Auto Loans in Lubbock (TX)

Lubbock, TX
Official Site of Lubbock

Are you a resident of Lubbock or the South Plains of northwest Texas? If so, we make it easy to search for financing ahead of time, affording you a whole slew of advantages:

  • Much less time spent on the car lot.
  • Potential for a less expensive interest rate.
  • Increased negotiating power.

We help consumers in Lubbock on a regular basis, helping them get approval online for financing. It is difficult to envision an easier way to buy your next car, even if your credit history is marred by late payments or other issues. We welcome clients of all credit scores, and we have dealers and lenders who have experience in the “subprime” arena.

Financing a Used Car in Lubbock

With Longhorn Auto Finance, you can finance new or used vehicles. However, used autos do offer several different substantial advantages:

  • Reduced sticker price relative to a similar new car or truck.
  • Reduced cost of insurance.
  • Reduced risk of being upside down.

Considering they have gone through that immediate depreciation, preowned vehicles require lower down payments, generally half of what you’d be required to pay for a similarly priced new car or truck. A number of loan companies, however, will only finance cars from actual dealerships, not from private parties. If you want to combine the good value of a used vehicle with the dependability of a new one, consider a used car that has passed an automaker inspection, like a certified preowned car or truck.

Bad Credit Lubbock Auto Loans

Old fashioned lending institutions like banks and credit unions ordinarily only finance people with good to excellent credit scores. That is, scores of 700 or more. Far too many people are led to believe they have to finance through one of the buy here pay here car dealerships in Lubbock, on account of problematic credit, but this is hardly ever the best option. When you submit your application through Longhorn Auto Finance, our team works to find you a dealer or lender within driving distance who wants to work with your credit.

Keep this in mind: a car loan, if paid as agreed, can boost your credit score and show lending companies that you are a creditworthy borrower. Just be certain to never miss a payment, as it can drop your score significantly. Make certain you opt for a reasonable monthly payment. Typically no more than 5-8% of your monthly income is reasonable, or $65 to $105 if you get paid $1,307, the average in Lubbock.

Buy Here Pay Here Financing in Lubbock, Texas

Buy here pay here dealers primarily do business with people who’ve got acute credit problems like:

  • Bankruptcy
  • Property Foreclosure
  • Asset Repossession
  • Tax Liens

It’s true, they don’t perform credit assessments, so your credit problems probably won’t be a hurdle, but you will really pay for this in the long term. You will see that higher-mileage cars and trucks are the only models offered, and these are not zero down cars. Quite often, the down payment is equivalent to what the dealer had to pay for the vehicle in the first place. Lending rates in the neighborhood of 20% APR are not uncommon. Because of this, these dealerships have a dirty reputation. We can match you with a reputable dealer who can get you in the car or truck you want, even if you have bad credit.

Car Loan for Students of Texas Tech University

Are you a Red Raider, a student or employee of Texas Tech? If so, there’s good news. Many dealers and lenders in our network offer special rates for people associated with the university. This may include a discount on your interest rate, or a cash-back or other special incentive. Be sure to ask your finance professional for more information. If, as an undergraduate student, you are short on credit history, we can still help you get approved, as there are a number of dealers and lenders with experience financing people who have little to no credit, particularly college students. If you’re ready to get started, go here to submit your application.

Lending Pre-approvals for Lubbock Residents

Take a look at how much you’ll be qualified to borrow given your credit. We’ve included a chart that depicts potential pre-approvals for someone with an income of $1,307 per month, the average in Lubbock.

Credit History Multiplier Amount Borrowed
Great Credit 10 $13,070
Decent Credit 9 $11,763
Temporary Bad Credit 8 $10,456
Bad Credit 7 $9,149
Terrible Credit 6 $7,842

Please don’t finance a more expensive car than you should, simply because you can. How much you can pay for your new car is based on a number of variables. These estimations are based upon payments of $105, which is 8% of the average consumer’s monthly income in Lubbock, combined with a 20% down payment and 5-year loan. Rates of interest are estimated.

Exceptional Credit Fair Credit Subprime Credit
Monthly Income $1,307 $1,307 $1,307
Car Payment $105 $105 $105
Rate 3.50% 7.00% 10.00%
Years 5 5 5
Vehicle Price $7,185 $6,601 $6,151
Money Down $1,437 $1,320 $1,230
Total Interest $526 $993 $1,352
Total Paid $7,711 $7,594 $7,504

Talk to a Finance Manager Near You!

If you have bad credit, put us to work. A finance professional will walk you through the approval process, helping you secure a competitive rate of interest.