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Auto Loans in Amarillo (TX)

Have you been turned down by a dealership in Texas on account of a bad credit score? We know full well the inconveniences that Amarillo residents have to deal with when they’ve got bad credit. Listed below are the secrets to our system

  • Innovative Credit Approval Platform
  • Extensive Network of Lenders
  • Comprehensive Purchaser Instruction

Auto Financing Amarillo Texas

Amarillo Car Dealers That Finance Bad Credit

Don’t allow credit to stand in the way of your new car. We work with dealerships in Amarillo who are willing to compete for your business. In any bad credit lending arrangement, you can expect:

  • Rates of interest that are steeper.
  • Down payments that are larger.
  • Loans that are modestly-sized.

On the plus side, they will line up your financing through lenders that report back to the credit bureaus, which is imperative if you want to repair your credit. There are many of these dealers in our network, and when you submit your application, we work hard to match you with one who wants to fund your loan.

Cheaper APR Rates for Amarillo Borrowers

Lots of people are focused on the purchase price of the vehicle they want, but rate of interest is just as significant. To illustrate, a $15,642 car loan, financed for 60 months, would cost the following in interest:

  • 3.50% APR: $1,431 in interest.
  • 7.00% APR: $2,942 in interest.
  • 11.00% APR: $4,764 in interest.

As is obvious, your interest rate is crucial, and you’ll be glad to know that it can be dramatically reduced in a variety of ways.

  • Credit Score: Be sure there are no misreported or fraudulent debts holding back your credit score. If you find one, contest it.
  • Loan-to-Value: Provide a down payment of at least 10-20% on your new car or truck, which will bring down the risk inherent in your loan, bringing about a lower interest rate.
  • Debt-to-Income Ratio: Have a lot of credit card debt? Reducing your balances will decrease your debt-to-income ratio, which will give you an improved APR.
  • Repayment Period: Keeping your finance term to 60 months or less could result in a lower rate of interest.
  • Vehicle Type: Higher rates of interest are charged for pre-owned vehicles than new vehicles, though they cost considerably less overall.

Buy Here Pay Here Auto Loans in Amarillo, Texas

People go to buy here pay here dealers, thinking they will only be able to get financed with no credit check. Not the case. Customarily, dealer financing is indirect, in that car dealers go through a network of lenders to offer the loans, but buy here pay here dealers handle everything on site. They are the actual loan originator. Regrettably, you can look forward to exorbitant rates of interest, huge down payments, and high mileage vehicles that are steeply-priced. There is a good reason why these dealers don’t have a great track record. We want to place you with dealer finance professional who can get you in the car or truck you want, even if you’ve been through bankruptcy.

What Car Should You Buy?

Want to know what kind of car fits your budget? The following table demonstrates how much the Amarillo consumer ought to spend based on an income of $1,738 per month, a payment of $139, and a finance term of 60 months–the most extended term that’s advisable.

Good Credit Fair Credit Subprime Credit
Monthly Payment $139 $139 $139
APR 3.50% 7.00% 11.00%
Term Length 60 Months 60 Months 60 Months
Money Down $1,911 $1,755 $1,599
Interest Paid $699 $1,321 $1,948
Total Investment $10,253 $10,098 $9,941
Vehicle Price $9,554 $8,777 $7,994

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