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Auto Loans in Longview (TX)

If you need a car loan in Longview, we can help. Our team assists consumers in Longview and throughout the state of Texas, helping them get approval online for financing. You will enjoy the convenience of having a committed finance expert to address the questions you have and set up your loan.

Auto Loans Longview TX

Bad Credit Car Dealerships in Longview, Texas

Don’t let credit prevent you from buying your next car. We can pair you with dealers all across Texas who are willing to compete for your business. Compared with a BHPH car lot, such dealerships typically offer:

  • Less owed on the day of purchase, in cash or trade equity.
  • Less expensive interest rates.
  • Better repayment terms.
  • Less chance of being the target of predatory lending.
  • Opportunity to increase your credit score.

Your credit and income dictates which cars you’re eligible to finance. Below is an example based on an income of $1,649 per month, the average in Longview:

  • Excellent Credit: $16,490 (Income x 10)
  • Prime Credit: $14,841 (Income x 9)
  • Sub-Standard Credit: $13,192 (Income x 8)
  • Poor Credit: $11,543 (Income x 7)
  • Very Bad Credit: $9,894 (Income x 6)

These figures are simply approximations. You may meet the requirements to finance a larger or smaller amount.

A finance expert is standing by, waiting to determine how much you’re qualified to borrow, and at what APR. To get going, simply submit your application.

Longview APR Rates: Reducing Them

If you want to save on your car or truck, do something to keep your interest rate low. This could save you big money by the time your vehicle has been paid off. Think about this: an auto loan of $14,841, financed for Five years, would cost the following in interest:

  • 3.50% APR: $1,358 in interest.
  • 7.00% APR: $2,791 in interest.
  • 11.00% APR: $4,520 in interest.

Clearly, your interest rate is nothing short of critical, and you’ll be glad to know that it can be lowered in various ways.

  • Credit Profile: Request your credit report and challenge any mistakes you find.
  • Loan-to-Value (LTV): A strong down payment will reduce your loan-to-value ratio–the amount of your loan in relation to the price of your vehicle–thereby decreasing the interest rate you’re charged.
  • Debt-to-Income Ratio (DTI): Creditors have a strong preference for applicants who have little existing debt, so paying off as much as you can makes sense.
  • Loan Length: Longer loans are regarded as higher risk investments. All things considered, a shorter loan typically comes with a lower rate of interest.
  • Vehicle Type: It is significantly less expensive to finance a newer model–when it comes to interest rate, at least.

Buy Here Pay Here Dealerships in Longview, TX

Commonly known as in house financing, your job is your credit, or we tote the note car dealers, these businesses typically have a few primary features:

  • They furnish auto loans on-site.
  • They do not require credit checks.
  • They require weekly or biweekly payments, often at the lot.

Sometimes people with really terrible credit feel that a buy here pay here car lot is the only establishment that will be willing to finance them, even though the cost of your car or truck will be higher as a result of outrageous rates. As if that weren’t enough, it’s less likely that your credit score will show improvements since these car lots rarely report to the credit agencies.

Getting the Ideally-Sized Loan

You can easily purchase more car than you should. Just 8% of your monthly income should be allocated to your new payment. For people living in Longview, who have an average income of $1,649, this is $132.

Prime Credit Decent Credit Subprime Credit
Car Payment $132 $132 $132
Interest Rate 3.50% 7.00% 11.00%
Months 60 60 60
Money Down $1,813 $1,666 $1,517
Loan $7,252 $6,662 $6,067
Interest Paid $664 $1,253 $1,848
Total Paid $9,728 $9,581 $9,432
Sticker Price $9,065 $8,328 $7,584

Select a Car from a Dealership in Longview

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