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Auto Loans in Grand Prairie (TX)

In Grand Prairie, you have several options for obtaining an auto loan, but we offer exceptional convenience and support. Our network of lending experts is unmatched, and that means we can help applicants get pre-approved for financing, even if their credit isn’t perfect. Generally, we’re able to position our clients with the right dealer or lender within a minute.

Auto Loans Grand Prairie TX

Grand Prairie Dealerships That Finance Bad Credit

When you have bad credit, many banks aren’t going to work with you. Thank goodness, there are dealerships and finance companies that finance people from the lower credit tiers. Since this is a high-risk loan, certain things are to be expected:

  • Interest rates that are steeper.
  • Down payments that are bigger.
  • Loan terms that are shorter.

Having said that, they will line up your financing through banks and finance companies that supply information to the credit bureaus, thereby allowing you to increase your credit score. At Motive Auto Finance, we work with many such dealerships, and when you apply online, we match you with one who wants to accept you for financing.

New vs. Used Cars

Many car-shoppers don’t know that you can finance a second-hand vehicle, not just one that’s showroom new. Brand new cars come with much lower rates of interest. Having said that, they cost far more than their used brethren, and the down payments they require are significantly bigger.

New Car Used Car
Years Old 0 1
Price $22,390 $16,793
Down Payment $4,478 $1,679
Interest Rate 5.00% 7.50%
Months 60 48
Payment Per Month $338.02 $365.42
Interest $2,369 $2,427
Total Paid $24,759 $19,219

Grand Prairie Buy Here Pay Here Financing

In house financing, otherwise referred to as buy here pay here financing, keeps growing, largely because so many people’s credit scores were hit by the housing market and slow economy. Dealers like these will approve virtually anyone, regardless of their credit, but there are downsides.

Regrettably, you should be prepared for exorbitant rates of interest, big down payments, and older vehicles that are overpriced. There’s a good reason why these dealers have a bad reputation. Let us place you with a reputable dealer who can get you financed, regardless of your credit.

Choosing a New Car

The lot will be loaded with vehicles that you could purchase, but which are actually priced above what you should spend. At most, 8% of your income each month should be devoted to your new payment. If you’re a resident of Grand Prairie and make $2,239 per month, this would be $179.

Good Credit Decent Credit Bad Credit
Income $2,239 $2,239 $2,239
Car Payment $179 $179 $179
Rate 3.50% 7.00% 11.00%
Months 60 60 60
Money Down $2,462 $2,261 $2,060
Total Interest $901 $1,701 $2,509
Total Paid $13,209 $13,009 $12,807
Vehicle Price $12,308 $11,307 $10,298

Used Cars for Sale in Grand Prairie, TX

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