My Car Lender
 

Home / Finance / Texas Auto Finance / Tyler (TX) Auto Loans

 

For many individuals, the auto loan is the main barrier to obtaining the vehicle they need. A lot of the time, car financing is arranged in the F&I office, but this can take a long time. Why would you want to wait to apply at the lender or car dealership when you can get approved right here online? There are specialists standing by, ready to help you finance the car you want with a rate that won’t break the bank.

Auto Loan Rates in Tyler

Most loan companies don’t display Tyler car loan rates based on FICO score. Instead, they advertise the cheapest rate available. Truth be told, your annual percentage rate differs hugely based on your credit, plus a range of other things. The rates displayed below are only for informational purposes. They are not advertisements, and your actual rate could be very different.

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%

If you do not know what your FICO score is, you should. There are a wealth of ways to check your credit. Here’s one of the best: link.

Used Car Financing in Tyler

Perhaps you have already seen, finance companies charge slightly more expensive interest rates for used vehicles. If wealth-building is important to you, however, it’s better to opt for a used car. The figures speak for themselves.

Age Price Rate Months Payment Interest Total
New $20,000 6.00% 60 $386.66 $3,199 $23,199
1 Year $16,000 7.50% 60 $320.61 $3,236 $19,236
2 Years $13,600 7.50% 60 $272.52 $2,751 $16,351
3 Years $11,560 7.50% 60 $231.64 $2,338 $13,898

After only 12 months of driving, the $20,000 new car is worth only $16,000, and only $11,560 after 36 months. Auto loans for used cars have slightly higher rates, but in many cases, you only need 10% down, and the insurance premiums are less expensive.

Bad Credit Auto Loans in Tyler

Right off the bat, companies assess when determining whether to approve you financing. When setting your interest rate, loan providers assess your history of managing prior auto loans and leases. A couple of decades ago, there were few auto loan companies who would finance those with poor credit. Now many loan companies, and also some banks, have subprime finance divisions.

For individuals with recent bankruptcies or repossessions, a buy here pay here dealer may well be the only real alternative. There’s a price for that lack of credit check: extortionate annual percentage rates, stringent terms, and high-priced, well-used vehicles.

You will be better off getting a loan from a traditional bank, credit union, or finance company, which you can do through conventional dealers. The rates will be cheaper, the terms better, and you have the opportunity to strengthen your credit score in the process.

Contact an auto finance professional in your area today.

Tyler Credit Improvement

There are a number of strategies to lower your rate of interest. Rectifying any credit report discrepancies can increase your credit score a lot. Fortunately, it’s free to check your credit report once a year at AnnualCreditReport.com.

Disputing inaccuracies is actually pretty easy. You can do it on your own, or solicit one of Tyler’s many credit restoration solutions to assist you. Furnishing a bigger down payment or the addition of a cosigner who’s got a favorable credit record may also lower your annual percentage rate.

Can a Car Loan Improve Your Credit?

Financing a car can be a great method of boosting your credit score, but you have to make sure that you make your payments promptly. If you work with a buy here pay here dealer, you will not have this chance. Ensure that you register for auto-pay, as this will prevent you from skipping payments.

Tyler Resources

Credit Unions

Credit UnionStreet addressZipTelephone
C A S E11937 U.S. 27175708(903) 877-9113
Cooperative Teachers1424 WSW Loop 32375701(903) 561-2603
East Texas Professional850 Rice Rd75703(903) 581-5431
First United3304 S Broadway Ave75701(903) 595-6693
Highway EmployeesPO Box 457175712(903) 593-8987
Highway Employees2910 Chandler Hwy75702(903) 593-8987
Kelly Community2105 W Grande Blvd75703(903) 597-7291
Kelly Community12496 Texas 3175704(903) 597-7291
Kelly Community1409 E 5th St75701(903) 597-7291
KeystoneP.O Box 497075712(903) 882-4343
Keystone1550 Rice Rd75703(903) 509-8435
Keystone11877 County Road 49275706(903) 882-4343
McmurreyP.O. Box 457575712(903) 595-3300
Mcmurrey418 McMurrey Dr75702(903) 595-3300
Stone Tyler EmployeesPO BOX 135675710(903) 520-0052
Stone Tyler Employees13343 Interstate 20 E75708(903) 520-0052
Telco Plus620 W Front St75702(903) 597-4321
Tyler City Employees819 N Spring Ave75702(903) 592-8012
United4901 Old Jacksonville Hwy75701(903) 595-3604
United Heritage522 S Broadway Ave75702(903) 597-7484