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Auto Loans in Waco (TX)

When it comes to getting an auto loan in Waco, the services we offer are unequalled. Rather than waiting until you are in the dealer financing office, we allow you to line up a car loan ahead of time. We put you in touch with a lending expert whose primary objective is to get you approved for the car you want.

Waco Car Lots That Accept Bad Credit

Low credit scores have been a bigger problem in Texas, largely as a result of the recession, and a greater number of dealerships now have finance departments devoted to subprime financing. As with all subprime loans, you can expect:

  • Increased APR rates.
  • More money owed upfront.
  • Smaller sized loan amounts.

On the plus side, the experience is far better than that of a buy here pay here car lot, and your vehicle will likely cost you less in the end. We work with many of these dealerships, and they want to get you the car you want. Just go here to submit your application.

Waco Auto Loan Rates: Keeping Them Low

If you’ve financed a car before, then you know APR rate is as essential as price, especially if you want to save some money in the end.

Truly, a more affordable rate of interest could save you hundreds in interest, as evidenced in the table that follows.

Good Credit Fair Credit Poor Credit
Loan Amount $10,755 $10,755 $10,755
Rate 3.50% APR 7.00% APR 11.00% APR
Payment $196 $213 $234
Interest Owed $984 $2,023 $3,275

As you can see, the interest rate you’re charged is paramount, and luckily, making sure it’s as low as possible isn’t that difficult.

  • Credit History: Be sure that there are no misreported or fraudulent debts being reported on your credit. If you come across one, remember to take action to correct it.
  • Down Payment: Putting more money down typically contributes to lower annual percentage rates, because the loan to value ratio is lessened.
  • Debt to Income Ratio: Have you got a good deal of additional debt? Paying some of it down will bring down your DTI and raise your credit score, which both will mean a reduced interest rate.
  • 36-60 Month Loan: Financing for 60 months or less could result in a lower rate of interest.
  • Type of Vehicle: It doesn’t cost as much to finance a newer vehicle–provided you keep the price down,at least.

Waco Buy Here Pay Here Financing

Most people in Waco head for buy here pay here dealers, sometimes known as in house financing dealers, assuming they will only be able to get financed with no credit check. Not so. Sure, they don’t require credit assessments, so your credit problems probably won’t be a hindrance to getting approved, but you really pay for this in the long term. Typically, used vehicles are the only ones offered, and dealers may expect you to have an ignition kill-switch mounted in your vehicle. Repossession is a common occurrence, and the finance fees are simply staggering. If bettering your credit score is important to you, and it ought to be, you are better off applying through us, since buy here pay here car lots won’t aid you in rebuilding your credit.

Managing the Cost for Your Vehicle

The car you should opt for, when it comes to price, will depend mainly on your income and APR. Try and avoid spending much more than 8% of what you make each month on a car payment. For a resident of Waco getting paid $1,195 per month, the city average, this would be $96.

Prime Credit Decent Credit Bad Credit
Monthly Payment $96 $96 $96
Rate 3.50% 7.00% 11.00%
Months 60 60 60
Down Payment $1,314 $1,207 $1,099
Note Size $5,255 $4,828 $4,397
Total Interest $481 $908 $1,339
Total Paid $7,050 $6,943 $6,835
Vehicle Price $6,569 $6,035 $5,496


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