Used Car Loan for 20000 in Dallas Fort Worth Texas

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Used Car Loan for 20000 in Dallas Fort Worth Texas

This applicant is applying for a used car loan and lives and works in Fort Worth, Texas. He is applying for a loan of $20,000 to buy this car and is purchasing the car from a trusted friend who apparently has taken really good care of the car.

His credit rating is excellent and he does not have any other debt other than his mortgage that has a relatively short period left on it before his home will be paid for. We anticipate that lenders will be anxious to lend money to this customer due to his credit rating and his stability in terms of work situation as well.

In fact this applicant could be considered as a model for many consumers to follow. Pay all of your bills and loans etc on time. Never miss a payment and only have one or two credit cards. They always pay their credit cards off at the end of the month avoiding the high interest rates that credit cards typically charge.

This couple also never make a large purchase unless they have the money to pay for the item by the statement due date, which is a pretty good cash flow model to follow. They save a great deal on interest payments by following this approach. A car loan is a bit different in that the size of the loan is larger. They should enjoy a really low interest rate based on their credit rating.


Car Loan Amount :: $20,000

Car Loan Application and Processing Speed (when do you need the funds):: within the next week

Do you currently have a car loan? ::No, my current car is paid off

Bank Name and Branch :: Worthington National Bank, Main st

What City/Town, State and County do you live in? ::Fort Worth, Texas

Zip ::76102

What is your employment field? :: Heavy Equipment Mechanic

Employment Position ::Mechanic

When are you paid? (monthly/weekly/biweekly):: Bi Weekly

Your credit rating to be – excellent, fair, or bad? :: fair as far as I know

How did you find us? :: searching online for used car loans

How are you paid? (direct deposit/paper check):: direct deposit

Gross Amount Per Paycheck :: $1500

Do you agree to have this information published online, without your PRIVATE information of course? :: sure, no problem, just do not release my SIN or bank information

Extra information here please (some detail):: Hi, I am a heavy equipment mechanic working in the Dallas Fort Worth area. The equipment I work on is usually for construction companies and the oil business. There is also the odd piece of farm equipment that I also work on. I have been in the business for quite a few years and there seems to be no end of work for our company and the mechanics that work in this area.

A buddy of mine is selling his car and wants $20,000 for it. I do not have the ready cash to buy this car at this time. It is all tied up in savings and stocks and I just do not want to have to sell these investments right now. The car is in really good shape and is probably worth more than what he is asking. He is in a bit of a bind right now and needs the cash to pay off some debt that he has racked up. He has a couple of other cars so it is no big deal to him if he sells this car.

He is in a hurry to sell the car and will wait a couple of days for me to come up with the financing. He has taken really good care of this car so I know that it will not cost me much money in repairs. Given that this car has a good maintenance record, I know the owner and trust him, I would really like to get this car before someone else buys it.

Note to Lender :: As far as my credit rating goes, I think it is pretty good. I have always paid all of my bills on time. I have never missed a payment on any loans that I have had or my mortgage or credit cards. I have a small mortgage with about seven years left before we own the house free and clear. There are no other loans at this time, although I have had loans in the past and have paid them off on time with no missed payments.

Both my wife and I have a credit card each and we also pay these off on the statement due date. If we cannot afford something, we simply do not buy it, preferring to wait until we can afford it before charging it to our credit cards.

In the case of this car, it is too good a deal to pass up and also our current car is getting near the end of its life. We really cannot depend on it for long trips and have been renting a car for the last couple of trips that we have taken. We will probably keep this old car for a little while before getting rid of it.

Please process this loan application as quickly as you can and let us know if the loan will be approved.


Category: Used Car Loan APR 2.99% APR 3.49% APR 4.00%
Loan Principal $20,000 $20,000 $20,000
Payment Schedule Monthly Monthly Monthly
Length of Term 5 6 7
Amount to be paid $21,519.63 $22,122.68 $22,832.93
Total interest paid $1,519.63 $2,122.68 $2,832.93
Paid per installment $353.75 $303.05 $268.10