Auto Loans in Edinburg (TX)

Nowadays, a lot of consumers in Edinburg are getting their credit approved before heading to the car lot, as there are many benefits:

  • A shorter time spent on the car lot.
  • Potential for a more competitive interest rate.
  • Your own dealer visit.

For years, we’ve been cultivating a network of dealers and lenders across Texas, and we are experts in matching you to the lender that suits you best. We place your application with a finance specialist who will work tirelessly to get you financed.

What APR Will You Get in Edinburg?

Getting the very best interest rate you possibly can should be at the top of your list, given that it will determine how much your vehicle costs in the long run.

Interest Rate: Lower Higher
Credit Score Higher Lower
Credit Record Longer Briefer
Income Higher Lower
Time with Employer More Time Less Time
Money Down More Less
Loan Term Fewer months More months
Vehicle Mileage Fewer miles More miles
Vehicle Year Newer Older

For an exact rate quote, it is advisable to consult an auto finance professional.

Auto Loans for Used Cars in Edinburg

In the world today, cars and trucks are so well built that a used vehicle is not all that much of a concern. The finance rates for used autos are a bit more expensive, but this outlay is counterbalanced by lower sticker prices and rates of depreciation. If you are upside down on a preowned car, it will typically be for a shorter period of time. Let’s look at a comparison of new and used auto loans in Edinburg, Texas. These estimates rely on the following assumptions:

  • New car costs $5,290.
  • Used vehicle is two years old.
  • Credit score of 690 to 720.
  • 20% down payment for new car, 10% for used.
  • Fixed APR.
New Car Used Car
Price $5,290 $2,645
Down Payment $1,058 $265
APR 5.00% 7.50%
Duration 5 years 4 years
Monthly Payment $79.86 $57.56
Interest $560 $382
Total Paid $5,850 $3,027

Bad Credit Car Loans in Edinburg

If you have first-rate credit, in all probability you’ll enjoy affordable interest rates and advantageous terms. However, many individuals don’t have this privilege. Locating a lending company in Edinburg who provides auto loans for people with bad credit is a must, as you don’t want to have your credit turned down or be charged an unnecessarily high APR rate.

We have the solution. We serve clients all across the credit spectrum, helping them secure the loans they need.

Credit Reporting Errors

Errors on credit reports are getting to be quite commonplace. Have you made sure your credit report is free of inaccuracies?

You should review your credit history a minimum of once yearly. If you don’t, undisputed mistakes could bring about higher rates, smaller sized loans, and less chance of approval.

Edinburg Buy Here Pay Here Car Lots

Consumers in Edinburg head for buy here pay here dealers, also called your job is your credit car lots, under the impression that they can only get financed with no credit check. Rarely is this the case. They might not check your credit, meaning your credit problems ought not be a barrier, but you will really pay for this down the road. Most often, used cars and trucks are the only ones available, and dealers may expect you to have an remote kill-switch installed in your vehicle. The numbers of vehicles being repossessed are astronomical, as are the interest rates. If bettering your credit score is important to you, and it should be, you are better off applying through us, as BHPH car lots won’t assist you in raising your credit.

Edinburg Income and Finances

  • Per-Year Income: $6,350
  • Income Per Month: $6,350
  • Ideal Car Payment: $42 (8% of monthly income)

In summary, the recommended car loan features a down payment of 20%, car payment of 8% of monthly income, and term length of 5 years or less. Provided an income of $529 a month, let’s consider how much you could spend based on your credit.

Prime Credit Decent Credit Bad Credit
Monthly Income $529 $529 $529
Monthly Payment $42 $42 $42
APR 3.50% 7.00% 10.00%
Years 5 5 5
Purchase Price $2,908 $2,672 $2,490
Money Down $582 $534 $498
Borrowed Funds $2,326 $2,137 $1,992
Interest Paid $213 $402 $547
Total Paid $3,121 $3,074 $3,037