Auto Loans in Sugar Land (TX)

Are you in the market for a new or used vehicle, but you still need an auto loan? We’d be happy to help. We have access to a wide network of dealers and lenders, which means we can help applicants from every end of the credit spectrum. We match you with a finance consultant who can help you arrange the car loan you need for the vehicle you desire.

What Will Your Interest Rate Be?

There’s a good chance want to know what your rate of interest will be, don’t you? First and foremost, you need to know your credit score. This is the biggest factor. As one example of a high versus a low interest rate, look at the difference in total interest paid at 3.50% versus 10.00% APR, given a 5-year, $22,224 loan:

  • 3.50% APR: $2,034 in interest.
  • 10.00% APR: $6,108 in interest.

It is very hard to predict your interest rate without more information. Take a moment to complete your application, then explore rates with a finance specialist.

Used Car Loans in Sugar Land

Used cars are less costly, obviously. What this means is they are less expensive to get financed and keep insured. Lenders charge slightly higher rates on previously-owned vehicles, but down payments are not but 50% of what they are for brand new cars and trucks that cost the same. A great many banks and finance companies, however, will only finance cars from actual dealerships, not from private sellers. If you want the best of both worlds, consider a used car that has passed an automaker assessment, for instance a certified preowned vehicle.

Sugar Land Bad Credit Car Loans

Generally, loan companies consider your credit based on your auto industry credit score. This score is heavily influenced by your history with auto loans or leases, and it isn’t available to consumers. This is the good news: there are finance companies and dealerships in Sugar Land that accomodate people who have bad credit. This is where we come in. At Longhorn Auto Finance, we serve customers with credit problems of all kinds, helping them secure the loans they need.

A primary element of your credit score is influenced by your history of making–or missing–payments. That means a car loan, being a big installment loan, can help you in rebuilding your credit. In contrast, if you miss payment, it can lower your score significantly. Determining the ideal payment amount is a must. For example, let’s say you have an income of $2,778 per month, the average for Sugar Land residents.

  • Low Payment: $139 (5%)
  • Intermediate Payment: $222 (8%)
  • Maximal Payment: $278 (10%)

Sugar Land Buy Here Pay Here Dealerships

For people with serious credit problems stemming from bankruptcy or repossession, buy here pay here financing might possibly seem like the only option. These dealers will approve pretty much anybody, no matter their credit, but there are disadvantages. The fact is, you should expect exorbitant annual percentage rates, large down payments, and vehicles that cost too much given their condition. Because of this, these retailers don’t have the best reputation. We can place you with dealer finance specialist who will work with you, even if your credit is awful.

Sugar Land Consumer Profile

  • Income Per Year: $33,335
  • Income Per Month: $33,335
  • Typical Car Payment: $306
  • Recommended Monthly Payment: $222 (8% of monthly income)

Below we have a chart depicting what car you can afford with a payment amount of $222, 20% down payment, and 5-year term.

Great Credit Decent Credit Poor Credit
Monthly Income $2,778 $2,778 $2,778
Car Payment $222 $222 $222
Interest Rate 3.50% 7.00% 10.00%
Vehicle Price $15,271 $14,029 $13,075
Money Down $3,054 $2,806 $2,615
Interest Paid $1,118 $2,111 $2,875
Total Investment $16,389 $16,140 $15,949