Auto Loans in Alhambra (CA)

Interested in a new or used car or truck? If you are like the majority of consumers in Alhambra, there’s a high probability you are going to need an auto loan to cover the full cost of the vehicle. We’ve spent years building a network of lenders and dealers across California, which means we can help applicants get pre-approved for financing, even if their credit isn’t the best. We assign you a financing specialist to direct you each step of the way.

Lending Guidelines for Alhambra Applicants

  • Be truthful when you submit application.
  • Pay down as much existing debt as you can, thereby lowering your debt-to-income ratio.
  • Challenge any inaccuracies on your credit report.
  • Go with a car or truck which costs just 10-50% of your annual income.

Financing a Car with Bad Credit in Alhambra

Credit score is very important when getting a loan for a car not just in Alhambra, but everywhere. Has yours been through the ringer? Even though less-than-perfect credit can make it difficult to finance a new vehicle, you’ve got a few different options. We can help. We are dedicated to serving consumers who have credit problems of all kinds, getting them approved for the loans they need.

You want to purchase a vehicle that will fit your car loan, not the other way around, and your salesperson should be able to point you in the right direction.

If you apply through us, you can set up your finance package with a lending expert, then make a time for you to sign and drive. Regardless of your credit, you should be able to find a vehicle you can afford. You’re smart to opt for a payment that is between 5 to 10% of what you make per month pre-tax. If you get paid $1,105 per month, you should have a payment of $55 (5%) to $111 (10%).

Buy Here Pay Here Financing in Alhambra, California

When you have overwhelming credit problems on account of bankruptcy or repossession, buy here pay here financing may appear to be a sensible approach. They don’t check your credit, so your credit problems shouldn’t be a hindrance, but you will find yourself paying a lot for this.

Alas, you will be faced with high loan rates, huge down payments, and somewhat battered vehicles that are too expensive in light of the shape they’re in. There is a reason why these car dealers don’t have a very good track record. We want to match you with dealer finance specialist who can get you financed, even if you’ve experienced bankruptcy.

Securing Funds for a Vehicle in Alhambra: Loan Amounts

The amount you can borrow will depend on the amount of money you’re making, and how high or low your credit score is. We’ve included a table depicting loan amounts for individuals with an income of $1,105 a month, the average in Alhambra.

Credit History Income Factor Loan
Excellent Credit 10 $11,050
Decent Credit 9 $9,945
Slow Credit 8 $8,840
Bad Credit 7 $7,735
Terrible Credit 6 $6,630

It’s best if you purchase a cheaper car than necessary, in order to save income for unexpected expenses.

Financing a Car at $88 a Month

How much you can spend on your new car is based on several factors. These numbers are derived from a monthly payment of $88, which is 8% of the average consumer’s monthly income in Alhambra, coupled with a 20% down payment and 5-year loan. Annual percentage rates are simply estimations.

Good Credit Average Credit Subprime Credit
Monthly Installment $88 $88 $88
Interest Rate 3.50% 7.00% 11.00%
Months 60 60 60
Sticker Price $6,074 $5,580 $5,082
Money Down $1,215 $1,116 $1,016
Total Interest $445 $840 $1,238