Auto Loans in Chico (CA)

If you are interested in a new car, there’s a high probability you will need a car loan to complete your purchase. We assist buyers in Chico on a regular basis, helping them get in touch with a bank, dealer, or finance company in Chico who can offer them competitive rates for financing. We match you with a financing specialist who can help you obtain the car loan needed for the car you desire.

New and Used Car Loans in Chico

New cars and trucks start depreciating as soon as they’re bought, but they have merits such as lower rates of interest and extensive warranties. As the following table reveals, used cars will cost less money in the end, in spite of their higher interest rates.

New Car 1 Year Old Car 2 Year Old Car 3 Year Old Car
Depreciation 0% 25% 40% 50%
Retail Price $13,960 $10,470 $8,376 $6,980
Down Payment $2,792 $1,047 $838 $698
APR 5.00% 7.50% 7.50% 7.50%
Years 5 4 4 4
Monthly Installment $210.75 $227.84 $182.27 $151.89
Interest Paid $1,477 $1,513 $1,211 $1,009
Overall Cost $15,437 $11,983 $9,587 $7,989

Ready to secure the loan you need? Just submit your application.

Chico Car Loans with Bad Credit

There are a number of drawbacks to car loans with bad credit:

  • You will be forced to pay more in total interest.
  • You have to have a larger down payment.
  • You have to repay the loan more quickly.

Getting a loan company in Chico who finances bad credit is critical, as you don’t want to get declined or face an outrageous APR rate. We can help. We specialize in serving clients with credit problems of all kinds, helping them secure the loans they need.

Is Your Credit Report Free of Errors?

It’s now estimated that 40 million American consumers have at least one mistake on their credit report, as reported by one or all three of the primary credit agencies.

You should review your credit report a minimum of once per year. Not doing so could bring about higher rates, smaller loans, and less chance of approval.

Buy Here Pay Here Financing in Chico, California

Have you thought about a buy here pay here dealer because of bad credit? Usually, there are considerably better alternatives. Dealers like these will finance practically anyone, no matter their credit, but there are drawbacks.

You will find that higher-mileage vehicles are the only ones offered, and these aren’t no money down car loans. Quite often, the down payment is equivalent to the vehicle’s value on the wholesale market. Lending rates that flirt with the state’s maximum legal limit are typical. If improving your credit score is important to you, you should contact an automotive finance professional through us, since BHPH car lots won’t help you increase your credit.

Getting a Loan for a Car in Chico: Loan Amounts

The amount you can finance will be based off of your credit and income. We’ve provided a table depicting potential pre-approvals for someone with an income of $1,396 a month, the average in Chico, California.

Credit Rating Multiplier Loan Amount
Great Credit 10 $13,960
Decent Credit 9 $12,564
Slow Credit 8 $11,168
Bad Credit 7 $9,772
Horrible Credit 6 $8,376

Keep in mind, it’s a bad idea to get a loan than you should, only because you are able to.

How Much Car You Can Afford with $112 Monthly Payment

Have you determined how much car is within your budget? Check the estimations below. The lending rates have been estimated, and the amounts assume a yearly income of $16,746, the average in Chico. Repayment term is 5 years.

Exceptional Credit Okay Credit Subprime Credit
Income Per Month $1,396 $1,396 $1,396
Car Payment $112 $112 $112
APR 3.50% 7.00% 11.00%
Repayment Years 5 5 5
Car Price $7,674 $7,050 $6,421
Down Payment $1,535 $1,410 $1,284
Amount Borrowed $6,139 $5,640 $5,137
Total Interest $562 $1,061 $1,564
Total with Interest $8,236 $8,111 $7,985

Your New Car is Waiting!

At Golden West Auto Finance, our mission is getting in the driver’s seat of a new car. There is absolutely no fee for applying, and you could be driving down the streets of Chico before you know it.