Auto Loans in Huntsville (TX)

Looking to purchase a new or used car? If you are like most people in Huntsville, chances are you need an auto loan to get yourself in the driver’s seat of the car you want. We have a diverse network of lenders and dealers, and we are dedicated to connecting you with the dealer that is most likely to fit your needs. You will be guided one step at a time through the process by a financing specialist near you.

Huntsville Car Loan Rates

Locking down the lowest rate of interest you possibly can should be your number one goal. After all, it will determine how much you pay for your vehicle in the end. Below we’ve provided some interest rate approximations for Huntsville.

Credit Score Low APR High APR
Good Credit 3.5% 5.9%
Decent Credit 4.8% 8.4%
Subprime Credit 6.8% 12%
Bad Credit 10.3% 17.6%
Terrible Credit 15.1% 18.9%

These estimations are only meant to supply you with an inkling of potential rates. It’s impossible to forecast the rate you’ll be charged without more information. Go ahead and complete your application, then explore rates with a finance professional.

Used Car Auto Loans in Huntsville

You can opt for a car a few years old and still get a well-performing, low mileage vehicle. Lenders will charge you slightly higher rates of interest on used vehicles, but down payments are often half of what they are for brand new cars and trucks of the same price. Worried about maintenance problems? This can be reduced by choosing a vehicle that is still covered by its factory warranty or buying an extended service contract. In order to help you decide whether a new or used car is going to serve you best, have a look at this helpful table. These estimations rely on the following assumptions:

  • Used vehicle is two years old.
  • Good credit score.
  • 20% down payment for new car, 10% for used.
  • Simple Interest.
New Car Used Car
Price $6,590 $3,295
Down Payment $1,318 $330
APR 5.00% 7.50%
Months 60 48
Monthly Payment $99.49 $71.70
Interest Paid $697 $476
Total Paid $7,287 $3,771

Huntsville Bad Credit Car Loans

Below-average credit has several disadvantages:

  • You will have to pay more total interest.
  • You have to have a larger down payment.
  • You have to opt for a shorter term loan.

Far too many shoppers settle for financing through a buy here pay here dealership in Huntsville, on account of bankruptcy or other such issues, but it’s quite possible you can get approved at a cheaper rate from a more reputable company. Through us, you can contact an auto finance specialist from a lender or dealer in Huntsville who wants to approve you for financing.

You want to purchase a vehicle that fits your credit, not the opposite, and your finance specialist should be able to direct you. If you apply through us, you can typically discuss the important points of your car loan with a lending professional, then select a day for you to visit the lot and sign for the vehicle you want. If at all possible, your loan payment should represent just 5-8% of your gross monthly income. As an example, a resident of Huntsville who has a gross income of $659 per month, the average, should plan to allocate just $33 to $53.

Buy Here Pay Here Auto Loans in Huntsville, TX

The BHPH industry has expanded in the past few years, mainly because so many consumers’ credit scores suffered on account of the economy. Such dealers offer auto loans in-house, whereas conventional dealers make use of banks and finance companies, and they typically don’t turn anyone down.

Problems include inflated loan rates that border on Texas’s usury laws, as well as hardline contracts which permit rapid repossession in the event of a missed payment If boosting your credit score is important to you, and it should be, you are better off applying through us, as BHPH dealers will not help you increase your credit.

Huntsville Consumer Profile

  • Income Per Year: $7,902
  • Monthly Income: $7,902
  • Typical Car Payment: $72
  • Suggested Car Payment: $33 to $66 (5-10% of monthly income)

To sum it up, the optimum finance package is as follows: down payment of 20%, car payment of 8% of monthly income, and a repayment term of 5 years or less. Given an income of $659 each month, let’s take a look at the amount you could spend based upon your credit.

Prime Credit Fair Credit Bad Credit
Monthly Installment $53 $53 $53
APR 3.50% 7.00% 10.00%
Term 60 Months 60 Months 60 Months
Car Price $3,623 $3,328 $3,102
Down Payment $725 $666 $620
Total Interest $265 $501 $682
Total Investment $3,888 $3,829 $3,784

Your Car Loan is Waiting

At Longhorn Auto Finance, we take great pride in getting behind the wheel of a new car. We charge no application fees, and you could be pre-approved for financing within 24 hours.