Auto Loans in Pasadena (TX)

Have you considered getting pre-approved for financing? You ought to, for it often results in a cheaper annual percentage rate and more competitive terms. We have a vast network of lenders and dealers, and we have some of the highest rates of approval you’re apt to find. It really is tough to imagine a more convenient way to arrange the financing required for your new car.

New and Used Car Loans for Pasadena Residents

If you’re considering a new car, you should do so providing the following: You have favorable income and credit, and you don’t plan on offloading this vehicle before you’ve paid it off. It takes a long time to pay off a new car, so if you like to trade in your car on a fairly regular basis, you might be better off with leasing a car.

Financing a Preowned Car in Pasadena

A used car is a smart choice for the thrifty buyer. The shorter finance terms usual for preowned vehicles normally mean less interest accrued, even when you’ve got a more expensive rate. If you are concerned about maintenance, be sure you opt for low-mileage vehicle with excellent reliability. Below, we’ve compared new and used vehicle loans in Pasadena, Texas. These numbers are based on these assumptions:

  • New price of $21,190.
  • Used vehicle is two years old.
  • Good credit score.
  • Fixed APR.
New Car Used Car
Price $21,190 $10,595
Down Payment $4,238 $1,060
Loan Rate 5.00% 7.50%
Years 5 4
Monthly Payment $319.91 $230.56
Interest Paid $2,242 $1,531
Total Paid $23,432 $12,126

Bad Credit Car Loans in Pasadena

Traditional lending institutions like banks and credit unions ordinarily approve people who have good to excellent credit. That is, scores of 700 or more. Choosing the best lending company in Pasadena who works with bad credit is vital, as you don’t want to get rejected or deal with an excessive interest rate. When you submit your application through us, we work to match you with a dealer or lender in Pasadena who wants to approve your loan.

Should Your Score Be Higher?

Credit report errors have become fairly prevalent. Have you made certain your low credit score isn’t the result of such issues?

Be sure to pull your credit history at least once each year. Failing to do so could result in higher rates, smaller loans, and less chance of approval.

Pasadena Buy Here Pay Here Car Lots

Consumers in Pasadena and across Texas turn to buy here pay here dealerships, of the belief that they can only get financed at one of these places. Not the case. Typically, dealer finance is sourced elsewhere, as dealerships work with a network of lenders to provide the loans, but buy here pay here dealers provide car loans independently.

You will notice that preowned cars and trucks are the only ones available, and these aren’t no down payment car deals. Usually, the down payment is set at what the dealer paid for the vehicle, and you could end up paying greater than 20% APR. For this reason, these car dealers have a sullied reputation. We want to match you with subprime finance professional who can put you in the driver’s seat, even if your credit is dreadful.

Pasadena Consumer Profile

  • Income Per Year: $25,430
  • Monthly Income: $25,430
  • Optimal Car Payment: $170 (8% of monthly income)

Auto Loan Budgeting for Pasadena Buyers

In general, the ideal funding arrangement includes a down payment of 20%, car payment of 5-8% of monthly income, and a repayment term of 60 months or less. Given an income of $2,119 per month, let’s see the amount you could spend given your credit.

Prime Credit Okay Credit Subprime Credit
Payment $170 $170 $170
Interest Rate 3.50% 7.00% 10.00%
Term Length 5 Years 5 Years 5 Years
Vehicle Price $11,648 $10,701 $9,973
Money Down $2,330 $2,140 $1,995
Total Interest $853 $1,610 $2,193
Total with Interest $12,501 $12,311 $12,166