Here at Longhorn Auto Finance, we’re proud to help people in El Paso get approved for auto loans, even if they’re struggling with common challenges such as the following:
- Poor Credit
- No Credit History
- 1099/Freelance Income
For years, we’ve been establishing relationships with lenders and dealers across the state of Texas, and we have some of the best rates of approval in the market. Enjoy the convenience of having a devoted financing expert who can answer the questions you have and arrange your loan. Go here to get started.
New and Used Cars Financed in El Paso
We help people finance both new and used cars. Have you decided which is right for you? New cars cost more–significantly more–but they come with great benefits like warranties, cutting-edge infotainment and navigation systems, better fuel economy than older models, and a minimum of headaches. The rates are lower for new cars, as they are regarded as lower risk investments, but down payments are much higher than they are for preowned vehicles.
New vehicles are great, but these days automobiles can go tens of thousands of miles before running into problems, meaning a used vehicle is seldom a problem. Lenders demand slightly higher interest rates on previously-owned vehicles, but down payments are not but 50% of what they are for new cars and trucks that are similarly priced. Even if you are in over your head on a preowned car, it will typically be for a shorter amount of time. It is advisable to have the vehicle examined by a mechanic prior to purchasing it, or consider a used car that has passed an automaker inspection, such as a certified preowned car or truck.
In the end, the decision is yours. Why not contact a finance professional who can help you decide which option is right for you?
Bad Credit Car Dealerships in El Paso
Do you have a bad credit score as a result of issues like unpaid debts, unemployment, repossession, or bankruptcy? Naturally, you don’t want to waste a lot of time struggling to find a lender or dealer in El Paso that works with bad credit borrowers. Through us, you can contact a vehicle financing expert from a dealer or lender in your area who wants to approve you for financing.
You want to purchase a vehicle which fits your car loan, not the opposite, so the financing chat normally comes before anything else. To get the lowest rate available, be sure you ask the dealer the buy rate, or the rate offered by the lender before the dealership tacks on extra points for setting up the loan. Your car payment should never be beyond 10% of your income. For someone making the El Paso average of $388 of income on a monthly basis, this would be $39. Just divide your monthly income by 10 for your own maximum payment.
Buy Here Pay Here Car Lots in El Paso, TX
Consumers in El Paso and throughout Texas go to buy here pay here dealers, otherwise known as tote the note dealers, believing they will only be able to get financed at a place like this. Not the case. These car lots provide credit lines directly, in contrast to regular dealers which utilize separate lenders, and they regard your job as your credit. You will discover that preowned vehicles are the only thing on the lot, and you may be required to have a GPS unit installed in your vehicle. Repossession is frequent, and the interest rates are out of this world. That isn’t all: these dealers don’t work with the credit bureaus, so you could make all of your payments in a timely manner without any boost to your credit score.
El Paso Income and Finances
- Income Per Year: $4,658
- Income Per Month: $4,658
- Optimal Car Payment: $31 (8% of monthly income)
Take a look at this table, which shows you what price car suits your budget based upon your FICO score, provided an income of $388 each month, 5 year loan, and 20% down payment.
|Good Credit||Decent Credit||Subprime Credit|
|Total with Interest||$2,289||$2,254||$2,228|
El Paso Dealerships
|Rudolph Mazda East||1301 N Lee Trevino Dr||79936|
|Dick Poe Toyota||6330 Montana Ave||79925|
|Shamaley Ford||11301 Gateway Blvd W||79936|
|Casa Nissan, Inc.||5855 Montana Ave||79925|
|Viva Nissan||1310 N. Zarazoga Rd||79936|
|Crawford Buick-Gmc||6800 Montana Ave||79925|
|Rudolph Mazda West||5415 S Desert Blvd||79932|
|Rudolph Volkswagen||5505 S Desert Blvd||79932|
|Rudolph Chevrolet||5625 Desert Blvd.||79932|