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Auto Loans in San Marcos (TX)

Have you been turned down by creditors as a result of credit issues? We help you find a lender that serves consumers with similar credit to yours. We work with an unparalleled network of dealers and lenders who are willing to approve you as a client, based on factors like your income, your location, and what you credit rating is. A vehicle finance agent will help you:

  • Check rates.
  • Compare repayment periods and down payments.
  • Plan a time to choose your vehicle.

Go here to contact a qualified finance specialist.

Bad Credit Car Dealers in San Marcos, Texas

Don’t let credit stop you from buying your next car. We work with dealerships in San Marcos who are willing to compete for your business. As with any subprime loan, certain things are to be expected:

  • Higher interest rates.
  • More money owed upfront.
  • Stricter lending conditions.

On the other hand, don’t forget that you’ll be getting a car, of course, but also the chance to restore your credit. At Motive Auto Finance, we work with many of these dealerships, and you can get paired with one by submitting your application.

San Marcos Car Loan Rates: Keeping Them Low

Getting approved for the best interest rate you can is vitally important.

Check out this chart showing the impact of different rates of interest.

Good Credit Fair Credit Bad Credit
Amount Borrowed $11,754 $11,754 $11,754
Rate 3.50% APR 7.00% APR 11.00% APR
Payment Per Month $214 $233 $256
Interest Owed $1,076 $2,211 $3,580

Thankfully, there are several effective ways to lessen what you pay in interest.

  • Credit History: Check your credit report and file a dispute for any inaccuracies you discover.
  • Down Payment: A larger amount of money down typically leads to a lower rate of interest, since the loan-to-value ratio is more favorable.
  • Debt-to-Income Ratio (DTI): Do you have a good deal of credit card debt? Getting some of it paid off will lower your DTI thereby boosting your credit score, which ought to give you a cheaper rate of interest.
  • Length of Loan: Keeping your finance term to 60 months or less could result in a lower rate of interest.
  • Vehicle Condition: A lot higher rates of interest are charged for pre-owned cars and trucks, as they are more likely to have maintenance issues.

Buy Here Pay Here (BHPH) Dealers in San Marcos, TX

San Marcos Buy Here Pay Here

Maybe you’ve thought about getting approved through a buy here pay here car dealer in San Marcos? Such San Marcos bad credit car dealerships don’t depend on banks or investment companies to approve people for financing, so they’re able to work with a wider range of customers.

If you have terrible credit, San Marcos in house financing car dealers tend to be the only way to go. But bear in mind, the interest rates are a lot higher than you’d get from a dealership that offers indirect lending. On top of that, they hardly ever report payments to the credit bureaus, which means the person’s FICO score won’t get better even if they pay off the loan as scheduled.

Budgeting Guidelines for San Marcos Borrowers

If your finances are one of your priorities, your car payment should only account for 8-10% of your monthly income. On top of this, finance your vehicle for not more than 5 years. This will get you a car or truck that costs roughly 50% of your yearly income. with an income of $15,670 per annum, the average for residents of San Marcos, you would buy a car that costs $7,836. Cars and trucks drop in value month after month, so you’ll want to shell out no more than you absolutely have to, in order to bring home a car that won’t leave you in need of roadside assistance.

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