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Auto Loans in San Angelo (TX)

For consumers with poor credit, financing is the most significant challenge to coming home with a new car or truck, even if it is used. Nobody understands bad credit car loans like we do. The only thing you have to do is complete your credit request, and we will place you with an auto dealer or loan company professional who’ll do their best to find you the most suitable auto finance package.

San Angelo Car Lots That Accept Bad Credit

Don’t allow credit to stand in the way of your next car. We have access to dealers in San Angelo who are willing to compete for your business. In most cases, these dealerships offer:

  • Interest rates that aren’t excessively high.
  • Down payments you can afford.
  • New vehicles, instead of only pre-owned ones.

The exact models you can finance will be based on your monthly income and credit history. So as to reduce the risk of missed payments or repossession, purchase an easily affordable, fuel-efficient vehicle that has payments amounting to 10% of your income–at maximum. For people bringing in $1,437 on a monthly basis, the average in San Angelo, this translates to a payment of $144.

A vehicle lending expert will determine how much you’re eligible to borrow, and at what APR. To get started, just submit your application.

Is a New Vehicle Your Best Option?

Both used and new cars can be purchased through Motive Auto Finance. A brand new car drops in value 20% during the first 12 months of ownership, and after 36 months, 50%. For this reason, you can usually get a better deal by buying used.

New Car Used Car 1 Used Car 2 Used Car 3
Years Old 0 1 2 3
Price tag $14,370 $10,778 $8,622 $7,185
Down Payment $2,874 $1,078 $862 $719
Interest Rate 5.00% 7.50% 7.50% 7.50%
Length 60 months 48 months 48 months 48 months
Monthly Payment $216.94 $234.53 $187.62 $156.35
Total Interest $1,521 $1,558 $1,246 $1,038
Total Outlay $15,891 $12,335 $9,868 $8,223

Buy Here Pay Here Dealers in San Angelo, TX

Have you thought about getting your vehicle through a buy here pay here car lot in San Angelo? These kinds of San Angelo in house financing car dealers supply car loans in-house, normally without checking the consumer’s credit. Given that they don’t rely on a traditional bank or investment company for financing, they’re able to service a wide array of consumers. If you’ve got really bad credit, San Angelo buy here pay here dealers tend to be the only real way to go, despite the fact that the loan rates are much higher than a bank loan. In addition, they seldom report payments to the credit bureaus, which means your FICO rating won’t improve as a result of the loan.

Rules of Thumb for Financing

If your financial fitness is a priority for you, no more than 10% of your income should be dedicated to your car payment. If you’d rather not be under water on your vehicle, paying exorbitant finance fees, opt for a loan of not more than 60 months. This will get you a car or truck that costs approximately 50% of what you earn on a yearly basis, before taxes. In San Angelo, where the average income is $17,243 per annum, the average consumer would buy a car which costs $8,622. New cars lose value from day one, so you want to fork out as little as possible to bring home a car that isn’t going to leave you on the side of the road.

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