Auto Loans in Colton (CA)

There are several different ways of securing an auto loan in Colton, but few companies have optimized credit approval like ours has. We enable you to apply for financing through our extensive network of dealers and lenders. You will be led step-by-step through the process by a financing professional in your area.

Auto Finance Interest Rates in Colton

You’d probably like to know what your interest rate is going to be, wouldn’t you? For starters, you have to know your credit score. This is the most important variable. Imagine you secure an auto loan of $31,096, and because of your outstanding credit, your lender gives you a rate of 3.50% APR. You would wind up paying $2,845 in interest. On the flip side, if you have weak credit and a rate of 11.00%, you would pay $9,470 in interest. Lending institutions need to know more before they can offer you an annual percentage rate, so be sure you submit your application.

Financing a Used Car in Colton

By and large, intelligent investors keep away from new vehicles, opting for used ones instead. The annual percentage rates for preowned cars and trucks are a bit more expensive, but this outlay is made up for in lower sticker prices and rates of depreciation. Keep in mind, though, that there are vehicle limitations which vary from one lender to the next, but typical standards are listed here: Vehicle must have not more than 100,000 miles and be no greater than 7 years old. In order to help you determine which type of car is going to serve you best, take a look at the following table. We’re assuming a car or truck three years old, having lost one half of its value, and a buyer with a credit score of 690 to 720.

New Car Used Car
Price $38,870 $19,435
Down Payment $7,774 $1,944
APR 5.00% 7.50%
Months 60 48
Monthly Payment $586.82 $422.93
Interest Paid $4,113 $2,809
Total Paid $42,983 $22,244

Buying a Car with Bad Credit in Colton

There are a few downsides to financing a car with bad credit:

  • You will be forced to pay more in total interest.
  • You have to put more money down.
  • You have to finance for shorter terms.

While credit problems could make it difficult to purchase the car you need, you’re not without options. We can help. At Golden West Auto Finance, we serve consumers on every end of the credit spectrum, getting them the loans they need.

It’s now believed that 1 in 5 consumers has an error on their credit report, most of which result in a decreased credit score

Every year, you can check your credit at no cost at Annual Credit Report, a site created by the leading credit bureaus. It is advisable to do this in order to be sure you are charged the interest rate that’s as low as possible.

Buy Here Pay Here Dealers in Colton, CA

The BHPH industry has expanded in the years after the economic downturn, largely due to the fact that so many people’s credit ratings suffered on account of the economic crisis. A lot of dealer financing is indirect, as dealers go through banks and lenders with whom they have relationships to provide the loans. On the other hand, BHPH dealers don’t. They make credit decisions in-house, typically without any credit check. Problems with sort of financing include exorbitant lending rates and overpriced vehicles and bimonthly payments There’s a good reason that these retailers have a sullied reputation. We want to place you with subprime finance professional who can get you financed, even if your credit is really bad.

Colton Consumer Profile

  • Yearly Income: $46,643
  • Income Per Month: $3,887
  • Average Car Payment: $428
  • Recommended Monthly Payment: $194 to $389 (5-10% of monthly income)

Colton Auto Loan Rates and Payments

Have you considered how much car you can get financed? Check the estimates below. The rates have been approximated, and the amounts presuppose an annual income of $46,643, the average in Colton. Repayment term is 5 years.

Prime Credit Decent Credit Bad Credit
Payment Amount $311 $311 $311
Interest Rate 3.50% 7.00% 11.00%
Car Price $21,367 $19,630 $17,877
Money Down $4,273 $3,926 $3,575
Loan Amount $17,093 $15,704 $14,302
Interest Paid $1,564 $2,954 $4,356
Overall Investment $22,931 $22,584 $22,233