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Auto Loans in Temple (TX)

It is smart of you to research financing ahead of time, as there are many advantages:

  • Much less time spent in the finance office.
  • Possibility of a less expensive rate of interest.
  • Personalized dealer visit.

We have access to an extensive network of lenders and dealers, and we have some of the best rates of approval in the industry. You will enjoy the convenience of working with a devoted finance professional to answer your questions and line up your loan.

Bad Credit Car Dealerships in Temple, TX

When you’ve got adverse credit, the large majority of banks won’t approve you for a loan. Luckily, there are dealers and specialty lenders that lend to credit-challenged individuals. Since you’re a higher-risk applicant, certain things are to be expected:

  • Rates of interest that are more costly.
  • Down payments that are more substantial.
  • Loans that are smaller.

But keep in mind, keep in mind you’ll be getting not only a car, but also the chance to increase your credit score. We have a great number of dealers in our network, and when you apply online, we pair you with one who wants to arrange your loan.

Lower Interest Rates for Temple Borrowers

Securing the least expensive APR rate possible is essential.

Have a look at this table that shows the impact of different rates.

Good Credit Mid-Range Credit Bad Credit
Amount Borrowed $13,671 $13,671 $13,671
Interest Rate 3.50% APR 7.00% APR 11.00% APR
Payment Per Month $249 $271 $297
Interest Owed $1,251 $2,571 $4,163

An astounding number of Texas consumers now have items that are out of date or fraudulent on their credit report. So it’s wise to check yours for any problems, the fixing of which could lead to a higher credit score and a more affordable interest rate. Following that, make sure you pay down as much debt as you can, as lenders prefer applicants without a lot of existing debt. It is important to opt for a shorter-term loan. Your monthly payments will be more, but lenders charge less for shorter loans. Last but not least, a greater down payment will lower your loan-to-value ratio (LTV)–a further way to reduce your rate.

Temple Buy Here Pay Here Dealers

In house financing, better referred to as buy here pay here financing, keeps growing, mainly because so many people’s credit scores suffered on account of the housing market and slow economy. Dealers like these will approve pretty much anybody, no matter their credit, but there are negatives.

The fact is, you should expect inflated loan rates, large down payments, and well-used vehicles that are steeply-priced. For this reason, these dealerships have a sullied track record. We can place you in the hands of subprime finance specialist who can get you in the car you need, even if you have bad credit.

Can a Car Loan Help You Rebuild Your Credit?

Want to restore your credit? Then stay clear of buy here pay here dealers. Our dealers and lenders can help you with your credit. Your payment history is an important factor in the Fair Isaac scoring model, and an auto loan involves 2 to 7 years of payments. Of course, increases in credit score are gradual, building over time. Of course, the potential benefits to an increased score are enormous, including much lower APRs and insurance costs, not to mention better employment opportunities.

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