Auto Loans in New Braunfels (TX)

If you are interested in buying a new car, you probably need a car loan to complete your purchase. We do business with an extensive network of lenders and dealers, and that means we can help applicants of all credit tiers and income brackets. We will match you with a finance professional who can help you get the loan necessary for the vehicle you want.

Auto Loan Rates in New Braunfels

The rate of interest on your auto loan will be determined by all types of factors, most pressing of which are your consumer credit rating, where you live, and the type of loan. To see the impact of your credit score on your auto loan, check out these numbers.

Here is a table where we’ve analyzed the same $18,040 car loan, but with different credit scores and interest rates:

Prime Credit Subprime Credit
Loan $18,040 $18,040
Interest Rate 3.50% 10.00%
Length 5 years 5 years
Interest Paid $1,651 $4,958

To receive a reliable rate quote, you should consult a vehicle finance specialist.

Auto Loans for Used Cars in New Braunfels

A great many sensible investors refrain from financing new cars, opting for preowned ones instead. Lenders demand slightly higher rates on previously-owned vehicles, but down payments are not but 50% of what they are for brand new cars and trucks of an equivalent value. For anyone who is worried about repairs and maintenance, be sure to buy a a vehicle that has low mileage and excellent dependability. If you’d like to combine the low cost of a preowned car or truck with the reliability of a brand new one, consider a certified preowned car.

Financing a Car in New Braunfels with Bad Credit

Most auto loan providers look at a credit score customized for the motor vehicle industry. This score is heavily influenced by your history with auto loans and leases. Although problematic credit could make it difficult to purchase the car you’d like, you’re not devoid of options. In all likelihood, we can find you a dealer or lender within driving distance who wants to get you in the driver’s seat.

In order to receive a low rate of interest, you should examine your credit report for discrepancies that could be bringing down your score.

Be sure to review your credit report no less than once per year. Neglecting to do this could bring about higher rates, scaled-down loans, and less chance for approval.

Buy Here Pay Here Dealerships in New Braunfels, Texas

For people with overwhelming credit problems stemming from issues like bankruptcy or debt settlement, a buy here pay here dealer could possibly sound like a smart move. Nearly all dealer finance is outsourced, in that dealerships work with banks or credit unions to provide the loans, but buy here pay here dealers don’t. They are the actual loan originator.

You will see that used autos are the only thing on the lot, and these are not no money down car deals. Quite often, the down payment is nearly as much as you would pay for the vehicle from a private seller, and interest rates of more than 20% APR are not atypical. If improving your credit score is important to you, you are better off applying through us, seeing as buy here pay here dealerships won’t help you in improving your credit.

Securing Funds for a Car in New Braunfels: Loan Amounts

The amount you can finance will be based off of your credit and income. As an example, have a look at these figures based on an income of $2,255 a month, the average in New Braunfels.

Credit Score Income Factor Amount Borrowed
Great Credit 10 $22,550
Average Credit 9 $20,295
Slow Credit 8 $18,040
Bad Credit 7 $15,785
Horrible Credit 6 $13,530

How much you can borrow, and how much you really ought to, are two different things.

Auto Loans at $180 per Month

Take a look at this table, which shows what price car you can finance based upon your credit score, given an income of $2,255 on a monthly basis, 60 month loan, and a down payment of 20%.

Exceptional Credit Fair Credit Bad Credit
Payment Amount $180 $180 $180
Rate 3.50% 7.00% 10.00%
Sticker Price $12,396 $11,388 $10,613
Money Down $2,479 $2,278 $2,123
Total Interest $907 $1,713 $2,333
Total with Interest $13,303 $13,102 $12,947

Contact an Auto Finance Specialist in New Braunfels

We are your trusted source for car loans in New Braunfels. We charge no application fees, and you could be pre-approved for financing before you know it.