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For a lot of car-buyers, financing is the main stumbling block to getting the car they really want. You can opt to secure your auto loan with the dealership; having said that, this isn’t always ideal. Rather than spending hours at the car lot or finance company, you can request a car loan through our site.

Lending companies and dealers will compete to fund your loan, putting you in the driver’s seat of the financing process.

Auto Loan Rates in Weslaco

Most loan companies don’t supply loan rates based on credit score. Instead, they advertise the best rate available. In point of fact, your interest rate varies greatly based on your credit, plus other things. The rates shown below are only for informational purposes. They are not advertisements, and your precise 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 Car Auto Loans in Weslaco

A brand new vehicle is enticing, without a doubt. Smart consumers, however, usually purchase used cars. Check out the comparison below.

Age Price Rate Months Payment Interest Total
New $20,500 6.00% 60 $396.32 $3,279 $23,779
1 Year $16,400 7.50% 60 $328.62 $3,317 $19,717
2 Years $13,940 7.50% 60 $279.33 $2,820 $16,760
3 Years $11,849 7.50% 60 $237.43 $2,397 $14,246

Clearly, the car financed new for $20,500 is worth only $11,849 after three years of ownership. Below are the most common restrictions on auto loans for used cars:

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

Bad Credit Auto Loans in Weslaco

Your credit score is the first thing finance companies examine when determining whether to approve you financing. Basically, your credit score is used a measure of risk. Before the web, you pretty much forced to settle for whatever rate of interest and terms you were presented. Today, there are better methods to get approved.

If your credit is in pretty lousy form, you may be drawn to a dealership that promotes buy here pay here financing. The interest rates are very expensive, and the cars and trucks tend to be priced higher than they would be at other dealerships. You will be happier getting a loan from a bank or lender. This is how many individuals get financed, and it’s significantly cheaper in the end.

Go here to apply online.

No Money Down Car Loans in Weslaco

Saving up enough cash required to obtain a new car isn’t easy, especially if you’ve got bad credit, which commonly necessitates a large down payment.

The down payment minimizes lender risk in the vehicle, and it makes up for the rapid devaluation you see with any new car sale. If you don’t have great credit, it is better to start setting aside funds for a down payment, or else you could find yourself paying an excessive interest rate. However, when you apply online, there are many loan providers and dealers that will offer zero down car loans for consumers who don’t have optimal credit.

Weslaco Resources

Credit Unions

Credit UnionAddressZipTelephone
La Joya Area302 W Llano Grande St78596(956) 585-6207
Security First2502 E Business 8378596(956) 661-4000
South Texas401 N Westgate Dr78596(956) 969-2595