If you need a car loan in Nacogdoches, your search is over. We’ve spent years securing relationships with lenders and dealers across Texas, and we have one of the highest approval rates you’re apt to find. Experience the convenience of working with a dedicated lending expert who can address the questions you have and line up your loan.
New versus Used Car Loans for Nacogdoches Drivers
We are proud of helping consumers with both new and used vehicles. New cars are sometimes considered to be not the best investment, since they lose a significant portion of their value in the first 12 months of ownership, so you may wind up owing more on the car than it is worth. For this reason, banks and finance companies customarily require a 20% down payment, versus the 10% common for a preowned car. However, new car loans come with lower rates, and in most cases it’s a lot easier to buy a new car with bad credit. Ultimately, you are better off contacting an auto finance specialist to ascertain whether a new vehicle is best for you.
Used Vehicle Financing in Nacogdoches
In lots of ways, a used vehicle ends up being a significantly better purchase than a new one. Since they’ve already been through that immediate drop in value, used vehicles require smaller down payments, ordinarily 10% of the vehicle’s purchase price. Many lenders, however, will only finance cars from actual dealerships, not from individual sellers. It is advisable to have the vehicle looked over by a mechanic prior to purchasing it, or consider a certified preowned car.
Nacogdoches Bad Credit Car Loans
When you have unfavorable credit ratings, bank financing typically isn’t an option. A lot of consumers are led to believe they have no choice but to buy from one of the buy here pay here car dealerships in Nacogdoches, due to a bad credit score, but it’s likely that you can get financed at a cheaper rate from a more established company. The good news is, we are experts in serving clients who have credit problems of all kinds, getting them approved for the loans they need.
Don’t forget, financing a car can improve your credit score by leaps and bounds.
In order to eliminate missed payments, consider options such as automatic payments. Don’t overburden your finances with a large car payment. Typically 5-8% of your monthly income is recommended, or $46 to $74 if you earn $927, the average in Nacogdoches.
Nacogdoches Buy Here Pay Here Financing
In house financing, better known as buy here pay here financing, continues to grow, largely because so many people’s credit ratings were hit by the down economy. Normally, dealer finance isn’t direct to the consumer, in that dealerships work with banks and lenders with whom they have relationships to provide the loans. In contrast, BHPH dealers decide who gets financed on site, typically without any credit check. Negatives include:
- Extortionate Finance Fees
- Extortionate Down Payments
- Steeply-Priced Autos
- Aggressive Repossession Tactics
Is elevating your credit a concern for you? Then you are better off applying through us, since buy here pay here dealers will not help you rebuild your credit.
Nacogdoches Consumer Profile
- Income Per Year: $11,120
- Monthly Income: $11,120
- Average Car Payment: $102
- Optimal Monthly Payment: $74 (8% of monthly income)
Have a look at this table, which shows you what price car suits your budget based on your FICO score, provided an income of $927 per month, 5 year repayment, and a down payment of 20%.
|Good Credit||Fair Credit||Poor Credit|
|Term Length||5 Years||5 Years||5 Years|