Auto Loans in Cypress (CA)

Hoping to buy a new or preowned vehicle? If you are like most Cypress consumers, chances are you need a car loan. For years, we’ve been establishing relationships with dealers and lenders across the nation, and we have some of the best rates of approval in the business. You will be led step by step through the lending process by a lending specialist near you.

New versus Used Car Loans for Cypress Residents

There are advantages to buying a brand new car:

  • Lower rates of interest.
  • More dealer rebates.
  • Vehicle is under warranty for most of finance term.
  • Finance for 60-72 months.

However, if your credit isn’t great, the speedy loss of a new car’s resale value, in addition to high rates of interest, can result in negative equity. For this reason, a decent down payment is a good idea. Seeing as new cars are less prone to service issues, however, a number of loan companies will these loans for people with poor credit.

Used Vehicle Financing in Cypress

Pre-owned cars and trucks, believe it or not, offer certain benefits not available from new ones. The annual percentage rates for preowned cars and trucks are slightly more expensive, but this outlay is counterbalanced by lower sticker prices and rates of depreciation. If you’re worried about maintenance, make sure to buy a a vehicle with low mileage and excellent dependability. If you want to combine the budget-friendliness of a used vehicle with the dependability of a brand new one, consider a certified used vehicle.

Bad Credit Car Loans in Cypress

Old fashioned lenders like banks and credit unions usually only finance individuals with scores of 700 or better. Here’s the good news: there are lenders and dealers in Cypress that approve people with credit problems. That’s where we come in. At Golden West Auto Finance, we serve consumers with credit problems of all kinds, getting them the loans they need.

Studies are showing that 20% of consumers have mistakes on their credit report, most of which bring about a lowered credit score

Fortunately, it is reasonably easy to challenge these kinds of discrepancies, and doing it could help you secure a lower and better terms.

Buy Here Pay Here Dealers in Cypress, CA

The BHPH industry has grown in recent years, largely because so many people’s credit ratings took hits on account of the down economy. Dealers like these will finance practically anybody, regardless of their credit, but there are downsides.

Downsides include outrageous lending rates, down payments, and vehicle prices That isn’t all: these dealerships seldom work with the credit bureaus, and that means you could make every single payment month after month without any boost to your FICO score.

Loan Pre-approvals for Cypress Residents

The size loan you can finance is determined by your income and credit. To illustrate, consider these amounts based on an income of $5,389 per month, the average in Cypress.

Credit History Multiplier Loan Amount
Excellent Credit 10 $53,890
Fair Credit 9 $48,501
Slow Credit 8 $43,112
Bad Credit 7 $37,723
Really Bad Credit 6 $32,334

Do not get a loan than you really need, just because it’s possible for you to. The exact amount you ought to invest in a new car or truck hinges on many factors. These numbers are derived from payments of $431, which is 8% of the average consumer’s monthly income in Cypress, together with a 20% down payment and 5-year repayment terms. Rates are approximated.

Great Credit Okay Credit Bad Credit
Income Per Month $5,389 $5,389 $5,389
Car Payment $431 $431 $431
Interest Rate 3.50% 7.00% 11.00%
Number of Months 60 60 60
Car Price $29,623 $27,216 $24,786
Money Down $5,925 $5,443 $4,957
Loan $23,699 $21,772 $19,829
Interest Paid $2,169 $4,095 $6,039

Submit Your Credit Application

Let us get you behind the wheel of a new car. A finance specialist will lead you through the process, helping you borrow your funds at an acceptable rate of interest.