Auto Loans in Bryan (TX)

You really are smart to try and find financing before you head to the auto dealer, because it removes almost all of the complications from the car-shopping experience. We have a vast network of lenders and dealers, and that means we can help applicants of every kind, from good credit to bad. Most of the time, we’re able to place car shoppers with a willing lender or dealer within a minute.

Bryan Auto Finance Rates

The interest rate on your auto loan is determined by a number of factors, most pressing of which are your overall credit score, your lender, and whether you are financing a new or used vehicle. To illustrate how important your rate of interest is, take a look at the difference in total interest when financing a car:

  • $17,056 financed at 3.50% APR for 60 months: $1,561 paid in total interest.
  • $17,056 financed at 10.00% APR for 60 months: $4,687 paid in total interest.

It is very hard to forecast the rate you’ll be charged without having information such as your credit score and income. Take a little time to apply online, then work with a finance professional to compare individualized rates.

Auto Loans for Preowned Cars in Bryan

Used autos give you several different substantial merits:

  • They are cheaper to buy.
  • They are less costly in terms of insurance.
  • They retain their value better.

Lenders charge slightly higher rates on preowned cars, but down payments are much less than what they are for brand new cars and trucks that are priced the same. Needless to say, lenders won’t finance that don’t meet a few criteria:

  • Mileage: no more than 70,000 to 100,000 miles.
  • Model Year: less than 7 years old.

Below, you will find some numbers that may help you decide whether you should buy a vehicle that’s new or used. These estimates rely on the following assumptions:

  • Used vehicle is two years old.
  • Credit score of 690 to 720.
  • Down payment of 20% for new car, 10% for used.
  • Fixed APR.
New Car Used Car
Price $21,320 $10,660
Down Payment $4,264 $1,066
Loan Rate 5.00% 7.50%
Length 5 years 4 years
Monthly Payment $321.87 $231.97
Interest Paid $2,256 $1,541
Total Paid $23,576 $12,201

Considerations for People in Bryan with Bad Credit

If you’ve got unfavorable credit ratings, a bank-financed loan usually isn’t possible. Fortunately, there are loan companies and dealerships in Bryan that approve financing for credit-challenged consumers.

Luckily, we serve customers all across the credit spectrum, getting them approved for the loans they need.

Bad Credit Car Dealerships in Bryan

If you have a good credit score, you spend nearly all of your time at the dealership exploring vehicles. If you have bad credit, however, you will take more time going over your interest rate, lending terms, and down payment.

Dealerships have been known for charging more expensive rates than the lender does, make sure you inquire about the buy rate. This is the rate offered by the lender before the dealership tacks on extra points for setting up the loan. All in all, your loan payment should equate to just 5-8% of your gross income on a monthly basis. By way of example, a resident of Bryan who gets paid $2,132 per month, the average, should plan to shell out approximately $107 to $171.

Buy Here Pay Here Auto Loans in Bryan, Texas

Buy here pay here dealers would like you to believe that you can’t get approved anywhere else, yet this typically isn’t the case. Customarily, dealer finance isn’t direct to the consumer, in that car dealers go through off-site banks and lenders to provide the loans, but buy here pay here dealers don’t. They provide car loans themselves.

Customarily, preowned vehicles are the only ones available, and these are not zero down car loans. Quite often, the down payment matches what the dealer paid for the vehicle in the first place. Lending rates comparable to the state’s maximum legal limit are typical. If bettering your credit score is important to you, you should apply online through us, since BHPH car lots won’t assist you in improving your credit.

Purchasing a Car in Bryan: Loan Amounts

Curious to know how much you can borrow based on factors like your credit and income? We’ve included a chart depicting loan amounts for people with an income of $2,132 per month, the average in Bryan.

Credit Score Income Factor Amount
Good Credit 10 $21,320
Decent Credit 9 $19,188
Temporary Bad Credit 8 $17,056
Bad Credit 7 $14,924
Very Bad Credit 6 $12,792

How much you can borrow, and how much you really should, aren’t one in the same. The exact amount you should spend on a car depends on a multitude of variables. The numbers in the chart below are based upon payments of $171, which is 8% of the average consumer’s monthly income in Bryan, coupled with a 20% down payment and 60 month repayment terms. Loan rates are simply estimates.

Good Credit Okay Credit Subprime Credit
Monthly Income $2,132 $2,132 $2,132
Payment $171 $171 $171
Rate 3.50% 7.00% 10.00%
Years 5 5 5
Sticker Price $11,720 $10,767 $10,034
Down Payment $2,344 $2,153 $2,007
Amount Borrowed $9,376 $8,614 $8,027
Total Interest $858 $1,620 $2,206
Total with Interest $12,578 $12,387 $12,240