Auto Loans in Danville (CA)

Investing in a new car is a choice you have to live with for many miles to come, so it’s important to work with a lending specialist to get approved for a car loan. For years, we’ve been cultivating a network of dealers and lenders across the United States, and we have specialists approve you for the financing you need. It really is difficult to envision a more convenient way to get approved for your next car.

Danville Car Loan Rates

Securing the most affordable rate of interest you can should be your primary concern, since it will determine how much you pay for your vehicle overall. As an example of good versus bad credit, have a look at the difference in total interest paid:

  • $84,080 financed at 3.50% APR for 60 months: $7,694 paid in total interest.
  • $84,080 financed at 11.00% APR for 60 months: $25,606 paid in total interest.

To get a reliable estimate of your interest rate, you should consult a finance specialist.

Used Car Auto Loans in Danville

In today’s market, a car with some miles on it is a significantly better purchase than a brand new one. As they have already experienced that initial drop in value, used vehicles call for smaller down payments, in most cases half of what you’d be required to pay for an equally priced new vehicle. A great many finance companies, however, will want you to find your car at a dealership instead of a private party. In order to help you make a decision as to whether a new or used car loan meets your needs, we have included the following chart. We are assuming a two year old vehicle that has lost one half of its value, and a buyer with a prime credit score.

New Car Used Car
Price $105,100 $52,550
Down Payment $21,020 $5,255
APR 5.00% 7.50%
Term 5 years 4 years
Monthly Payment $1,586.69 $1,143.54
Interest Paid $11,122 $7,595
Total Paid $116,222 $60,145

Danville Car Loans for People with Bad Credit

When you’ve got unfavorable credit ratings, a bank-financed loan normally isn’t an option. Too many people are convinced they have to buy from a buy here pay here car lot in Danville, because of problematic credit, but odds are you can get approved at a more affordable rate from a more established company. When you apply online through us, our team works to place your application with a lender or dealer in your zip code who is willing to approve your credit.

An auto loan can certainly help you re-establish your FICO score. Of course, you must make each and every payment by the due date. To help stay away from missed payments, consider having your car payment deducted straight from your banking account. You shouldn’t overload your finances with a large car payment. Typically 5-8% of your monthly income is reasonable, or $526 to $841 if you earn $10,510, the average in Danville.

Buy Here Pay Here Financing in Danville, California

The BHPH industry has grown in the past few years, mainly because so many people’s credit ratings suffered on account of the housing market and slow economy. As a rule, dealer financing is outsourced, as dealerships go through banks or credit unions to provide the loans, but buy here pay here dealers are the actual source of the loans. In most cases, higher-mileage autos are the only models you can buy, and these are not zero down cars. Usually, the down payment is set at the vehicle’s value on the wholesale market, and lending rates above 20% APR aren’t atypical. Even worse, these dealerships very rarely report back to the credit agencies, which means you could make all of your payments punctually without boosting your FICO score.

Getting a Loan for a Vehicle in Danville: Loan Amounts

The maximum loan you can get will depend on the amount of money you make, and how high or low your credit scores are. To illustrate, have a look at these figures for the average Danville resident who has a monthly income of $10,510.

Credit History Income Factor Sum
Good Credit 10 $105,100
Average Credit 9 $94,590
Subprime Credit 8 $84,080
Bad Credit 7 $73,570
Horrible Credit 6 $63,060

It’s smart to finance a more affordable car than necessary, in order to keep space in your budget for unexpected expenses. The exact amount you should spend on a new car or truck hinges on a number of variables. The numbers listed below are based on payments of $841, which is 8% of the average consumer’s monthly income in Danville, as well as a 20% down payment and 5-year repayment terms. Loan rates are simply estimates.

Prime Credit Average Credit Bad Credit
Monthly Income $10,510 $10,510 $10,510
Monthly Installment $841 $841 $841
Rate 3.50% 7.00% 11.00%
Vehicle Price $57,773 $53,078 $48,339
Money Down $11,555 $10,616 $9,668
Note Size $46,219 $42,462 $38,671
Interest Paid $4,229 $7,986 $11,777
Total with Interest $62,003 $61,064 $60,116

Your Auto Loan is Waiting!

No matter your credit, we can help you get the funding you need. A finance manager will take you step-by-step through the approval process, helping you get financed at an acceptable rate.