Auto Loans in Weslaco (TX)

A few years back, you had to lender after lender, applying for loans to compare rates. Here at Longhorn Auto Finance, we have made this process simpler, quicker, and more convenient. Rather than waiting until you are in a high-pressure situation at the dealership, we enable you to get approved for a car loan ahead of time. It truly is difficult to envision a more convenient way to obtain your auto loan.

New versus Used Auto Loans in Weslaco

There are a few things to think about when shopping for a new car. Buying a new car is generally less complicated than buying a used one, because you don’t have to concern yourself with how it was treated by the prior owner. If you’re hoping to be qualified for low interest financing, however, you need to have exceptional credit. In the end, it is wise to consult a dealer finance professional to learn whether a new our used vehicle is right for you.

Used Car Loans in Weslaco

Used cars and trucks give you some important merits:

  • They are less costly to buy.
  • They are cheaper to keep insured.
  • They retain value better.

A two year old vehicle is worth about one half of the original price. A smaller loan means less interest paid, even if you’ve got a more expensive interest rate. Bear in mind, however, that there are vehicle limitations which vary from one lender to another, but typical standards are listed below: Vehicle must have no more than 100,000 miles and be no greater than 7 years old. Here is a comparison of new and used vehicle loans in Weslaco, Texas. These estimations rely on the following assumptions:

  • Two year old used vehicle.
  • Credit score of 690 to 720.
  • Fixed APR.
New Car Used Car
Price $10,260 $5,130
Down Payment $2,052 $513
Loan Rate 5.00% 7.50%
Duration 60 months 48 months
Monthly Payment $154.90 $111.63
Interest $1,086 $741
Total Paid $11,346 $5,871

Weslaco Auto Loans for Bad Credit

Generally, auto lenders pull a credit score tailor-made for the motor vehicle industry. This score draws on your history with auto loans and leases, and it is not available to consumers. You don’t want to deal with a credit denial. That’s why you have to find a dealer or lender in Weslaco that is open to problematic credit. That’s where we come in. At Longhorn Auto Finance, we serve people with credit problems of all kinds, getting them the loans they need.

Researchers are now estimating that 40 million Americans have an inaccuracy on their credit report, as reported by one or all three of the leading credit reporting agencies.

Once each year, you can check your credit at no cost at AnnualCreditReport.com, in accordance with the FACT (Fair and Accurate Credit Transactions) Act, in order to make certain you secure the annual percentage rate you deserve.

Buy Here Pay Here Financing in Weslaco, TX

Buy here pay here car dealers normally finance people who’ve got severe credit problems like:

  • Chapters 7 or 13
  • Asset Repossession
  • Debt Settlement
  • IRS Liens
  • Collections
  • Judgments
  • Charge-offs

Dealers like these will finance just about anybody, no matter their credit, but there are drawbacks.

Problems include excessively high annual percentage rates, money down, and vehicle prices There is a good reason that these dealers have a dirty track record. Let us match you with a reputable dealer who can get you in the driver’s seat of an excellent car, even if your credit is awful.

Getting a Loan for a Car in Weslaco: The Amount Can You Finance?

The better your credit, the bigger amount you can borrow. The same goes for your income. These amounts are based of of an income of $1,026 per month, which is typical of the average Weslaco resident.

Credit Multiplier Amount Borrowed
Good Credit 10 $10,260
Decent Credit 9 $9,234
Slow Credit 8 $8,208
Bad Credit 7 $7,182
Really Bad Credit 6 $6,156

However, it’s better to buy a cheaper vehicle than you’re actually able to. Have you considered how much car is within your budget? Take a look at the estimates below, but remember that the lending rates have been estimated, and the amounts are based upon an annual income of $12,314, the average in Weslaco. Repayment term is 60 months.

Great Credit Okay Credit Poor Credit
Monthly Payment $82 $82 $82
APR 3.50% 7.00% 10.00%
Years 5 5 5
Car Price $5,640 $5,182 $4,829
Money Down $1,128 $1,036 $966
Note Size $4,512 $4,145 $3,863
Total Interest $413 $780 $1,062
Total with Interest $6,053 $5,961 $5,891