Auto Loans in Eagle Pass (TX)

Financing a car is no small decision, but if you come at the auto finance process effectively, you’ll save lots of money down the road. We’ve spent years securing relationships with dealers and lenders across the nation, and we are experts in connecting you with the lender that suits you best. Let us match you with a financing professional who can help you obtain the loan required for the vehicle you want.

New versus Used Auto Loans for Eagle Pass Consumers

When applying through us, both new and used car loans are available. Have you decided which would be the right choice for you? The moment you drive it home, a new car loses a large portion of its value, meaning that you may wind up owing more on the car than it is worth. In order to keep your loan amount in line with the value of your vehicle, lenders often require at least twice the money down for a new car or truck versus a pre-owned one. Having said that, interest rates for new cars are lower, and if you have a good credit rating, no money down car and truck loans may be an option. If you’re undecided, a vehicle finance professional could help you decide whether a new vehicle is best for you.

Used Vehicle Financing in Eagle Pass

More often than not, a used vehicle ends up being a far better investment than a brand new one. Considering they’ve already gone through that immediate drop in value, preowned autos require lower down payments, ordinarily 10% of the vehicle’s purchase price. Many lending companies, however, will want you to buy from a dealer as opposed to a private party. Below, we’ve compared new and used car loans in Eagle Pass, Texas. This assumes a vehicle two years old, having lost 50% of its value, and a borrower with a credit score of 690 to 720.

New Car Used Car
Price $8,920 $4,460
Down Payment $1,784 $446
APR 5.00% 7.50%
Years 5 4
Monthly Payment $134.67 $97.05
Finance Charge $944 $645
Total Paid $9,864 $5,105

Auto Loans in Eagle Pass with Bad Credit

Old fashioned lending institutions like banks typically fund loans only for people with good credit ratings. That is, scores of 700 at least. So many shoppers wind up getting financed through a buy here pay here car lot in Eagle Pass, due to problematic credit, but it’s best to keep clear of these car dealers.

Chances are we can place your application with a lender or dealer within driving distance who is willing to approve your loan.

Bad Credit Car Dealerships in Eagle Pass

If you have favorable credit, your number one priority will be to see what vehicles are for sale. If you have bad credit, however, you will put attention more on your interest rate, lending terms, and down payment.

If you apply through us, you can arrange your auto loan on the telephone, then set up a time for you to sign and drive. Don’t be persuaded into purchasing a vehicle that costs more than you budgeted for. Re-establishing your credit is of utmost importance.

Buy Here Pay Here Auto Loans in Eagle Pass, TX

Buy here pay here dealerships wants you to assume that they’re the only ones that will finance you. However, this usually isn’t the case. These types of dealers approve financing in-house, unlike regular dealers which work with banks and other lenders, and they are more concerned with your job than your credit.

Customarily, higher-mileage vehicles are the only thing on the lot, and these are not no down payment car loans. Normally, the down payment matches what the dealer had to pay for the vehicle, and you could wind up paying in the neighborhood of 20% APR. There’s a reason that these dealerships don’t have a good track record. We want to connect you with a reputable dealer who will work with you, even if you’ve experienced bankruptcy.

Eagle Pass Consumer Profile

  • Yearly Income: $10,708
  • Income Per Month: $10,708
  • Suggested Car Payment: $45 to $89 (5-10% of monthly income)

Car Loan Budgeting for Eagle Pass Residents

Wondering how much car is feasable? Check the estimates below, but remember that the annual percentage rates have been approximated, and the numbers presuppose a yearly income of $10,708, the average in Eagle Pass. Repayment term is 5 years.

Prime Credit Decent Credit Subprime Credit
Monthly Income $892 $892 $892
Monthly Payment $71 $71 $71
APR 3.50% 7.00% 10.00%
Purchase Price $4,903 $4,505 $4,198
Money Down $981 $901 $840
Borrowed Funds $3,923 $3,604 $3,359
Total Interest $359 $678 $923
Total with Interest $5,262 $5,183 $5,121