a vehicle that’s only one to two years old, or purchasing a new warranty. Below, you will find the following data to help you decide whether you should finance a new or used vehicle. We are assuming a vehicle that is two years old, and has therefore lost one half of its value, and a buyer with a prime credit score.

New Car Used Car
Price $17,790 $8,895
Down Payment $3,558 $890
Loan Rate 5.00% 7.50%
Years 5 4
Monthly Payment $268.58 $193.56
Finance Fees $1,883 $1,286
Total Paid $19,673 $10,181

 

Buy Here Pay Here Dealerships in Beaumont, TX

If you have major credit problems stemming from bankruptcy or debt settlement, a buy here pay here dealer could very well appear to be a smart move. They won’t perform credit assessments, meaning bad credit probably won’t be an impediment to getting approved, but odds are you’ll pay too much for this service. Problems include excessively high interest rates and older vehicles with GPS tracking devices to assist in repossession There’s a reason that these dealers don’t have a great track record. We want to place you with subprime finance professional who can get you financed, not matter your credit.

Beaumont Consumer Profile

  • Income Per Annum: $21,348
  • Income Per Month: $1779
  • Suggested Monthly Payment: $89 to $178 (5-10% of monthly income)

How Expensive a Car Can You Afford?

The amount you can invest in a new car or truck depends on many variables. The estimates in the table below are derived from payments of $142, which is 8% of the average consumer’s monthly income in Beaumont, as well as a 20% down payment and 5-year loan. Annual percentage rates are simply estimations.

Good Credit Fair Credit Poor Credit
Monthly Income $1,779 $1,779 $1,779
Payment Amount $142 $142 $142
Loan Rate 3.50% 7.00% 10.00%
Vehicle Price $9,779 $8,984 $8,373
Down Payment $1,956 $1,797 $1,675
Note Size $7,823 $7,187 $6,698
Interest Paid $716 $1,352 $1,841
Total Investment $10,495 $10,336 $10,214