Auto Loans in Euless (TX)

Looking for a new or used vehicle? If you are, it’s likely that you need an auto loan. We serve buyers in Euless and across Texas who wish to get in touch with a dealer or lender who can accept their credit. You will be walked step-by-step through the lending process by a finance specialist near you.

Auto Loan Rates in Euless

Your APR rate is critical when financing a car. It’s calculated from a wide array of things, the most significant of which is your credit. Not surprisingly, stronger credit means less expensive loan rates.

Interest Rate: Lower Higher
Credit Score Higher Lower
Credit Profile Deeper Shallower
Monthly Income More Lower
Money Down More Less
Term of Loan Shorter Longer
Miles on Vehicle Fewer miles More miles
Year of Production Newer Older

For a reliable rate quote, it is advisable to contact a finance professional.

Used Car Financing in Euless

If you’d like to lessen negative equity, you should get a loan for a preowned car. The finance rates for used vehicles are a little higher, but other advantages, such as a lower sticker price and less extreme rate of depreciation, more than make up for these heightened rates. Even if you are upside-down on a preowned vehicle, it will typically be for a shorter length of time. In order to help you decide which kind of car fits your needs, take a look at the following chart. These numbers rely on the following assumptions:

  • Two year old used vehicle.
  • Credit score of 690 to 720.
  • Simple Interest.
New Car Used Car
Price $38,990 $19,495
Down Payment $7,798 $1,950
Interest Rate 5.00% 7.50%
Term 5 years 4 years
Monthly Payment $588.63 $424.23
Interest $4,126 $2,818
Total Paid $43,116 $22,313

Bad Credit Car Loans in Euless

The vast majority of finance companies judge your credit based on a credit score tailored for the motor vehicle industry. This score is weighted by your history with car loans and leases. Getting a loan lender in Euless that works with bad credit is vital. Otherwise, you could be denied or face an outrageous APR rate.

This is where we come into play. At Longhorn Auto Finance, we specialize in serving consumers who have credit problems of all kinds, getting them approved for the loans they need.

Discussing your auto loan, not selecting a car or truck, is the first order of business at any dealer that helps consumers with bad credit. If you apply through us, you can often discuss the main points of your loan on the phone, then pick a date to pick out your vehicle and complete any remaining paperwork. Never be persuaded into getting a car which costs more than you expected. Restoring your credit is of utmost importance.

Buy Here Pay Here Car Lots in Euless, Texas

If you have major credit problems stemming from bankruptcy or debt settlement, buy here pay here financing might appear to be the only option. These types of dealerships grant auto loans directly, unlike traditional dealerships which work with banks and credit unions, and they typically don’t even check your credit. More often than not, higher-mileage cars and trucks are the only models on the lot, and these Euless dealers may require you to pay weekly, in cash. Repossession is frequent, and the interest rates are outrageous. And if that weren’t enough of an issue, these dealerships rarely report to the credit bureaus, and that means you could make each and every payment punctually without any lift in your FICO score.

Euless Consumer Profile

  • Yearly Income: $46,792
  • Monthly Income: $46,792
  • Recommended Car Payment: $312 (8% of monthly income)

How Much Car Can You Afford?

To sum up, an appropriate funding arrangement carries a down payment of 20%, car payment of less than 10% of monthly income, and term length of 60 months or less. Provided an income of $3,899 monthly, let’s find out the amount you could spend given your credit.

Prime Credit Fair Credit Bad Credit
Monthly Income $3,899 $3,899 $3,899
Payment $312 $312 $312
Interest Rate 3.50% 7.00% 10.00%
Months 60 60 60
Sticker Price $21,433 $19,691 $18,351
Down Payment $4,287 $3,938 $3,670
Loan Amount $17,146 $15,753 $14,681
Interest Paid $1,569 $2,963 $4,035
Total Investment $23,002 $22,653 $22,385