In Killeen, you have several options for obtaining a car loan, but not many companies have optimized credit acceptance like us. For years, we’ve been establishing a network of dealers and lenders across the state of Texas, and we have specialists standing by, awaiting your application. You can expect to be led one step at a time through the lending process by a financing specialist in Killeen.
Assisting Military Personnel Stationed at Fort Hood
Fort Hood employs more than 58,000 military personnel and civilian contractors, making it the heart of Killeen’s economy. However, as you may know, the military lifestyle is not always conducive to the lowest rates of interest or the best credit. For instance, lenders prefer borrowers with a relative few changes in residence or employment, but frequent changes of station are part of the life of the military servicemember.
For this reason, it is important to find a lender or dealer who caters to Fort Hood personnel and their families. Many of the dealers in our Killeen network do just that. Some of them may be able to help you get approved through a military-centric lender such as Navy FCU or USAA, while others offer special rate discounts and cash-back rebates for active-duty personnel. You can go here to apply online and speak with your auto finance professional for more information.
Deciding Between a New or Used Car
In this day and age, automobiles are built to be driven well over 100,000 miles, meaning a used vehicle is seldom a concern. Sometimes people dismiss used cars for having more costly loan rates, but bear in mind that they are cheaper in upfront cash and over time. Needless to say, lenders won’t fund the purchase of that don’t meet certain requirements:
- Mileage: no more than 70,000 to 100,000 miles.
- Model Year: maximum of 7 years old.
Below, you will find the following data that may help you determine if you should purchase a vehicle that’s new or used. These numbers are based on these assumptions:
- New price of $22,960.
- Used vehicle is two years old.
- Prime credit score.
- Simple Interest.
|New Car||Used Car|
|Length||60 months||48 months|
Buying a Car with Bad Credit in Killeen
There are an array of complications which can cause a low credit score: medical bills, repossession, going bankrupt, etc. With good reason, you don’t want to spend your weekends searching for a lender or dealer in Killeen that will work with credit scores that aren’t perfect. Luckily, we serve consumers at every point on the credit spectrum, getting them approved for the loans they need.
Lenders would have to close shop if they funded loans for people who did not repay them. Therefore, the the greater your credit score, the lower your auto loan rate will be. What bad credit will cost you is astonishing. For a car loan of $18,368, you would pay $1,681 in interest at a rate of 3.50%, and $5,048 at a rate of 10.00%. To receive an exact rate quote, you will need to contact a finance professional.
Should Your Credit Score Be Stronger?
In order to receive the most affordable rate of interest, remember to examine your credit report for mistakes that could be bringing down your score. You really ought to check your credit history a minimum of one time annually. Failing to take action could result in higher rates, smaller loans, and less chance for approval.
Killeen Buy Here Pay Here Dealerships
In house financing, also known as buy here pay here financing, has boomed in the years following the recession, mainly because so many people’s credit scores suffered on account of the credit crunch and housing bubble. Most dealer financing isn’t direct to the consumer, in that car dealers work with various lenders to provide the loans, but buy here pay here dealers make approval decisions on location, often without any credit check.
Downsides include excessively high rates of interest and down payments, along with older vehicles and in-person payments Is elevating your credit one of your goals? Then you should apply online through us, as buy here pay here dealers won’t help you in rebuilding your credit.
Purchasing a Car in Killeen: Loan Amounts
The better your credit, the bigger amount you can borrow. The same applies to your income. We’ve included a table that depicts the maximum loans for someone with an income of $2,296 per month, the average in Killeen, Texas.
|Temporary Bad Credit||8||$18,368|
The amount you can borrow, and the amount is wise, are not the same thing. Wondering how much car is within your budget? Check the estimations below. The interest rates have been approximated, and the numbers assume an income of $27,557 per year, the average in Killeen. Repayment term is 5 years.
|Excellent Credit||Okay Credit||Subprime Credit|
|Price with Interest||$13,545||$13,340||$13,182|