Auto Loans in Missouri City (TX)

In Missouri City, there are several options for obtaining an auto loan, but few if any firms have simplified the experience like we have. Our experience in the field is unparalleled, which means we can help applicants of all credit tiers and income brackets. Let us match you with a finance professional who can help you get the car loan you need for the car you desire.

Auto Loans in Missouri City for New Cars

Many consumers decide to buy a new car versus a pre-owned one because of the greater convenience and, in certain cases, lower monthly payments thanks to extended, 60-72 month financing options. On the other hand, there are disadvantages as well.

  • They have serious sticker prices.
  • They are only worth 65% of their original value after the first year.
  • They necessitate larger sized down payments on account of depreciation.

Nevertheless, new car dealers want to get their vehicles sold, and you can often score a stellar offer on a new car, even if you don’t have world-class credit.

Used Car Auto Loans in Missouri City

Preowned cars and trucks are cheaper, of course. What this means is lower monthly payments and insurance rates. Some people dismiss preowned vehicles for having more expensive rates of interest, but bear in mind that they still don’t cost as much in upfront cash and over time. Even if you are under water on a used car or truck, it will typically be for a shorter length of time. Below, we’ve placed side by side the costs associated with new and used auto loans in Missouri City, Texas. This assumes a car or truck two years old, having lost 50% of its value, and a buyer with a prime credit score.

New Car Used Car
Price $57,900 $28,950
Down Payment $11,580 $2,895
APR 5.00% 7.50%
Length 5 years 4 years
Monthly Payment $874.12 $629.98
Finance Charge $6,127 $4,184
Total Paid $64,027 $33,134

Bad Credit Missouri City Car Loans

Have below-average credit on account of such issues as unpaid debts, company layoffs, foreclosure, or bankruptcy? No one likes to deal with being declined by a lending institution of any kind, so it is important to get in touch with a dealer or lender in Missouri City that provides auto loans for low credit scores. That’s where we come in. We are experts in serving people all across the credit spectrum, getting them the loans they need.

Clearing up Your Credit Report

It’s now thought that 1 in 5 consumers has an inaccuracy on their credit report, many of which result in a reduced credit score

One time each year, you can check your credit at no cost at AnnualCreditReport.com, a site created by the leading credit bureaus. It is wise to do this in order to make certain you are offered the APR rate that’s as low as possible.

Buy Here Pay Here Financing in Missouri City, TX

In house financing, otherwise referred to as buy here pay here financing, continues to grow, largely because so many consumers’ credit scores were hit by the credit crunch and housing bubble. These types of dealers approve financing in-house, in contrast to traditional dealers which work with banks and credit unions, and they typically don’t turn anyone down. You’ll find that used vehicles are the only thing available, and you may need to make payments weekly, in cash. Repossession rates are extremely high, much like the interest rates. There’s more: these dealerships rarely work with the credit agencies, so you could make every single payment on a monthly basis without any lift in your credit score.

Loan Pre-approvals for Missouri City Residents

The size loan you’ll qualify to finance is based on your credit and income. Take a look at these amounts for the average Missouri City consumer who gets paid $5,790 a month.

Credit Score Income Factor Amount
Good Credit 10 $57,900
Decent Credit 9 $52,110
Slow Credit 8 $46,320
Poor Credit 7 $40,530
Terrible Credit 6 $34,740

It’s wise to borrow less than you can, in an effort to save some income for unexpected expenses. Check out this chart, which displays what price car suits your budget based on your credit score, provided an income of $5,790 each month, 60 month repayment, and a down payment of 20%.

Excellent Credit Fair Credit Bad Credit
Monthly Income $5,790 $5,790 $5,790
Monthly Installment $463 $463 $463
Loan Rate 3.50% 7.00% 10.00%
Months 60 60 60
Vehicle Price $31,828 $29,241 $27,251
Down Payment $6,366 $5,848 $5,450
Total Interest $2,330 $4,399 $5,991
Total with Interest $34,158 $33,640 $33,242

Contact a Finance Manager Near You!

If your credit score isn’t so good, put us to work. Connect with a finance specialist in Missouri City now.