Auto Loans in Cerritos (CA)

If you’re considering financing a car in Cerritos, only a few companies have improved credit acceptance like us. Instead of waiting until you are in the dealership’s financing office, we allow you to arrange a car loan in advance. It is tough to find a better way to obtain the financing you need.

New and Used Car Loans in Cerritos

New cars begin depreciating the instant they leave the lot, but they have advantages such as lower interest rates and factory warranties. What follows is a comparison of how much it would cost you to finance a vehicle that is 0-3 years old.

New Car 1 Year Old Car 2 Year Old Car 3 Year Old Car
Depreciation 0% 25% 40% 50%
Retail Price $48,920 $36,690 $29,352 $24,460
Money Down $9,784 $3,669 $2,935 $2,446
Loan Rate 5.00% 7.50% 7.50% 7.50%
Months 60 48 48 48
Payment $738.54 $798.41 $638.73 $532.27
Finance Fees $5,177 $5,303 $4,242 $3,535
Overall Cost $54,097 $41,993 $33,594 $27,995

Whether you opt for a new or used car, we’re here to help. Ready to get going? Don’t delay, submit your application.

Cerritos Bad Credit Car Loans

Most loan providers assess your credit based on a credit score tailor-made for the automotive industry. This score is reliant upon your history with auto loans or leases, and it’s only for lenders. While a low credit score can make it challenging to finance the car you’d like, it is definitely not hopeless. The good news is, we specialize in serving customers on every end of the credit spectrum, getting them approved for the loans they need.

Car and truck loans can definitely help you in rebuilding your FICO score. Just be sure to make each payment on time.

In order to prevent missed payments, consider having your car payment drawn right from your bank account.

Budget 8% of your monthly income, that’s it, for your car loan. For residents of Cerritos who make $58,703 per year, this would be $391.

Cerritos Buy Here Pay Here Dealers

Buy here pay here dealers normally finance people who’ve got truly serious credit problems like:

  • Chapters 7 or 13
  • Home Foreclosure
  • Auto Repossession
  • Tax Liens
  • Collections

Such dealers offer credit lines on site, in contrast to conventional dealerships which utilize third-party lenders, and they are more focused on your job than your credit. Regrettably, you should expect exorbitant interest rates, high down payments, and high mileage vehicles that are too expensive given the shape they’re in. There’s more: these car lots almost never report back to the credit reporting agencies, so you could make each and every payment as agreed without boosting your credit score.

Cerritos Consumer Profile

  • Income Per Annum: $58,703
  • Monthly Income: $4,892
  • Typical Car Payment: $538
  • Optimal Monthly Payment: $391 (8% of monthly income)

How much you should invest in your new car hinges on numerous variables. These numbers are based on a monthly payment of $391, which is 8% of the average consumer’s monthly income in Cerritos, combined with a 20% down payment and 5-year repayment terms. Rates are approximated.

Exceptional Credit Fair Credit Subprime Credit
Income Per Month $4,892 $4,892 $4,892
Payment Amount $391 $391 $391
Rate 3.50% 7.00% 11.00%
Purchase Price $26,891 $24,706 $22,500
Down Payment $5,378 $4,941 $4,500
Total Interest $1,969 $3,717 $5,482