Auto Loans in Grapevine (TX)

If you want an auto loan in Grapevine, we can help. Instead of waiting until you’re in the dealership’s F&I office, we enable you to apply for a car loan ahead of time. You can expect to be led one step at a time through the process by a lending specialist near you.

New Car Auto Loans in Grapevine

If you are considering a new car, you should do so as long as:

  • You are willing to keep driving the car until your loan has been repaid.
  • You’re able to offer at least 20% of the price upfront.
  • You’re at ease with negative equity .

New cars take a long time to pay off, so if you are planning on buying a new car or truck fairly regularly, think about leasing, not financing.

Used Car Auto Loans in Grapevine

Used cars, surprisingly, offer significant benefits. Some consumers dismiss preowned vehicles for having less affordable rates of interest, but remember that they cost less at signing and over time. If you’re worried about repairs and maintenance, make sure you buy a late model vehicle with solid ratings when it comes to reliability. Have a look at this comparison of new and used car loans in Grapevine, Texas. We are assuming a two year old vehicle that has lost one half of its value, and a buyer with a credit score of 690 to 720.

New Car Used Car
Price $56,250 $28,125
Down Payment $11,250 $2,813
Interest Rate 5.00% 7.50%
Months 60 48
Monthly Payment $849.21 $612.03
Finance Charge $5,952 $4,065
Total Paid $62,202 $32,190

Grapevine Car Loans with Bad Credit

Borrowers who have no credit problems enjoy low rates of interest and great terms. Unfortunately, many people have run into credit problems as a result of the financial climate. You don’t want to deal with declined credit, so it is important to get in touch with a dealer or lender in Grapevine that specializes in bad credit. Through us, you can contact an automotive finance expert from a lender or dealer in your zip code who wants to finance your credit.

For the best APR rate, you should examine your credit report for discrepancies, which are quite common and can reduce your credit score.

Luckily, it’s not too tricky to overturn any kind of inaccuracies, and doing it could contribute to a lower interest and better terms.

Buy Here Pay Here Dealerships in Grapevine, TX

Consumers in Grapevine resort to buy here pay here dealers, believing they will only be able to finance a car at such a place. Not so. Yes, they don’t conduct credit assessments, so your credit problems ought not be an obstacle to approval, but you will really pay for this in the long run. The fact is, you should be prepared for excessive annual percentage rates, large down payments, and high mileage vehicles that are too expensive given their condition. That isn’t all: these dealers very rarely report to the credit reporting agencies, and that means you could make each and every payment when they’re due without raising your credit score.

Buying a Car in Grapevine: What Amount Can You Borrow?

Have a look at the maximum loan amount you’ll be qualified to finance given a few different credit scores. The following figures are based of of an income of $5,625 a month, the average among Grapevine residents.

Credit History Income Factor Loan
Good Credit 10 $56,250
Fair Credit 9 $50,625
Temporary Bad Credit 8 $45,000
Poor Credit 7 $39,375
Really Bad Credit 6 $33,750

Keep in mind, there’s the amount you could finance, and the amount is wise. Take a look at this table, which shows you what price car suits your budget based upon your credit score, with an income of $5,625 on a monthly basis, 60 month repayment, and a down payment of 20%.

Exceptional Credit Fair Credit Poor Credit
Car Payment $450 $450 $450
APR 3.50% 7.00% 10.00%
Term Length 5 Years 5 Years 5 Years
Sticker Price $30,921 $28,407 $26,474
Down Payment $6,184 $5,681 $5,295
Interest Paid $2,264 $4,274 $5,821
Total Paid $33,184 $32,681 $32,295