Auto Loans in Garland (TX)

Garland, TXGarland has been ranked as one of the “Top 100 Places to Live,” but getting a car financed in Dallas County can be a headache. Fortunately, if you need a car loan in Garland, rest assured we can help. We assist buyers in Garland on a regular basis, helping them get approved online for financing–and we don’t even charge for our services!

You will be led step by step through the process by a finance specialist, and your credit will be pre-approved by the time you meet your dealer for a personal appointment to buy your car. Truly, there’s no better, easier, faster way to get financed, and we even work with people who have credit problems. Ready to get started? Apply online!

New Car Financing in Garland

Most individuals opt to finance a new car instead of a pre-owned one because of fewer maintenance concerns and, in some cases, lower monthly payments. However, if you finance a new car, you probably shouldn’t plan on trading it in before the loan has been repaid. Otherwise, you could wind up owing the bank even after the car has been traded in or sold. However, new car dealerships want to move vehicles off the lot, and you can often secure a really good loan through the automaker’s own finance company, even if you have adverse credit.

Auto Loans for Preowned Cars in Garland

In this day and age, cars and trucks last such a long time that a used vehicle is hardly a problem. Some consumers disregard used cars for having less affordable rates of interest, but bear in mind that they will cost less in upfront cash and over the long haul. Worried about repairs and maintenance issues? This can be reduced by opting for a vehicle that’s just one to two years old, or obtaining an aftermarket warranty. It is a good idea to have the vehicle inspected by a mechanic prior to purchase, or consider a used car that has passed an official assessment, like a certified preowned vehicle.

Bad Credit Car Loans in Garland

A lot of auto finance companies assess your credit based on a credit score specially created for the motor vehicle industry. This score draws on your history with auto loans or leases, and it is not available to consumers. Fortunately, there are finance companies and dealerships in Garland that approve people who have bad credit. Chances are we can match you with a dealer or lender within driving distance who wants to approve you for financing. In order to minimize the APR you’re offered, consider the following:

  • Provide a 10-20% down payment in cash or trade.
  • Eliminate any errors on your credit report.
  • Pay off any other existing debts you can.

A car loan can definitely lead to an increased credit ratings, if you make each and every payment by the due date. In order to eliminate missed payments, investigate options like automated payments. You should go with an affordable monthly payment. Typically no more than 5-8% of your monthly income is healthy, or $132 to $210 if you earn $2,630, the average in Garland.

Garland Buy Here Pay Here Dealers

Buy here pay here dealers hopes you assume that they are the only ones that will finance you. However, this generally isn’t the way it is. These dealers will finance practically anyone, regardless of their credit, but there are disadvantages. You will discover that used autos are the only models on the lot, and you may have to have an ignition kill-switch installed in your vehicle. Rates of repossession are high, and so are the interest rates. Worst of all, these dealerships don’t report to the credit agencies, and that means you could make each and every payment on time without a boost to your credit score.

Garland Income and Finances

  • Income Per Annum: $31,557
  • Monthly Income: $2630
  • Typical Car Payment: $289
  • Optimal Car Payment: $132 to $263 (5-10% of monthly income)

Below we have a table depicting what car can be afforded with a payment amount of $210, 20% down payment, and 5-year term.

Great Credit Decent Credit Subprime Credit
Monthly Income $2,630 $2,630 $2,630
Payment Amount $210 $210 $210
APR 3.50% 7.00% 10.00%
Vehicle Price $14,457 $13,282 $12,378
Money Down $2,891 $2,656 $2,476
Total Interest $1,058 $1,998 $2,721
Price with Interest $15,515 $15,280 $15,100