Need to finance a car in Flower Mound, Texas, with poor credit or zero down? We have relationships with dealers and lenders who fund car loans for people with bad credit in Flower Mound every day.
To get going, all you’ve got to do is submit your application online. We will match you to a dealership or loan company that can pre-approve you for a car loan with bad credit.
Flower Mound Car Lots for Bad Credit
Dealers that have departments dedicated to sub-prime financing are typically known as bad credit car dealerships. As opposed to buy here pay here dealers, these dealers offer:
- Fairer rates of interest.
- Acceptable down payments.
- New and pre-owned vehicles.
The exact models you’re eligible for will be based on your income and credit history. If you want to avoid loan delinquency or repossession, purchase an easily affordable, reliable vehicle with payments of just 10% of your income–no more. For people earning $5,589 on a monthly basis, the average in Flower Mound, this would be a payment of $559. Submit an application to talk with a vehicle finance specialist about how much car you can afford.
Will You Need a Down Payment?
A down payment, as you might know, is the money you pay in advance for your vehicle. When you finance a car, you want to owe less than the vehicle’s value. If the car depreciates faster than you make payments, then you have negative equity. A down payment offsets depreciation–particularly important if you’re paying a high interest rate. That being said, we understand that setting aside this much cash isn’t so simple. A lot of people simply sell their old vehicle to a local buyer, then use the money as a down payment.
Buy Here Pay Here Car Lots in Flower Mound, TX
Have you considered getting an auto loan through a buy here pay here car lot in Flower Mound? Such Flower Mound in house financing car lots don’t depend on banks or credit unions to fund their loans, so they’re able to assist a wide array of shoppers.
Sometimes consumers with really horrible credit feel that a buy here pay here car lot is the only place that will be willing to accept their credit. But the truth is, the cost of your vehicle will be higher due to higher annual percentage rates, and it is unlikely that your FICO score will go up as you pay down what you owe. That’s because these car lots have no relationship with the credit bureaus.
Financing Guidelines for Flower Mound Borrowers
Your car payment, how much should it be? Determine what’s 10% of your monthly income. This is the absolute maximum you should invest in this. On top of this, finance your vehicle for no longer than 60 months. With a 10% payment and 5-year term, you will be buying a car or truck which costs about half of what you earn on a yearly basis. In Flower Mound, where the average income is $67,068 annually, the average consumer would purchase a vehicle which costs around $33,534. Ultimately, the less you’re able to spend to obtain a reliable car or truck, the better.