Auto Loans in Berkeley (CA)

On a daily basis, we help people in Berkeley get a car loan, even with obstacles such as bad credit, no credit, and zero down payment. For years, we’ve been cultivating a network of dealers and lenders across California, and we have finance professionals set and ready, expecting your application. We match you with a finance consultant who can help you get the loan necessary for the car you want.

Cars Both New and Used in Berkeley

Have you decided what kind of vehicle you’re looking for? Do you want it to be new or used? As the following comparison reveals, used cars often cost less money in the end, regardless of their greater rates.

New Car 1 Year Old 2 Years Old 3 Years Old
Depreciation 0% 25% 40% 50%
Price $35,130 $26,348 $21,078 $17,565
Down Payment $7,026 $2,635 $2,108 $1,757
Loan Rate 5.00% 7.50% 7.50% 7.50%
Months 60 48 48 48
Monthly Installment $530.36 $573.35 $458.68 $382.23
Total Interest $3,717 $3,808 $3,046 $2,539
Total Paid $38,847 $30,155 $24,124 $20,104

Are you ready to find a lending company and get your loan? Go here to apply online.

Berkeley Bad Credit Car Loans

Have less-than-perfect credit as a result of issues like unpaid debts, job loss, repossession, or bankruptcy? A lot of people turn to a buy here pay here dealership in Berkeley, because of going bankrupt or foreclosure, but this isn’t the case. In all likelihood, we can find you a lender or dealer in your zip code who wants to work with your credit.

A large portion of your credit score is determined by your payment history. That means an auto loan, being a major installment loan, can help you repair your credit. Believe it or not, many people wind up refinancing at a lower interest rate after a couple of years of timely payments. Don’t overtax your finances with an excessive car payment. Typically 5-8% of your monthly income is appropriate, or $176 to $281 if you bring in $3,513, the average in Berkeley.

Buy Here Pay Here Financing in Berkeley, CA

Buy here pay here car dealers usually deal with people with major credit problems like bankruptcy or foreclosure of a home. Sure, they rarely conduct credit assessments, so bad credit shouldn’t be a barrier to getting approved, but odds are you’ll be charged excessively in terms of down payment and interest rate.

Regrettably, you should be prepared for high rates of interest, expensive down payments, and well-used vehicles that are too expensive given the shape they’re in. There is a reason why these dealerships have a sullied reputation. We want to connect you with a reputable dealer who can get you the funds you need, even if you’ve been through bankruptcy.

Buying a Car in Berkeley: How Much Can You Finance?

Most creditors review your credit and income to calculate how much they are going to lend you. These amounts assume an income of $3,513 a month, the average among Berkeley consumers.

Credit History Income Factor Amount Borrowed
Excellent Credit 10 $35,130
Fair Credit 9 $31,617
Temporary Bad Credit 8 $28,104
Poor Credit 7 $24,591
Really Bad Credit 6 $21,078

It’s wise to finance a more affordable car than you can afford. In this way, you can leave room in your budget for emergency situations. Consider this chart, which shows what price car you can finance based on your credit standing, along with an income of $3,513 each month, 60 month term, and a down payment of 20%.

Good Credit Average Credit Bad Credit
Income Per Month $3,513 $3,513 $3,513
Monthly Installment $281 $281 $281
Rate 3.50% 7.00% 11.00%
Payment Term 60 Months 60 Months 60 Months
Vehicle Price $19,311 $17,741 $16,157
Down Payment $3,862 $3,548 $3,231
Interest Paid $1,414 $2,669 $3,937
Total Amount Paid $20,725 $20,411 $20,094