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Auto Loans in Midland (TX)

Banks and dealer finance professionals check your credit when deciding if they should lend you the funds you want. People with less-than-perfect credit can expect high interest rates. We help you find a lender or dealer that caters to people with your type of credit, no matter which tier. We have developed an unrivaled network of dealers and lenders that are supplying auto loans to applicants with a large assortment of credit histories.

A vehicle finance specialist will be right there to guide you, helping you compare rates and get your loan. Feel free to submit your online application.

Bad Credit Car Dealers in Midland, Texas

If you’ve got below-average credit, dealer financing is generally the way to go, seeing as the majority of banks in your area won’t be willing to lend you the funds you need. On the other hand, there are dealers with lending experts committed to helping you secure the funds you need. Unlike buy here pay here dealers, these larger dealerships offer:

  • More affordable interest rates.
  • More reasonable down payments.
  • Lower mileage vehicles.

Your credit and income dictates which cars you can finance. Here is an example based on the average per-person income in Midland, $1,483 per month:

Credit History Income Factor Amount Borrowed
Good Credit 10 $14,830
Average Credit 9 $13,347
Temporary Bad Credit 8 $11,864
Poor Credit 7 $10,381
Very Bad Credit 6 $8,898

This is nothing but an estimation. You might not be qualified to finance this much, especially if you do not have a solid record with previous auto loans and/or leases. Apply online to learn how much car you can afford.

Is a Brand New Vehicle Best?

It gets asked time and again: what’s best, a new or used vehicle? You’re able to finance new cars at lower rates, but you spend far more in the end.

New Car Used Car 1 Used Car 2 Used Car 3
Years Old 0 1 2 3
Price $14,830 $11,123 $8,898 $7,415
Down Payment $2,966 $1,112 $890 $742
APR 5.00% 7.50% 7.50% 7.50%
Length 60 months 48 months 48 months 48 months
Monthly Installment $223.89 $242.04 $193.63 $161.36
Total Interest $1,569 $1,608 $1,286 $1,072
Total Outlay $16,399 $12,730 $10,184 $8,487

Midland Buy Here Pay Here Car Lots

If you’ve got overwhelming credit problems on account of issues like bankruptcy or debt settlement, a buy here pay here dealer might possibly sound like a smart move. These types of dealerships offer financing on site, in contrast to conventional dealers which outsource this, and they regard your job as your credit.

Unfortunately, you will be faced with exorbitant interest rates, massive down payments, and vehicles that cost too much given the kind of shape they’re in. That isn’t all: these car lots very rarely work with the credit reporting agencies, so you could make all of your payments on time without reviving your FICO score.

Financing Recommendations for Midland Car-Shoppers

Here’s a good rule: no greater than 10% of what you earn monthly should be spent on your loan payment. On top of this, you don’t want to get a loan for over 60 months. This equals a car that costs approximately 50% of your annual income. In Midland, where the average income is $17,791 per year, this would be $8,898 to invest in a new car or truck. Take note, this is the cap on what you should budget. A lot of advisors suggest paying even less, just 10-30% of your income for a new car or truck.

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