Auto Loans in Camarillo (CA)

Are you wary of buying a car due to credit problems? We can help. Instead of waiting until you are in the dealer’s F&I office, we enable you to arrange financing in advance. We put you in touch with a finance specialist who will work tirelessly to get you approved.

New versus Pre-owned Cars in Camarillo

At Golden West Auto Finance, we help customers buy used and new vehicles both. Regardless of increased loan rates, pre-owned cars cost less money, as you can see from the numbers here.

New Car 1 Year Old Car 2 Year Old Car 3 Year Old Car
Price $37,000 $27,750 $22,200 $18,500
Owed Upfront $7,400 $2,775 $2,220 $1,850
Interest Rate 5.00% 7.50% 7.50% 7.50%
Months 60 48 48 48
Payment $558.59 $603.87 $483.09 $402.58
Interest Paid $3,915 $4,011 $3,209 $2,674
Total Paid $40,915 $31,761 $25,409 $21,174

As you can tell, a new car loses a quarter of its value in the first year, so a car 1-2 years old can be a great deal. Ultimately, it’s up to you.

Buying a Car with Bad Credit in Camarillo

Poor credit translates to the following:

  • Higher annual percentage rates.
  • More significant down payments.
  • Shorter finance terms.

Obviously, you don’t want to spend your weekends trying to find a dealer or lender in Camarillo that works with credit scores that aren’t perfect. Fortunately, we serve customers who have credit problems of all kinds, getting them approved for the loans they need.

Dealerships in Camarillo That Work With Bad Credit

Getting financed, not selecting your new vehicle, is the first order of business at car dealers that accept bad credit. To make sure that your application data is correct, you will typically have to offer income verification such as pay stubs or tax statements, and also a recent lease or utility bill with your address on it. Your dealership rep assist you through this process. Never be lured into financing a car which costs more than you expected. All the extra pressure isn’t worth it in the long run..

Buy Here Pay Here Financing in Camarillo, California

If you’ve got dealt with bankruptcy or debt settlement, a buy here pay here dealer could very well sound like a sensible approach. Most dealer finance is sourced elsewhere, in that car dealers go through banks and lenders with whom they have relationships to provide the loans. On the other hand, BHPH dealers engage in direct lending. They are the actual source of the loans.

You will notice that preowned cars and trucks are the only models available, and these are not no money down car loans. Quite often, the down payment is not much less than what you would pay for the vehicle from an individual seller, and you could end up paying up to 20% APR. If improving your credit score is important to you, you should contact an automotive finance professional through us, seeing as buy here pay here car lots won’t assist you in restoring your credit.

Camarillo Consumer Profile

  • Income Per Annum: $44,394
  • Income Per Month: $3,700
  • Typical Car Payment: $407
  • Suggested Car Payment: $185 to $370 (5-10% of monthly income)

All in all, the optimum finance package incorporates a down payment of 20%, car payment of 8% of monthly income, and term length of 5 years or less. With an income of $3,700 each month, let’s take a look at how much car you could buy given your credit.

Exceptional Credit Fair Credit Poor Credit
Monthly Installment $296 $296 $296
APR 3.50% 7.00% 11.00%
Car Price $20,339 $18,686 $17,017
Money Down $4,068 $3,737 $3,403
Borrowed Funds $16,271 $14,949 $13,614
Total Interest $1,489 $2,811 $4,146
Total Amount Paid $21,828 $21,497 $21,163