Roughly 219,631 men and women live in Lubbock, TX, and day after day, around 91% of them get to the workplace each day by car. Which means they definitely need to have a car or truck, and consequently an auto loan.
Without a doubt, the overall economy has been making it more challenging than ever to get approved for any loan.
Fortunately, we have teamed up with a wide network of TX car lenders and dealerships in order to provide car loans online. Should you stop by each dealership or car loan company individually, it could very well take you weeks to be accepted for the car loan that’s required – and in particular if you are afflicted by bad credit problems like bankruptcies, foreclosures, or previous auto loan delinquency. But using our website, you can find a loan for your vehicle of choice through the comfort of the computer.
Click the link to apply online!
Getting a Car When You Have A Low Credit Score in Lubbock, TX
The number of people in Lubbock, TX, who will have to have a bad credit car loan to finance their purchase is definitely astonishing. Don’t forget, a fico score of below 620 will be classified as poor credit.
# of Lubbock Residents
How come it’s hard to secure an auto loan with bad credit? Lenders view your credit ratings as way to determine whether or not you are a risky loan candidate. The interest fees you pay is how they make their money. The less likelihood there is of you paying back the loan, the less likely they will be to make money on the deal.
There are two main obstacles that any person who wants to finance a car with adverse credit will have to cross. To start with, you have to get approved. Second, you need to secure an affordable rate of interest. We help you do both. Anytime you submit your application, we not only attempt to locate a loan company eager to accept your application, we also show you ways to determine what annual percentage rate your credit warrants. This is critical, as purchasers who what interest rates they deserve are all too often deceived into overpaying. Regardless of what credit scores you have, here are a couple strategies to help you improve your chances of getting approved.
- Select a Practical Model: Choose a reasonable car or truck with first-rate gas mileage and low maintenance.
- Put Cash Down: Providing a down payment of at least $500 to $1000 will reduce the risk of upside down equity.
- Ask Someone to Cosign: Finding somebody with a favorable credit record to cosign your loan can lessen your interest rate by leaps and bounds.
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Calculating Your Car Payments
In Texas, the average income is $44,695. In Lubbock, it’s $15,689. Typically, we suggest you allocate at most 10 percent of your total earnings toward automobile payments. Included in this are your monthly payments, combined with fuel, insurance premiums, and maintenance.
Ten percent of Lubbock average income equates to $202. The loan amount to which this equates is based on an array of variables:
- Interest Rate
- Number of Payments
- Fico Scores
But we are able to provide you with several estimates for a 60 month new auto loan in Lubbock, Texas. If you are going to get a pre-owned car or truck, the APR’s and therefore the payments are going to be somewhat more. The larger payment represents bad or no credit car loans, while the cheaper number relates to car loans with good credit.
Don’t want to owe that much each and every month? A lot of people opt for a 72 or even 84 month finance deal to bring down the monthly installments.
Also, bear in mind that putting money down should lessen the amount you need to borrow.
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Is a Down Payment Required?
It depends. You can find no down payment auto loans in Lubbock, TX. All too often, these wind up being problematic. Too many American consumers owe more on their autos than they are truly worth. Down payments are a simple means of avoiding the negative equity auto loan.
If you’re considering auto loans for people who’ve got subprime credit in Lubbock, TX, acceptance could possibly be dependent on whether you can offer a set down payment amount.
Avoid Lubbock Buy Here Pay Here Lots
Buy here pay here dealers are springing up in Lubbock, TX. These types of dealerships meet the needs of individuals who are looking for:
- Auto Loans with Bankruptcy
- Auto Loans with Repossession
- Auto Loans with Foreclosure
Buy here pay here dealers, also known as tote the note or your job is your credit car lots, provide no credit check car loans for Lubbock residents. But you have to watch out. The interest levels are excessively high, and it is too easy to go upside down with this type of loan.
We can help you find lending companies who help men and women with bad credit on a regular basis.