Auto Loans in Lewisville (TX)

Financing a car is a choice you have to live with for many miles to come, but if you come at the financing process properly, it can save you lots of money in the end. We help clients in Lewisville regularly, helping them line up their financing online. You can expect to be guided step by step through the process by a lending specialist in Lewisville.

The Decision: New versus Used Car Loans in Lewisville

We are proud of helping people with both new and used cars and trucks. New cars are wonderful. You can put thousands of miles on them with only scheduled maintenance, and if any problems do pop up, they should be covered by the manufacturer’s warranty. Having said that, in order to get approved for a low rate of interest, you need to have a credit score of 750 or higher. If you’re unsure, discussing your situation with an automotive finance professional will help you establish if a new vehicle is best for you.

Used Car Loans in Lewisville

Typically savvy shoppers purchase a used car, not a new one. Given that they have already experienced that immediate depreciation, preowned cars and trucks require lower down payments, in most cases half of what you’d have to pay for a similarly priced new car or truck. Keep in mind, however, that there are limitations on the condition of the vehicle. These vary from lender to lender, but typical conditions are below: Vehicle must have a maximum of 100,000 miles and not be more than 7 years old. It is advisable to pay an auto mechanic to take a look at the vehicle prior to purchase, or consider a used car that has passed an official inspection, meaning a certified preowned vehicle.

Considerations for People in Lewisville with Bad Credit

Regular lending institutions like banks usually fund loans only for people with scores of 700 or better. Too many people turn to one of the buy here pay here car dealerships in Lewisville, because of credit problems, but this isn’t typically the case. When you apply online through Longhorn Auto Finance, we work to place your application with a dealer or lender in our network who is willing to work with your credit.

Is Your Credit Report Correct?

It’s now believed that 1 in 5 consumers has errors on their credit report, most of which result in a lowered credit score

One time annually, you can check your credit at no cost at AnnualCreditReport.com, in accordance with the FACT (Fair and Accurate Credit Transactions) Act, and be sure you secure the APR rate that’s as low as possible.

Lewisville Buy Here Pay Here Car Lots

Many people turn to buy here pay here dealers, also referred to as in house financing car dealers, assuming they will only be able to get approved without a credit check. Rarely is this the case. These dealerships offer credit lines on the lot, unlike regular dealerships which make use of banks and credit unions, and they finance just about everyone.

Sadly, you will be faced with excessive rates of interest, large down payments, and vehicles that are too expensive for the kind of shape they’re in. For this reason, these car dealers have a sullied reputation. We want to match you with a reputable dealer who can get you financed, even if you’ve experienced bankruptcy.

Lewisville Consumer Profile

  • Income Per Year: $55,984
  • Monthly Income: $55,984
  • Ideal Car Payment: $373 (8% of monthly income)

Lewisville Vehicle Finance Rates and Payments

Consider this chart, which shows what price car is within your budget based upon your FICO score, along with an income of $4,665 a month, 60 month repayment, and 20% due at signing.

Exceptional Credit Fair Credit Poor Credit
Monthly Payment $373 $373 $373
APR 3.50% 7.00% 10.00%
Months 60 60 60
Sticker Price $25,643 $23,559 $21,956
Down Payment $5,129 $4,712 $4,391
Interest Paid $1,877 $3,545 $4,827
Total Investment $27,521 $27,104 $26,783

Your Lewisville Auto Loan is Waiting!

If your credit score isn’t the best, we can help. We will connect you with a dealer or lender located in Lewisville.