Auto Loans in Corpus Christi (TX)

When it comes to financing a car in Corpus Christi, not many firms have streamlined credit acceptance like we have. Our team assists consumers daily in this “Sparkling City by the Sea,” helping them get in touch with a lender or dealer who can approve their credit. You will be guided step by step through the process by a local lending specialist who can help you:

  • Compare rates from various lenders.
  • Review terms for various types of loans.
  • Arrange your financing before you hit the dealership.

Truly, you’d be hard-pressed to find an easier, simpler, more effective way to buy your next car. Apply today–you could be driving over the Harbor Bridge in your new ride before you know it!

Corpus Christi Auto Loans for New Cars

Brand new cars clearly aren’t cheap, and they lose value at an astounding rate. Therefore they aren’t typically a good idea unless you are capable of satisfying the following requirements.

  • You aren’t planning to trade in the car before it is paid off.
  • You’re able to have not less than 20% of the price in cash or trade.
  • You are comfortable with a car that is worth less than you owe .

If you are unable to meet these guidelines, you should probably think about a used car or truck.

Auto Loans for Used Cars in Corpus Christi

Used cars and trucks are a good idea for people interested in building wealth. People sometimes discount used vehicles for having increased annual percentage rates, but bear in mind that they still don’t cost as much in upfront cash and in sum total. If you are concerned about maintenance, you should find yourself 1-2 year old vehicle with excellent ratings in terms of dependability. It is smart to have the vehicle inspected prior to purchasing it, or consider a used car that has passed an official inspection, like a certified preowned vehicle.

Bad Credit Car Loans in Corpus Christi

Old fashioned financial institutions like banks and credit unions ordinarily fund loans only for individuals with good to excellent credit scores. That is, scores of 700 at least. Here is the good news: there are loan companies and dealers in Corpus Christi that can assist credit-challenged consumers. Here is what to expect:

  • Interest rate of at least 12% APR.
  • Cash down payment of 10-20%, unless you have a vehicle to trade.
  • Loan length on the shorter side of the spectrum, typically no longer than 60 months.

When you submit your application through Longhorn Auto Finance, our team works to match you with a dealer or lender in Corpus Christi who is willing to accept you as a client.

Is Your Credit Report Error-Free?

If you want to minimize your interest rate, ensure that you inspect your credit report for mistakes that could be lowering your score. You really ought to look at your credit report at least once per year. Not doing so could contribute to higher rates, scaled-down loans, and less chance for being approved. You can get your free annual report from annualcreditreport.com, as recommended by the FTC.

Buy Here Pay Here Car Lots in Corpus Christi, Texas

Buy here pay here dealers primarily work with people who have acute credit problems such as filing for bankruptcy. Dealers like these will finance virtually anyone, regardless of their credit, but there are issues.

You will discover that preowned cars and trucks are the only ones on the lot, and these Corpus Christi dealers may require you to make payments weekly, in cash. Repossession frequently occurs, and the interest rates are, according to many, extortionate. Is boosting your credit important to you? Then you should submit your application through us, seeing as buy here pay here dealers won’t help you raise your credit.

Loan Pre-approvals for Corpus Christi Residents

The higher your credit, the bigger amount you can finance, which also goes for your income. Have a look at these figures for the average Corpus Christi consumer who earns $1,181 per month.

Credit Score Income Factor Loan
Excellent Credit 10 $11,810
Fair Credit 9 $10,629
Subprime Credit 8 $9,448
Poor Credit 7 $8,267
Really Bad Credit 6 $7,086

However, it’s better to finance a more affordable car than you’re pre-approved to finance. In general, an ideal finance package includes a down payment of 20%, car payment of 8% of monthly income, and a repayment term of 5 years or less. With an income of $1,181 each month, let’s find out how much you could spend given your credit.

Exceptional Credit Fair Credit Bad Credit
Monthly Income $1,181 $1,181 $1,181
Monthly Payment $94 $94 $94
Loan Rate 3.50% 7.00% 10.00%
Months 60 60 60
Car Price $6,492 $5,964 $5,558
Money Down $1,298 $1,193 $1,112
Loan Amount $5,194 $4,771 $4,447
Total Interest $475 $897 $1,222
Total with Interest $6,967 $6,862 $6,780