Of the 2,571,090 residents living in Houston, TX, each day, almost 91% of them commute to work regularly by car, either alone or as part of a carpool. To do so, you definitely have to have a car, truck, or SUV, and for most people, this means applying for an auto loan.
Then again, getting approved for a car loan is no walk in the park, not lately. Not with this economic crisis.
But we can help. Whenever you submit your application, our software program pings our Texas lenders to locate the one which best fits your credit score, income, and location.
As long as you restrict multiple applications to a period of 1 – 1.5 months, then multiple credit queries will appear as a single inquiry on your credit file.
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Getting a Car When You Have A Bad Credit Score in Houston, TX
Trying to find bad credit cars in Houston, TX? Yes, the average credit score in Texas might be 651, yet 1 in 3 Houston residents are struggling with poor credit. That’s 771,327 people!
Why is it difficult to get a car loan when you have bad credit? Loan companies examine your fico score as way to determine risk. Granting you a car loan is an investment, and the less likely you are to pay back the amount borrowed, the less likely they are to make money on this particular investment.
When you apply online, our Approval Maximization Engine goes to work placing your application with a loan provider who finances poor credit scores.
Even if you don’t have a bad credit score, listed here a few stategies to help you maximize your chances of getting approved.
- Opt for a Realistic Model: In TX, gas prices are up from what they were a few years ago ($2.71 per gallon in ’08). Choose an affordable vehicle with excellent gas mileage and low maintenance.
- Put Cash Down: Offering a down payment of at least 5% will help you steer clear of bad equity and decrease the loan amount.
- Have Someone Co-sign: Finding someone with good credit to cosign your car loan enhance the chances of financing approval drastically.
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How Much Can I Afford?
Did you know that the average income in Texas is $44,695, while in Houston it’s $22,655? As a rule, we advise that you spend not more than 36% of your monthly debt payment. In Texas, the minimum monthly debt payment, on average, is $712. Thirty-six percent of this is $256. Be sure to consider these.
- Mortgage/Rent Payments
- Credit Card Bills
- Car Loans
The loan amount this represents will depend on a lot of conditions:
- Interest Rates
- Number of Installments
- Credit Ratings
- And More…
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Buying a Car with No Down Payment
You can find 0 down dealerships in Houston, TX. But here is the real question: should you get a zero down car loan? Autos depreciate from the moment you get them. Upfront cash is a guaranteed means of avoiding the upside down auto loan. When it comes to auto financing for individuals with subprime credit in Houston, TX, you might have no alternative but to offer a down payment.
No Credit Check Car Lots in Houston, TX: Beware!
These days, the buy here pay here establishment has come to be a prevalent substitute for the typical dealership. This is true in Houston, as well as the rest of the state. In reality, it’s pretty understandable. These types of car dealerships serve individuals with horrible credit, as well as those needing auto loans with bankruptcy, foreclosure, or even repossession. Whereas a bank or credit union would not even have a look at these loan seekers, a buy here pay here or your job is your credit car dealer can grant auto loans for used cars (for a price). The rates of interest tend to be inflated, and the potential risk of negative equity is fairly significant.
If you need car and truck loans with adverse credit, buy here pay here finance package might be the only choice. Having said that, we work with many lending companies who finance people with subprime credit all of the time.