Auto Loans in Denton (TX)

A car, truck, or SUV is one of the bigger assets in your life, so it is essential to lock down the most competitive rate of interest available for your credit. We serve consumers in Denton each and every day who want to get approval online for financing. Experience the convenience of working with a dedicated lending consultant to help answer the questions you have and set up your loan.

What Will Your Annual Percentage Rate Be?

The rate of interest is important when financing a car, and it’s calculated from numerous things. Your credit history is is the greatest contributing factor. If your credit is strong, you will enjoy a lower-than-average rate of interest. If it isn’t, you will not.

If you’ve got a favorable credit record, you might have a rate of interest of 3.50% APR. Over a period of 60 months, you would end up paying $1,044 on a loan of $11,408. For the same loan, but with below-average credit and a rate of 10.00% APR, you would pay $3,135! It’s very hard to estimate your rate of interest without information such as your credit score and income. Why not complete your application and see what rates a local dealer can provide.

Financing a Preowned Vehicle in Denton

If you want to lessen the odds of being under water, it’s best to purchase a preowned car. Used autos are financed at higher interest rates, but down payments are much less than what they are for brand new vehicles that cost the same. Keep in mind, though, that there are limitations on the condition of the vehicle. These vary from one lender to another, but typical standards are below: Vehicle must have no more than 100,000 miles and be no greater than 7 years old. For the best of all possible worlds, consider purchasing a vehicle from your chosen brand’s certified preowned program.

Bad Credit Denton Car Loans

Poor credit has several drawbacks:

  • You will be forced to pay more total interest.
  • You have to have a larger down payment.
  • You have to finance for shorter terms.

Finding a lender in Denton that finances people with bad credit is vital. After all, you don’t want to have your application denied or face an excessive rate of interest. More often than not, we can match you with a dealer or lender in Denton who wants to finance your credit.

Experts now say that 20% of the American population have errors on their credit report, as reported by one or all three of the leading credit agencies.

Make sure to pull your credit history at least one time per year. Neglecting to do so could result in higher rates, scaled-down loans, and less chance for approval.

Buy Here Pay Here Financing in Denton, TX

Maybe you’ve considered heading to a buy here pay here dealer for approval? Typically, there are better alternatives. Most dealer financing is outsourced, as dealerships go through banks and lenders with whom they have relationships to provide the loans. On the other hand, buy here pay here dealers are the actual loan originator.

Issues include:

  • Extortionate Interest rates
  • Outrageous Down Payments
  • Steeply-Priced Cars and Trucks
  • Ignition Kill-Switches

This is why these retailers don’t have a good track record. Let us place you in the hands of dealer finance professional who can get you behind the wheel of a really good car or truck, even if you’ve had to file bankruptcy.

Getting a Loan for a Vehicle in Denton: Loan Amounts

The stronger your credit, the more you can finance, which also is true of your income. The following amounts presume an income of $1,426 monthly, the average for people in Denton.

Credit Multiplier Loan Amount
Excellent Credit 10 $14,260
Fair Credit 9 $12,834
Subprime Credit 8 $11,408
Poor Credit 7 $9,982
Very Bad Credit 6 $8,556

It’s smart to opt for a more inexpensive car than you can afford, as a way to keep your costs low.

Financing a Car with $114 Monthly Payment

Wondering how much car is within your budget? Have a look at the chart below. The annual percentage rates are only approximate, and the figures are derived from $17,110 in yearly income, the Denton average. Repayment term is 60 months.

Good Credit Fair Credit Poor Credit
Monthly Installment $114 $114 $114
APR 3.50% 7.00% 10.00%
Years 5 5 5
Sticker Price $7,839 $7,202 $6,712
Down Payment $1,568 $1,440 $1,342
Note Size $6,271 $5,761 $5,369
Total Interest $574 $1,084 $1,476
Total with Interest $8,413 $8,285 $8,187