Purchasing a new car without a loan or lease is pretty unusual these days. Whether you get approved or not hinges on a variety of factors, including:
- How high your credit score is.
- How much you earn.
- Where you live.
- How much you can put down.
If you want to get approved with the most affordable rate of interest possible, we can help.
Lending companies and dealerships vie to fund your loan, putting you behind the wheel of the financing process.
Auto Loan Rates in Brownsville
Most loan providers don’t provide Brownsville auto loan rates based on FICO score. Instead, they tell you the most affordable rate they offer. In reality, your interest rate varies hugely based on your credit, not to mention other variables. The rates displayed below are only for informational purposes. These are not advertisements, and your exact rate will vary.
| FICO Rating | New Car | Pre-owned Car |
|---|---|---|
| Excellent | 3.3% | 3.6% |
| Good | 4.5% | 4.7% |
| Average | 6.3% | 7.0% |
| Subprime | 9.3% | 9.5% |
| Bad | 13.2% | 13.7% |
| Very Bad | 14.1% | 15.8% |
It’s better to know what your credit score is before you ever seek financing approval. You should check your score here.
Used Auto Loans in Brownsville
We are constantly slammed with advertising for new cars. Intelligent consumers, however, typically purchase pre-owned cars. Below, we examine the cost of a loan for a car or truck that is brand new versus 1-3 old.
| Years Old | Price | Rate | Months | Payment | Interest | Total |
|---|---|---|---|---|---|---|
| New | $20,250 | 6.00% | 60 | $391.49 | $3,239 | $23,489 |
| 1 Year | $16,200 | 7.50% | 60 | $324.61 | $3,277 | $19,477 |
| 2 Years | $13,770 | 7.50% | 60 | $275.92 | $2,785 | $16,555 |
| 3 Years | $11,705 | 7.50% | 60 | $234.53 | $2,368 | $14,072 |
For most consumers, a pre-owned vehicle is the best option. Below are the common restrictions on used vehicle financing:
- Car no older than 7-10 years.
- Mileage no higher than 100,000 miles.
- Bought via dealer, not private party.
Poor Credit Auto Loans in Brownsville
Is your FICO score of less than 620? Basically, when you’ve got poor credit, a single digit annual percentage rate isn’t possible. Years ago, shoppers had to go from one lender to the next, trying to find one prepared to approve their loan. Fortunately, modern innovation has done away with most of this legwork.
If your credit is in the weeds, you may be keen on a car dealership that advertises buy here pay here loans. While you shouldn’t have any difficulty when it comes to approval, you’ll pay handsomely for the privilege.
It is best to steer clear of these dealers whenever possible, and apply for an auto loan on the web. The interest rates are typically lower, the terms considerably better, and you have the ability to strengthen your credit score at the same time.
Best of all, you can submit your application online.
Zero Down Financing in Brownsville
Saving up enough money needed to purchase a car or truck isn’t easy, especially if your credit isn’t very good, in which case you might have to offer a large down payment. The vast majority of banks offer 100% financing, sometimes more, but they require extremely good credit from the buyer. By completing your application online, it’s possible to improve your chances of securing this sort of a deal. Lenders and dealerships can view your preferred down payment ahead of time. Simply insert 0 where it asks down payment, and the financing expert will know what you need.
Brownsville Resources
- TXDMV: http://www.txdmv.gov/
- Texas Dept. of Banking: http://www.dob.texas.gov/
Credit Unions
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