Auto Loans in Costa Mesa (CA)

A few years back, you would have to lender after lender, searching for one who will allow you to buy the car you want. Here at Golden West Auto Finance, we have made it much easier to secure the auto loan you need. Our team assists shoppers in Costa Mesa on a daily basis who would like to get approved online for financing. You will be guided step-by-step through the process by a financing professional in your area.

Used and New Cars in Costa Mesa

Brand new cars have less expensive rates of interest than used cars, but they demand a much higher sale price and down payment requirement. Have a look at these figures, demonstrating the cost to finance the same car as it gets older, from new to 36 months old.

New Car 1 Year Old Car 2 Year Old Car 3 Year Old Car
Percent of Original Price 100% 75% 60% 50%
Sticker Price $28,910 $21,683 $17,346 $14,455
Owed Upfront $5,782 $2,168 $1,735 $1,446
Loan Rate 5.00% 7.50% 7.50% 7.50%
Length 5 years 4 years 4 years 4 years
Monthly Payment $436.45 $471.83 $377.47 $314.56
Interest Paid $3,059 $3,134 $2,507 $2,089
Total Paid $31,969 $24,816 $19,853 $16,544

A vehicle lending specialist can help you determine if a new or used vehicle is right for you. To talk about the options available to you, submit an application.

Costa Mesa Auto Loans for People with Bad Credit

The majority of auto loan companies look at a credit score designed for the automotive industry. This score is weighted by your history with car loans or leases. Of course, you don’t want to spend your time trying to find a dealer or finance company in Costa Mesa that will work with your credit. The good news is, we serve clients who have credit problems of all kinds, getting them approved for the loans they need.

As you may know, financing a car can boost your credit score in a matter of months.

Be sure to not ever miss a payment, as it can lower your score substantially.

Commit 8% of your monthly income, that’s it, for your car payment. If you are like the average Costa Mesa resident and earn $2,891 per month, this would be $231.

Buy Here Pay Here Dealerships in Costa Mesa, California

Buy here pay here dealerships wants you to assume that nobody but them will approve you. However, this is very rarely the way it is. These dealers will finance just about anybody, regardless of their credit, but there are negatives. You will notice that higher-mileage autos are the only ones for sale, and these Costa Mesa dealers may have you make payments weekly, in person. Repossession is frequent, and the interest rates are simply astounding. If improving your credit score is important to you, and why wouldn’t it be, you are better off applying through us, as BHPH dealerships can’t help you increase your credit.

Loan Amounts for Costa Mesa Consumers

Interested in what size auto loan you can get given your income and credit? Take a look at these amounts based off of an income of $2,891 a month, the average in Costa Mesa.

Credit Score Income Factor Amount
Good Credit 10 $28,910
Decent Credit 9 $26,019
Slow Credit 8 $23,128
Poor Credit 7 $20,237
Very Bad Credit 6 $17,346

How much you can borrow, and how much you really ought to, aren’t one in the same. All in all, the recommended funding arrangement includes a down payment of 20%, car payment of 5-8% of monthly income, and a repayment term of 5 years or less. Provided an income of $2,891 monthly, let’s check out what price car you could buy given your credit.

Exceptional Credit Okay Credit Bad Credit
Monthly Installment $231 $231 $231
APR 3.50% 7.00% 11.00%
Payment Period 5 Years 5 Years 5 Years
Car Price $15,892 $14,600 $13,297
Down Payment $3,178 $2,920 $2,659
Amount Borrowed $12,713 $11,680 $10,637
Total Interest $1,163 $2,197 $3,240
Price with Interest $17,055 $16,797 $16,536

Ready to Find Your Loan?

Let us get you behind the wheel of a new car. We will put you in touch with a finance specialist from a dealer or lender that’s local to Costa Mesa.