Auto Loans in Odessa (TX)

There are quite a few ways to get a car loan in Odessa, but not many companies have streamlined the approval process like us. We’ve spent years securing relationships with dealers and lenders across the Lonestar State, and we have finance professionals standing by, waiting for your application. In manner of minutes, if not seconds, you could have a dedicated financing expert answering your questions and lining up your loan.

Odessa Auto Loan Rates

Rate of interest is a big question for most people, as it should be. When it comes to rate-setting, there are several factors, major among these being your credit. The stronger your credit, the cheaper your interest. Let’s say you secure a car loan of $14,720 at 3.50% APR, because you have a strong credit score. You would, over the life of the loan, pay $1,347 in interest. On the flip side, if you have a credit score in the 600’s and a rate of 10.00%, you would find yourself paying north of $4,045 in interest. Rates of interest vary based on individual factors, but here are a few estimations.

  • Good Credit:  3.5-4% APR
  • Fair Credit:  5-8% APR
  • Subprime Credit:  10-15% APR
  • Very Bad Credit:  15-19% APR

It is extremely hard to estimate your APR rate without having information such as your credit score and income. Take a moment to submit your application and find out what rates a nearby dealer can provide.

Financing a Preowned Vehicle in Odessa

Used cars and trucks have quite a few advantages over new ones. The shorter financing terms typical of preowned autos usually equate to less interest charged, even if you’ve got a higher apr rate. Loan companies have got constraints in terms of mileage and age, however.

  • Mileage: no more than 70,000 to 100,000 miles.
  • Age: less than 7 years old.

In many cases, a used car is the better value.

Buying a Car with Bad Credit in Odessa

Odessa, like most of West Texas, was hit hard by the recession, and a lot of people are still recovering credit-wise from those rocky times. When it comes to buying a car, bad credit has several disadvantages:

  • You have to pay more in total interest.
  • You have to have a larger down payment.
  • You have to repay the loan in fewer months.

Luckily, there are loan companies and dealerships in Odessa that approve financing for people with credit problems. That’s where we come into play. We serve people all across the credit spectrum, helping them secure the loans they need.

You want to finance a vehicle that suits your auto loan, not the opposite, and your dealer should be able to point you in the right direction. To get the lowest rate you possibly can, make sure to inquire about the buy rate. This is the rate offered by the lender before the dealer adds on extra points for setting up the loan. Be sure that your loan payment is not beyond 10% of your income. For a consumer earning the Odessa average of $1,840 of income per month, that’s $184. Half that much, $92, is far better.

Buy Here Pay Here Dealers in Odessa, Texas

People young and old turn to buy here pay here auto lots, thinking they will only be able to get financed with no credit check. Not true. Generally, dealer financing is sourced elsewhere, in that dealers work with various lenders to provide the loans, but buy here pay here dealers handle everything on site. They provide financing themselves. The fact is, you can expect exorbitant annual percentage rates, massive down payments, and older vehicles that are too expensive given their level of wear and tear. This is why these dealers don’t have a good track record. We want to match you with a reputable dealer who can get you approved, even if your credit is terrible.

Odessa Consumer Profile

  • Yearly Income: $22,077
  • Monthly Income: $1,840
  • Ideal Car Payment: $147 (8% of monthly income)

Vehicle Budgeting in Odessa

The total amount you should pay for a car hinges on a variety of factors. The estimates in the table below are derived from a monthly payment of $147, which is 8% of the average consumer’s monthly income in Odessa, coupled with a 20% down payment and 5-year loan. Rates of interest are simply estimates.

Great Credit Decent Credit Bad Credit
Payment $147 $147 $147
APR 3.50% 7.00% 10.00%
Purchase Price $10,114 $9,292 $8,660
Down Payment $2,023 $1,858 $1,732
Borrowed Funds $8,092 $7,434 $6,928
Interest Paid $740 $1,398 $1,904
Total Paid $10,855 $10,690 $10,564

Start Your Application Online

There are dealers and lenders who are willing to approve your credit. Chat with an auto finance specialist in your area now.