Auto Loans in Chula Vista (CA)

Have you considered getting pre-approved for financing? You really should, for it makes buying a car a much easier process. Our expertise in the auto finance market is first rate, and we have some of the best approval rates in the industry. Most of the time, we’re able to match our prospective borrowers with an interested dealer or lender within seconds of application.

New versus Used Car Loans for Chula Vista Drivers

Do you have your sights set on a brand new car or truck? New cars lose value rapidly, and as a result, negative equity is a bigger risk. For this reason, lenders generally require a 20% down payment, versus the 10% common for a preowned car. On the other hand, new car loans come with lower rates, and assuming you have a good credit score, zero down car and truck loans may be available. In the end, you might want to contact a dealer finance professional to establish whether a new vehicle is the right choice.

Financing a Preowned Car in Chula Vista

Many savvy investors eschew new cars in favor of preowned ones. Sometimes people discount used cars for having higher rates, but remember that they are cheaper in upfront cash and in sum total. If you are upside down on a used car, it will typically be for a shorter amount of time. In the end, your wallet will thank you for investing in a preowned car or truck.

Financing a Car with Bad Credit in Chula Vista

Less-than-perfect credit leads to the following:

  • Higher rates of interest.
  • Greater down payments.
  • Shortened lending terms.

Luckily, there are lenders and dealerships in Chula Vista that approve financing for people with credit problems. Through us, you can contact an automotive financing professional from a lender or dealer in our network who is ready to fund your loan.

In order to receive an inexpensive interest rate, make sure to examine your credit report for inaccuracies that could be bringing down your score.

It’s best to take a look at your credit report a minimum of one time a year. Failing to do this could result in higher rates, smaller sized loans, and less chance of approval.

Chula Vista Buy Here Pay Here Dealers

The buy here pay here industry would like you to believe that no one but them will approve you, yet this is rarely the way it is. A lot of dealer financing is sourced elsewhere, as car dealers go through off-site banks and lenders to provide the loans, but buy here pay here dealers provide funding themselves. Problems with sort of financing include:

  • Extortionate Interest rates
  • Outrageous Down Payments
  • Steeply-Priced Vehicles
  • GPS Tracking Devices

For this reason, these dealers have a lousy reputation. Let us connect you with a reputable dealer who can get you in the driver’s seat of an excellent vehicle, even if your credit is dreadful.

Buying a Car in Chula Vista: How Much You Can Finance

Here we have the maximum loan amount you’ll be eligible to borrow given various degrees of credit. Check out these numbers for the average Chula Vista consumer who earns $3,053 a month.

Credit Rating Multiplier Sum
Excellent Credit 10 $30,530
Fair Credit 9 $27,477
Slow Credit 8 $24,424
Poor Credit 7 $21,371
Very Bad Credit 6 $18,318

How much you can borrow, and how much is advisable, should not be confused.

Auto Loans with $244 Monthly Payment

The amount you ought to devote to a car hinges on various factors. The estimates listed below are based upon payments of $244, which is 8% of the average consumer’s monthly income in Chula Vista, coupled with a 20% down payment and 60 month repayment terms. Lending rates are estimated.

Prime Credit Average Credit Poor Credit
Payment Amount $244 $244 $244
Interest Rate 3.50% 7.00% 11.00%
Car Price $16,782 $15,418 $14,042
Down Payment $3,356 $3,084 $2,808
Interest Paid $1,229 $2,320 $3,421
Price with Interest $18,011 $17,738 $17,463