Auto Loans in Bedford (TX)

You’re smart to search for financing before heading off to the dealer, as there are many benefits:

  • A shorter time on the dealer lot.
  • Chance of a less expensive rate of interest.
  • Your own dealer visit.

We give you the ability to submit your application in real-time. You will be led step-by-step through the lending process by a financing professional in Bedford.

Determining Interest Rates in Bedford

The interest rate is critical when getting a car financed, and it’s based off of numerous factors. Your credit score is is the biggest contributing factor. If your credit is strong, you will enjoy a lower rate of interest. If it isn’t, you simply won’t. As one example of the impact of your credit score on your auto loan, check out these numbers.

This chart compares the same car loan at 3.50% and 10.00% APR:

Good Credit Poor Credit
Sum $23,488 $23,488
Interest Rate 3.50% 10.00%
Length 60 months 60 months
Finance Fees $2,149 $6,455

Lenders need to know more in order to quote you an interest rate, so you’ll want to submit your application.

Used Vehicle Financing in Bedford

In the world today, cars and trucks can be driven such a long time that a preowned vehicle is hardly a problem. The finance fees for used cars are a bit more expensive, but other advantages, such as a lower price and shallower rate of depreciation, more than make up for these inflated rates. Even if you are in over your head on a preowned car or truck, it typically won’t be for as long. In this table, we’ve compared new and used auto loans in Bedford, Texas. This is assuming a vehicle two years old, having lost one half of its value, and a borrower with a prime credit score.

New Car Used Car
Price $29,360 $14,680
Down Payment $5,872 $1,468
Loan Rate 5.00% 7.50%
Months 60 48
Monthly Payment $443.25 $319.45
Interest Paid $3,107 $2,122
Total Paid $32,467 $16,802

Financing a Car in Bedford with Bad Credit

There are several disadvantages to auto loans with bad credit:

  • You have to pay more in interest.
  • You have to put more money down.
  • You have to pay back the loan in less time.

Fortunately, there are loan companies and dealerships in Bedford that fund loans for people who have credit problems. The good news is, we serve clients on every end of the credit spectrum, helping them secure the loans they need.

Looking for Inaccuracies on Your Credit Report

For the best APR rate, make sure to examine your credit report for errors.

Once every 12 months, you can check your credit at no cost at AnnualCreditReport.com, a site created by the leading credit bureaus, in order to make certain you are offered the rate of interest that’s as low as possible.

Bedford Buy Here Pay Here Dealerships

The buy here pay here industry would like you to believe that no place but them will finance you. However, this is seldom the case. These dealers will approve pretty much anyone, no matter their credit, but there are downsides.

Problems include inflated finance fees, money down, and vehicle prices If raising your credit score is important to you, you are better off applying through us, since BHPH dealers won’t aid you in increasing your credit.

Bedford Income and Finances

  • Yearly Income: $35,230
  • Income Per Month: $35,230
  • Recommended Monthly Payment: $235 (8% of monthly income)

How Expensive a Car Can You Afford?

The total amount you can pay for a new car or truck is determined by several different factors. The numbers below are derived from payments of $235, which is 8% of the average consumer’s monthly income in Bedford, combined with a 20% down payment and 5-year repayment terms. Lending rates are simply estimations.

Excellent Credit Fair Credit Bad Credit
Monthly Payment $235 $235 $235
Rate 3.50% 7.00% 10.00%
Vehicle Price $16,139 $14,827 $13,818
Down Payment $3,228 $2,965 $2,764
Total Interest $1,181 $2,231 $3,038
Total Paid $17,321 $17,058 $16,856