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For a lot of buyers, financing is the main hurdle to obtaining the car they need. It would be ideal if this was a simple process, but it really isn’t. Loan providers ask a number of questions before choosing to finance your loan. In most cases, it’s best to secure your auto loan ahead of time.

Banks and dealers will compete to finance your credit, putting you in the driver’s seat of the approval process.

Car Loan Rates in Lufkin

These rates are for informational purposes only. They aren’t advertisements. The rate you’re offered may deviate significantly from what’s seen here.

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 better to know what your credit score is before you ever submit an application for financing. Many companies actually make use of an auto loan-specific credit score that’s not available to individuals, but you can visit here to check your credit score online.

Used Car Auto Loans in Lufkin

Options like 0% loans and zero down payment are available on new cars if you’ve got outstanding credit. However, used cars are a better value over the long haul, and they require smaller sized down payments. Here, we compare the cost of financing a car or truck that’s new versus 1-3 old.

Age Price Rate Months Payment Interest Total Cost
New $23,000 6.00% 60 $444.65 $3,679 $26,679
1 Year $18,400 7.50% 60 $368.70 $3,722 $22,122
2 Years $15,640 7.50% 60 $313.39 $3,164 $18,804
3 Years $13,294 7.50% 60 $266.38 $2,689 $15,983

After only 12 months on the road, the $23,000 new car is worth only $18,400, and only $13,294 after 36 months. Generally, you can get a car loan for a car that’s up to ten years old. Mileage limitations often apply.

Poor Credit Auto Loans in Lufkin

In Lufkin and beyond, poor credit is fairly common. The higher your credit score is, the greater number of options you’ll have. Before the web, you didn’t have much option but to take whatever APR rate and conditions they gave you. Today, there are better methods to get approved.

For individuals with recent bankruptcy or repossession, a buy here pay here dealer is sometimes the only real option. Clearly, your credit won’t be an obstacle at this kind of place, but you will wind up shelling out a boatload in interest for an older vehicle.

It is best to keep clear of these car lots if at all possible, getting a car loan online. This is the way a lot of consumers get approved these days, and it’s significantly less expensive over time.

Go here to apply online.

Minimizing Your Interest Rate

If you care to limit your rate of interest, there are several options. Is your credit report marked by any mistakes? These can hurt your credit score to a large degree. You can obtain your credit report completely free here.

Generally, it takes 30-60 months to get any discrepancies remedied. Additionally, cosigners, down payments, and faster repayment terms all add up to more affordable rates.

Can a Car Loan Improve Your Credit?

Gradually, the payments made financing a car can lift your FICO score . Your credit score does not surge the instant you pay off your auto loan. Instead, it progressively improves as you make your payments on time. Even though the actual improvement in your credit score is challenging to determine, the increase is substantial.

Lufkin Resources

Credit Unions

Credit UnionStreet addressZipPhone
Angelina County TeachersP.O.BOX 52375902(936) 634-7922
Angelina County Teachers402 S Medford Dr75901(936) 634-7922
Angelina Federal Employees900 Pershing Ave75904(936) 632-7691
East Texas Professional406 College Dr75904(936) 634-2292
East Texas Professional301 S Chestnut St75901(936) 634-0230
Genco1402 S John Redditt Dr75904(254) 937-7710
LufkinPO BOX 15094075915(936) 632-4397
Lufkin204 Gobblers Knob Rd75904(936) 632-4397
Southland2601 S John Redditt Dr75904(936) 639-2311