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Most of us purchase our vehicles using a loan, as it’s rare to have the funds on hand for a cash purchase. When you have first-class credit, this is a straightforward process. For people with a low credit score, however, it can be a major pain. Most financial professionals advise applying for your financing ahead of time.

A car loan expert can guide you through the process, ensuring you obtain financing from a company that offers reasonable rates of interest.

Car Loan Rates in McAllen

The rates below aren’t advertisements, but estimates to give you an idea of what rate of interest you can expect given your location and your credit score. The rate you’re provided may vary substantially from the rates displayed here.

Credit 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 Auto Loans in McAllen

You will find that lenders charge slightly more expensive interest rates for pre-owned cars and trucks. Elevated rates of interest for used vehicles, however, are contrasted by smaller down payments, monthly payments, and insurance premiums. Here, we examine the costs of financing a car or truck that’s brand new versus 1-3 old.

Years Old Price Rate Months Payment Interest Total
New $24,000 6.00% 60 $463.99 $3,839 $27,839
1 Year $19,200 7.50% 60 $384.73 $3,884 $23,084
2 Years $16,320 7.50% 60 $327.02 $3,301 $19,621
3 Years $13,872 7.50% 60 $277.97 $2,806 $16,678

For most consumers, a used car is the better option. Generally, you can get a car loan for a vehicle that’s up to ten years old. Mileage constraints often apply.

Poor Credit Car Loans in McAllen

In most cases, promotions such as no money down are unthinkable if you have below-average credit. In simple terms, when you’ve got a low credit score, you can expect an annual percentage rate north of 10%. Although subprime credit always results in a more expensive interest rate, you can now request quotes from a variety of loan companies online.

In house financing is another option, made available by McAllen’s buy here pay here car lots. There’s a price to be paid for that lack of credit check: outrageous rates, rigid terms and conditions, and limited vehicles. You will be better off with an auto loan from a bank or credit union. A conventional bank or finance company will report to the credit agencies, so your credit score will get better as long as you keep making your payments on schedule.

Contact an auto finance professional in your area today.

Zero Down Auto Loans in McAllen

Need to get a car financed, but you haven’t any cash as a down payment? Zero down auto loans, like 0% financing deals, are ordinarily restricted to consumers who have extremely good credit. By applying online, you may boost your odds of locking down this kind of a package, as dealerships are able to see your preferred down payment ahead of time.

McAllen Resources

Credit Unions

Credit UnionStreet addressZip CodeTelephone
County & Municipal Employees1300 Ivy Ave78501(956) 972-0060
H E B800 E Jackson Ave78501(956) 664-2535
Highway District 21P O Box 440278502(956) 787-2701
Security FirstP.O. Box 482978502(956) 661-4000
Security First3700 N 12th St78501(956) 661-4000
Security Service7906 N 10th St78504(210) 476-4000
South TexasPO BOX 330978502(956) 618-7500
South Texas2121 W Dove Ave78504(956) 618-7500