Auto Loans in College Station (TX)

College Station
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College Station is the most educated city in Texas, and smart consumers arrange their financing before visiting the dealership. The advantages of pre-approval are hard to pass up:

  • Less time spent at the dealership.
  • Chance for a more affordable APR.
  • Superior negotiating leverage.

Rather than waiting until you’re in the dealer’s F&I office, we allow you to arrange financing ahead of time. Enjoy the convenience of working with a devoted financing consultant to answer your questions and set up your loan.

Car Loans for Students and Faculty of Texas A&M

Are you an Aggie, either as a student or employee? Then you have come to the right place. We’re the “12th Man” when it comes to financing, working behind-the-scenes to make your purchase a success. What’s more, many of the dealers and lenders in our network offer discounts for students and employees of the university. Claiming such a discount could be as simply as flashing your student ID card, so be sure to ask your finance professional for more information.

New versus Preowned Car Loans in College Station

We help people in the market for both used and new cars and trucks. New cars come with lower annual percentage rates and fewer complications than their used brethren, and and you can often finance them at lower interest rates. If you’re hoping to be eligible for a low interest car loan, however, you’ll have to have outstanding credit. If you’re not sure, discussing your situation with a vehicle finance professional will help you decide whether a new our preowned vehicle is best for you.

Used vehicles, in all actuality, offer substantial advantages not offered by brand new ones. The loan rates for preowned autos are slightly higher, but other advantages, such as a lower price and flatter rate of depreciation, more than compensate for these higher rates. Even if you are upside down on a preowned car or truck, it will typically be for a shorter period of time. Let’s look at a comparison of new and used auto loans in College Station, Texas. These estimates are based on these assumptions:

  • New car costs $9,710.
  • Two year old used vehicle.
  • Credit score of 690 to 720.
  • Simple Interest.
New Car Used Car
Price $9,710 $4,855
Down Payment $1,942 $486
Interest Rate 5.00% 7.50%
Years 5 4
Monthly Payment $146.59 $105.65
Total Interest $1,028 $702
Total Paid $10,738 $5,557

Buying a Car with Bad Credit in College Station

Many lenders check a credit score tailor-made for the automotive industry. This score is weighted by your previous experience with car loans and leases. Even though poor credit can make it difficult to finance a car, you have some options. We have the solution. At Longhorn Auto Finance, we serve people with credit problems of all kinds, getting them the loans they need.

If you have bad credit, your salesperson will be inclined to discuss financing straight away.

Dealers have been known for charging more costly rates than the lender does. To get a reasonable rate, remember to inquire about the rate quoted by the lender. Avoid being persuaded into financing a vehicle that costs more than you feel comfortable with. The extra financial stress isn’t worth it..

College Station Buy Here Pay Here Car Lots

People in the buy here pay here industry hopes you assume that you can’t get approved anyplace but with them, but this is rarely the case. Nearly all dealer financing is indirect, as car dealers work with banks and lenders with whom they have relationships to provide the loans, but buy here pay here dealers handle everything on site. They determine who gets financed on site, usually with no credit check. Negatives include:

  • Extortionate Interest rates
  • Exorbitant Down Payments
  • Steeply-Priced Autos
  • Ignition Kill-Switches

There is a reason why these dealers have a bad reputation. We can place you with a reputable dealer who can get you in the car you want, even if your credit is awful.

College Station Consumer Profile

  • Income Per Year: $11,651
  • Income Per Month: $11,651
  • Typical Car Payment: $107
  • Optimal Monthly Payment: $49 to $97 (5-10% of monthly income)

Auto Loans in College Station for Various Credit Tiers

Consider this chart, which displays what price car you can finance based on your credit standing, with an income of $971 per month, 60 month loan, and 20% down.

Great Credit Decent Credit Subprime Credit
Monthly Income $971 $971 $971
Monthly Installment $78 $78 $78
Rate 3.50% 7.00% 10.00%
Years 5 5 5
Car Price $5,338 $4,904 $4,570
Down Payment $1,068 $981 $914
Total Interest $391 $738 $1,005
Total Investment $5,728 $5,642 $5,575

Ready to Have Your Credit Approved?

Regardless of your credit, we’d love to help you get the funding you need. A finance professional will take you step-by-step through the approval process, helping you get approved at an acceptable rate.