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Auto Loans in Edinburg (TX)

If you’re thinking of getting an auto loan in Edinburg, few if any firms have simplified credit approval like we have. We assist clients in Edinburg and throughout Texas, helping them get in touch with a lender or dealer in Edinburg willing to accept their credit. Normally, we’re able to place our customers with an interested dealer or lender within minutes of application.

Auto Loan Edinburg TX

Edinburg Car Dealers for Bad Credit

When you have poor credit, the large majority of banks will not accept your finance application. Fortunately, there are dealerships that will accommodate credit-challenged shoppers. In general, these dealers offer:

  • Interest rates that aren’t exorbitant.
  • Down payments that don’t break the bank.
  • Vehicles that have fewer maintenance issues.

The dealer will evaluate your credit and income to determine which vehicles you are eligible to finance. It’s best to choose a highly affordable, reliable vehicle having payments amounting to 10% of your income or less. For people who make $529 a month, the average in Edinburg, this is a payment of $53.

An automobile lending specialist is standing by, waiting to determine how much you’re eligible to borrow, and at what rate of interest. If you’d like to speak to one, make sure to apply online.

New or Used: Which is Better?

Used and new vehicles each offer unique advantages. Brand new vehicles have much lower interest rates. That said, they’re priced significantly higher than their preowned equivalents, and you’ll be charged a bigger down payment.

New Car Used Car 1 Used Car 2 Used Car 3
Age New 1 year old 2 years old 3 years old
Price tag $5,290 $3,968 $3,174 $2,645
Down Payment $1,058 $397 $317 $265
Interest Rate 5.00% 7.50% 7.50% 7.50%
Years 5 4 4 4
Payment $79.86 $86.34 $69.07 $57.56
Interest $560 $573 $459 $382
Total Investment $5,850 $4,541 $3,633 $3,027

Buy Here Pay Here Dealers in Edinburg, TX

Car dealers in Edinburg that offer in house financing differ from traditional dealerships in some significant ways:

  • They supply car loans directly.
  • They don’t pull your credit.
  • They require weekly or biweekly payments, often in person.

Countless consumers with really terrible credit feel that an in house financing car lot is the only real establishment that will be willing to finance them. But the truth is, Texas bad credit auto loans from credit unions and banks typically feature lower rates.

What Car to Buy?

Take care not to purchase more car than is really required. Check out the scenarios that follow, which display how much the Edinburg consumer ought to spend based on an income of $529 a month, a car payment that’s 8% of this income ($42), and a repayment period of 5 years.

Good Credit Okay Credit Poor Credit
Payment Amount $42 $42 $42
APR 3.50% 7.00% 11.00%
Months 60 60 60
Down Payment $582 $534 $487
Loan $2,326 $2,137 $1,946
Total Interest $213 $402 $593
Total Investment $3,121 $3,074 $3,026
Sticker Price $2,908 $2,672 $2,433


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