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For most people in Dallas, a car loan is vital to buying any new or used car or truck. If you have extremely good credit, this is a pretty basic process. If you have less-than-perfect credit, however, it can be a major annoyance. Instead of going from company to company, applying for financing, you can submit a single application on the web. You will find professionals in Dallas, who can help you get financed with a rate that’s reasonable.

Auto Loan Rates in Dallas

Wondering what rate of interest you will be charged? In point of fact, your annual percentage rate differs hugely based on your credit score, not to mention a variety of other things. The rates displayed below are only for informational purposes. They are not advertisements, and your actual rate could deviate widely from what you see below.

FICO Rating New Car Used 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%

Used Auto Loans in Dallas

Automakers are mainly interested in selling brand new cars and trucks. Savvy buyers, however, usually go for used cars. Check out the table below.

Years Old Price Rate Months Payment Interest Total Cost
New $25,750 6.00% 60 $497.82 $4,119 $29,869
1 Year $20,600 7.50% 60 $412.78 $4,167 $24,767
2 Years $17,510 7.50% 60 $350.86 $3,542 $21,052
3 Years $14,884 7.50% 60 $298.23 $3,011 $17,894

Are you considering a pre-owned car or truck? Most loan providers will allow you to finance a pre-owned vehicle up to eight years old, and some cap the miles at 100K miles.

Bad Credit Car Loans in Dallas

Has your credit been marred by bankruptcy, repossession, or other issues like this? The higher your credit score, the lower your annual percentage rate. Before the web, you really had to agree to whatever APR rate and terms they gave you. Today, there are better methods to get financed.

Of course, you need to be watch out for deceptive tactics. This is especially so if you end up with a buy here pay here car dealership. Yes, your credit isn’t going to be a problem, but you will end up shelling out a boatload in interest for an outdated car or truck.

More often than not, it’s best to go to a regular old bank or loan provider. There are several advantages: improved rates, significantly better service. And, if you make your payments on schedule, an increase to your FICO score.

Go here to apply online.

Can a Car Loan Improve Your Credit?

A car loan can improve your credit history, provided that it meets these guidelines:

  • It isn’t supplied by a buy here pay here dealer.
  • The payments are made on time, month after month.

It is important to keep in mind that this is a slow process. While the actual increase in your credit score isn’t easy to calculate, the improvement is considerable.

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