In today’s market, lots of buyers in Waco are lining up their financing before visiting the dealer, as there are many advantages:
- Less time spent at the dealership.
- Likelihood of a less expensive interest rate.
- Your own dealer visit.
As opposed to waiting until you’re in the dealership’s finance office, we enable you to get approved for financing ahead of time. Enjoy the convenience of working with a committed financing consultant who can help answer any questions you have and set up your loan.
New Car Auto Loans in Waco
There are substantial advantages to financing a brand new car, from lower rates of interest to longer repayment terms.
However, if you finance a new car, you should not plan on trading it in before the term is up. Otherwise, you could wind up owing the bank the loan balance remaining after the vehicle has been traded in or sold.
Of course, it’s much more fun to get a new car. Ultimately, it’s up to you.
Financing a Used Car in Waco
The majority of savvy consumers opt for a used car instead of a new one. People have been known to dismiss preowned autos for having less affordable rates, but remember that they cost less in upfront cash and over time. Remember, though, that there are vehicle limitations which vary among lenders, but typical criteria are listed here: Vehicle must have no more than 100,000 miles and be no more than 7 years old. If you want the best of both worlds, consider a certified used vehicle.
Bad Credit Waco Car Loans
Banks and credit unions typically only finance people with good to excellent credit scores. That is, scores of 700 or higher. Luckily, there are lenders and dealers in Waco that approve people who have credit problems. When you submit your application through Longhorn Auto Finance, our team works to match you with a lender or dealer in your area who is ready to get you in the driver’s seat.
Car and truck loans can indeed help you repair your credit scores. That is, providing you make all the payments and don’t miss any.
In fact, many people find themselves refinancing at a better interest rate after a couple of years of payments under their belt. You don’t want to overload your finances with a big car payment. Typically 5-8% of your monthly income is recommended, or $60 to $96 if you get paid $1,195, the average in Waco.
Buy Here Pay Here Dealerships in Waco, TX
The BHPH industry wants you to assume that they’re the only ones that will finance you. However, this typically isn’t the way it is. Dealers like these will finance almost anyone, regardless of their credit, but there are disadvantages.
Sadly, you will be faced with inflated interest rates, high down payments, and cars and trucks that are too expensive for their mileage and condition. If maximizing your credit score is important to you, and it should be, you are better off applying through us, seeing as BHPH dealerships won’t aid you in increasing your credit.
Waco Income and Finances
- Annual Income: $14,339
- Income Per Month: $14,339
- Optimal Car Payment: $60 to $120 (5-10% of monthly income)
Take a look at this table showing what car can be afforded with a payment of $96, 20% down payment, and 5-year term.
|Prime Credit||Okay Credit||Poor Credit|
|Price with Interest||$7,050||$6,943||$6,861|
Apply Online in 3 Minutes
No matter your credit, we’re ready to help you find the loan you need. We will put you in touch with a finance manager from a dealer or lender located in Waco.