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If you are interested in a new car or truck, it’s likely that you’ll require an auto loan to secure the required funds. Often, auto loans are arranged in the dealer’s office, but this can be a very frustrating process. Typically, it’s better to arrange your car loan ahead of time.

An auto loan specialist can walk you through the process, ensuring you secure the finance package you need from a finance company that offers competitive rates of interest.

Car Loan Rates in Longview

Keep in mind, the rates below aren’t advertisements, but rather estimations at the time of publication. Your actual rate of interest will depend on various variables, including loan provider, down payment, monthly income, length and type of loan, and more.

FICO Score 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%

Used Car Financing in Longview

New cars are attractive, for sure. If wealth-building is important to you, however, you will go with a second hand car. Here, we look at the cost of financing a car or truck that is brand new versus a few years old.

Age Price APR Months Payment Interest Total Cost
New $22,400 6.00% 60 $433.05 $3,583 $25,983
1 Year $17,920 7.50% 60 $359.08 $3,625 $21,545
2 Years $15,232 7.50% 60 $305.22 $3,081 $18,313
3 Years $12,947 7.50% 60 $259.44 $2,619 $15,566

It is possible to get a lot of car for the money if you don’t mind buying used. Below are the common limitations on auto loans for used cars:

  • Car not more than 7-10 years old.
  • Mileage no higher than 100,000 miles.
  • Purchased through dealer, not private party.

Poor Credit Car Loans in Longview

Has your credit been scarred by bankruptcy, repossession, or other similar issues? When determining your rate of interest, lenders assess your history of payments on past auto loans and leases. Older generations had to go from lender to lender, searching for one prepared to offer them a loan. Fortunately, technological advances have done away with most of this homework.

In Longview, buy here pay here car lots end up catering to much of the bad credit demographic The drawbacks are considerable: extravagant annual percentage rates and inflexible terms. Instead, our recommendation is that you search for the loan you need online. This is the way the majority of people get financed, and it’s considerably less expensive over the long haul.

Best of all, you can submit your application online.

No Money Down Financing in Longview

The cash required to finance a new vehicle can be as much if not more than the cost of a used vehicle.

The down payment makes up for the rapid devaluation you see with any new vehicle purchase. Lack of a down payment elevates your rate of interest. If you have outstanding credit, this isn’t a concern, as your rate won’t go up much. If you’ve got less-than-perfect credit, such a high interest loan is rarely the best idea. You are better off saving money for a down payment, or trading your old vehicle for equity.

Longview Resources

Credit Unions

Credit UnionStreet addressZip CodeTelephone
Amoco East TexasP O BOX 975575608(903) 759-2565
Amoco East Texas1507 Pine Tree Rd75604(903) 759-2565
East Texas ProfessionalPO Box 675075608(903) 323-0230
East Texas Professional3502 W Loop 28175604(903) 323-0230
East Texas Professional3801 Gilmer Rd75604(903) 295-5680
East Texas Professional409 W Loop 28175605(903) 323-0230
Eastman149 Kodak Blvd75602(423) 229-8200
Eastman Credit UnionEstes Dr75602(903) 237-5100
Exxon Longview Credit UnionMartin Luther King Blvd75602(903) 753-4561
Letourneau2301 S High St75602(903) 234-3480
Longview Consolidated3101 McCann Rd75605(903) 234-9998
Longview Container Credit Union1001 Fisher Rd75604(903) 297-5455
Mid Valley Federal Credit Union206 U.S. 8075601(903) 295-1339
Schlitz Employees Federal Credit Union712 S Standard Street75604(903) 297-6915
SweetexPO Box 231275606(903) 753-1150
Sweetex4421 W Loop 28175604(903) 753-1150
Sweetex Credit Union1221 Karnes Rd75604(903) 753-1150
T & P Longview2320 N Eastman Rd75605(903) 753-3207
Teachers AllianceP.O. Box 180575606(903) 758-4662
Teachers Alliance Federal Credit Union1019 E Young St75602(903) 758-4662
Telco Plus423 Gilmer Rd75604(903) 753-5588
Texas2410 S Green St75602(903) 753-8641