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Almost all new vehicles are bought through financing, and the rest are typically leased. Unfortunately, the process of obtaining an auto loan can be a major headache, especially when you’ve got less-than-perfect credit. We can help you obtain financing in less time, at a low interest rate, even if your credit isn’t the best.

It’s so convenient to have a local Harlingen finance expert direct you through the approval process. What’s even better, it’s free to apply.

Car Loan Rates in Harlingen

Many companies only display the best rate they have, only available to folks with the very best FICO scores. In reality, your annual percentage rate can vary hugely based on your FICO score, among other variables. The rates shown below are only for informational purposes. These aren’t advertisements, and your exact rate will vary.

Credit 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%

It’s wise to know your credit score before you ever seek financing approval. You’ll find many ways to check your credit. Here’s one of the best: link.

Used Car Loans in Harlingen

You’ll see that the interest rates for a used car are more expensive than those for a new one. On the other hand, it’s smarter to finance a used vehicle, considering that the sum total will be substantially less. You can finance a low-mileage pre-owned vehicle for so much less than what it costs to finance a new one.

Age Price APR Months Payment Interest Total Cost
New $16,400 6.00% 60 $317.06 $2,623 $19,023
1 Year $13,120 7.50% 60 $262.90 $2,654 $15,774
2 Years $11,152 7.50% 60 $223.46 $2,256 $13,408
3 Years $9,479 7.50% 60 $189.94 $1,917 $11,397

The minute it leaves the dealer lot, a new vehicle loses nearly one quarter of its value, and it keeps losing a significant percentage of its value every year. A car that cost $16,400 when new will be worth only around $9,479 three years later. Used car loans have slightly higher rates, but in most situations, you only need 10% down, and the insurance premiums are less costly.

Bad Credit Auto Loans in Harlingen

Credit rating plays an essential role in financing approval and annual percentage rate. The better your credit score is, the wider array of options you’ll have. Usually, it’s best to speak with someone experienced in the process.

Many individuals with non-prime credit end up at one of Harlingen’s buy here pay here dealerships. These dealers grant car loans on-site, sans credit check. While you’ll have no trouble with respect to approval, you will be taxed a lot for the opportunity. You will be happier with financing from a bank or credit union. An established loan provider will report to the credit bureaus, which means your credit score will increase if you make your payments on schedule.

Go here to apply online.

Harlingen Credit Improvement

Apart from choosing a cheaper vehicle, the simplest way to reduce your monthly installment is by bettering your credit. Lots of individuals have errors on their credit histories. Such errors could be hurting your credit score without you knowing it. You can check your credit for free here.

Reporting mistakes is pretty simple. You can do it on your own, or engage one of the credit restoration companies that serves Harlingen. Other things that might minimize your interest rate:

  • Getting a parent, spouse, or sibling to cosign the loan.
  • Saving up for a larger down payment.
  • Agreeing to shorter loan repayment terms.

No Money Down Auto Loans in Harlingen

Need to get a car financed, but you don’t have cash to put down? For people with first-class credit, a down payment isn’t usually required. If you don’t have excellent credit, it is easier to start setting aside funds for a down payment, or else you could find yourself paying an excessive interest rate. However, when you apply online, there are many lenders and dealers that offer no down payment car loans for people who don’t have the greatest credit.

Harlingen Resources

Credit Unions

Credit UnionLocationZipPhone
Harlingen Area Teachers2910 Grimes Ave78550(956) 423-5792
Harlingen Area Teachers4321 W Expy 8378552(956) 423-5792
Members First1418 E Tyler Ave #1178550(956) 428-8711
Naft134 E Van Buren Ave #10278550(956) 364-0990
Security First2505 W Lincoln St78552(956) 661-4000
Security Service1614 W Filmore Ave78550(210) 476-4000
Valley1613 W Filmore Ave78550(956) 425-5668