Auto Loans in Midland (TX)

You’re smart to search for financing before going to the dealership, as there are many advantages:

  • A shorter time spent on the car lot.
  • Probability of a more competitive rate of interest.
  • Superior negotiating power.

We’ve spent years building a network of dealers and lenders across West Texas, and we have one of the best success rates in the business. We match you with a credit specialist who will work tirelessly to get you approved.

Midland Auto Finance Rates

Your rate of interest is dependent upon lots of different factors, the most substantial of which are your consumer credit rating, who your lender is, and the vehicle being financed. As an example of good versus bad credit, check out this scenario, assuming a 5-year, $11,864 loan:

  • 3.50% APR: $1,086 in interest.
  • 10.00% APR: $3,260 in interest.

To obtain an accurate rate quote, you really need to contact a vehicle finance professional.

Auto Loans for Preowned Cars in Midland

Preowned cars and trucks are cheaper, that goes without saying, meaning they offer they are cheaper to get financed and keep insured. The finance fees for preowned cars and trucks are a bit more expensive, but this expense is counterbalanced by lower sticker prices and rates of depreciation. A lot of banks and finance companies, however, will only finance cars from actual dealerships, not from private parties. To help you determine which sort of car is right for you, we have created this helpful chart. This assumes a two year old vehicle that has lost one half of its value, and a borrower with a prime credit score.

New Car Used Car
Price $14,830 $7,415
Down Payment $2,966 $742
Loan Rate 5.00% 7.50%
Duration 5 years 4 years
Monthly Payment $223.89 $161.36
Interest $1,569 $1,072
Total Paid $16,399 $8,487

Midland Bad Credit Car Loans

There are lots of different situations that bring about a reduced credit score: unpaid bills, repossession, bankruptcy, and much more. You don’t want to deal with rejected credit. That’s the reason you’ll want to locate a dealer or lender in Midland that helps people with low credit scores. Through us, you can contact an auto financing professional from a lender or dealer within driving distance who is ready to fund your loan.

Auto loans can certainly help you in re-establishing your credit scores. Of course, you need to make each month’s payment by the due date. Believe it or not, after 18 months or so of good payment history it’s possible you’ll be in a position to refinance at a better APR. In order to ensure that you never miss a payment, “underbuy” when it comes to your car. Budget just 8% of your monthly income, that’s it, for your car payment. If you reside in Midland and, like the average resident, earn $1,483 per month, this is just $119.

Buy Here Pay Here Dealerships in Midland, Texas

In house financing, otherwise referred to as buy here pay here financing, has expanded in the years after the economic downturn, largely because so many consumers’ credit ratings took hits on account of the down economy. Nearly all dealer financing is sourced elsewhere, as car dealers work with banks or credit unions to provide the loans, but buy here pay here dealers don’t. They are the actual loan originator. Downsides include:

  • Extortionate Interest
  • Huge Down Payments
  • Steeply-Priced Cars and Trucks
  • Ignition Kill-Switches

That isn’t all: these car lots very rarely report back to the credit agencies, and that means you could make each and every payment when they’re due without improving your FICO score.

Midland Consumer Profile

The average monthly income in Midland is slightly lower than nearby Odessa, but it is just on the cusp of the $1500 per month necessary for approval.

  • Annual Income: $17,791
  • Monthly Income: $1483
  • Recommended Monthly Payment: $74 to $148 (5-10% of monthly income)

Midland Auto Loans at Various Credit Tiers

Take a look at this table, which displays what price car you can get financed given your credit standing, with an income of $1,483 on a monthly basis, 5 year term, 20% down payment, and payment of $119.

Exceptional Credit Decent Credit Poor Credit
Payment Amount $119 $119 $119
Interest Rate 3.50% 7.00% 10.00%
Vehicle Price $8,152 $7,489 $6,980
Down Payment $1,630 $1,498 $1,396
Note Size $6,522 $5,992 $5,584
Total Interest $597 $1,127 $1,535
Total Paid $8,749 $8,616 $8,514

Your Auto Loan is Waiting

Our company is your trusted source for auto loans in Midland. Apply online, and we’ll get you approved. It’s fast, simple, and secure.