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Looking to finance a car in Temple? It would be great if this was a painless process, but it’s really not. Finance companies require a good deal of info before choosing to fund your car loan. Why would you want to waste time applying for financing at the finance company or dealership when you can apply right here on the web? Experience the convenience of having a local Temple financing professional direct you through the car-buying process. What’s even better, it takes just a couple of minutes to apply.

Auto Finance Rates in Temple

Few banks, credit unions, and car loan sites provide Temple auto finance rates based on credit score. Instead, they advertise the most affordable rate they offer. In point of fact, your annual percentage rate varies hugely based on your credit score, plus a variety of other variables. The rates shown below are only for informational purposes. They’re not advertisements, and your actual rate could be very different.

Credit Score 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 Temple

Car manufacturers are in the business of selling brand new vehicles. Savvy buyers, however, usually buy pre-owned cars. Consider the table below, illustrating the various costs of auto loans for brand new versus used cars and trucks.

Years Old Price Rate Months Payment Interest Total Cost
New $19,400 6.00% 60 $375.06 $3,103 $22,503
1 Year $15,520 7.50% 60 $310.99 $3,139 $18,659
2 Years $13,192 7.50% 60 $264.34 $2,668 $15,860
3 Years $11,213 7.50% 60 $224.69 $2,268 $13,481

After it leaves the dealership, a new vehicle loses up to 25% of its value, and it continues losing a significant slice of its value year after year. A vehicle that cost $19,400 when new will be worth just $11,213 three years later. Here are the most popular limits on auto loans for used cars:

  • Car no older than 7-10 years.
  • Mileage no higher than 100,000.
  • Bought through dealer, not private party.

Bad Credit Car Loans in Temple

Bad credit has become a huge problem among individuals in Temple, and all through Texas. To help determine your interest rate, loan companies pay special attention to your history with past car loans and leases. Although bad credit always results in a more expensive annual percentage rate, you can now request quotes from a variety of companies online.

Many people with credit problems end up at one of Temple’s buy here pay here car lots. These retailers offer on-the-spot car loans, without credit check. Yes, your credit isn’t going to be a concern at such a place, but you will wind up having to pay a boatload in interest for a high mileage car or truck. You will be happier getting financed by a traditional bank or credit union, which you can do through conventional car dealers. The interest rates should be more affordable, the terms significantly better, and you have the chance to bring up your credit score in the process.

Best of all, you can submit your application online.

Minimizing Your Interest Rate

Aside from buying a more affordable car or truck, the easiest way to lessen your payment amount is by boosting your credit score. First, you should resolve any mistakes on your credit report. You can pull your credit report free of charge here. Generally, it takes 1-2 months to get any mistakes fixed. Other ways to reduce your APR:

  • Including a cosigner.
  • Providing a larger down payment.
  • Obtaining a new vehicle instead of preowned.

Zero Down Cars in Temple

Do you need to get a car financed, but you don’t have any cash to put down?

The down payment compensates for the speedy devaluation you face with any new vehicle sale. If you don’t have very good credit, it’s better to save for a down payment, or else you could wind up paying an excessive interest rate. Nevertheless, when you apply online, there are many loan companies and car dealers that do offer 100% financing, even for customers without the best credit.

Temple Resources

Credit Unions

Credit UnionLocationZipPhone
Members Choice Of Central Texas Federal Credit Union3957 Raleigh Dr76502(254) 899-8296
Scott And White EmployeesP O BOX 364476505(254) 778-3199
Scott And White Employees2401 S 31st St76504(254) 778-3199
Temple Santa Fe CommunityP.O. BOX 402676505(254) 778-7222
Temple Santa Fe Community1750 W Avenue A76504(254) 778-7222
Texas Partners6935 W Adams Ave76502(254) 526-3081
TexellP.O. BOX 98376501(254) 773-1604
Texell3314 S 31st St76502(254) 773-1604
Texell Federal Credit Union200 W Avenue G76504(254) 773-4051