Financing your car

When you buy a car you have basically two options:

• Cash
• Financing
Financing options

Even if you have the cash it might not be the best option to pay the car from your savings, you have to consider that you might need money for some other needs or that you might earn more from investing your money that the interests that you might pay.

If you have enough cash to pay for your car and to levee some reserves on your bank account then buying cash is the best option for you; the same goes if you do not have any investment options that pay more that the interest rate that you will pay by financing your car; banks usually pay close to cero interests these days so keeping the money on your bank account is not the best choice.

Now for financing, on either one of the cases, if you do not have enough cash or if you prefer to keep your money invested, there are several options for financing your car, with a bank, credit unions, online financial institutions, family members or directly with the dealership.

These leave us with the question, which one is the best option for me?

Dealership credit: It is convenient and fast, it might be the best option especially for those with no credit history or low credit scores, the car is taken as warranty for the loan.

Bank or credit union: It might offer more competitive rates, usually includes life insurance or disability insurance, requires a more strict credit check, cannot be set up on weekends.

Online financial institution: They usually offer competitive rates, they are quick and easy but they do not offer personal attention, mostly you will be dealing with a web page and it is known to be some scams to watch out for.

Home equity loan: You might deduct some interest from your taxes, the usually offer competitive rates, on these loans the warranty will be your house and not your car.

Family member or friend: These is a fast and easy way to finance your car, but not everyone has someone to ask for money, keep in mind if you are thinking about these option that money problems might separate families or friends

Credit rates

Now that you know the main options for financing your car we can tell you that the rate that you can expect is closely related with your credit rating. Your credit history and credit score tell lenders about your credit habits, they are designed to express an idea of what their risk is if they loan you money.

If the lender sees a high-risk of not getting paid or not getting paid on time they will raise the interest rate or they will decide to not lend you the money. Another factor that affects rates is the length of the loan, shorter loans will usually have lower rates, but keep in mind that these will also mean higher payments.

Also the year (model) of the car that you want to buy can affect the rate, usually the newer the car, the lower the rate, these is a very interesting point, maybe you were thinking of buying a car only for the price tag, buy if you change your selection to a newer model you might get a more attractive rate and you might end up paying the same or even less for the newer car!!

It is important to mention that rates also vary from one place to another, if your cousin got a lower or higher rate than you but lives on the other side of the country or even in another city on the same state that is normal.

Financing options on Bexar Motors

If you want to be pre-qualified for a car credit please download our Car Loan Pre-Qualification Application and send it filled to the following email address telling us the car or money amount that you are interested on getting approved.

  • No credit?
  • Bad credit?
  • Bankruptcy?
  • Repossessions?
  • Approved credit

    No problem, we have second chance financing available, fill our form and we will contact you as soon as we have you approved.

    Address: 1426 E Garrison St, Eagle Pass, Texas

    Phone: (830)752-9003


    Hours: Monday thru Saturday from 10am to 6pm

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