Auto Loans in Diamond Bar (CA)

In Diamond Bar, you have several options for securing an auto loan, but few if any companies have optimized credit acceptance like us. Instead of waiting until you’re in the dealership’s F&I office, we enable you to apply for financing ahead of time. You will enjoy the convenience of working with a dedicated financing expert who can help answer your questions and set up your loan.

New and Used Car Financing in Diamond Bar

Have you considered what type of vehicle you’re going to buy? Do you want it new or pre-owned? As the following comparison shows, pre-owned cars do save you money in the end, even with their steeper rates of interest.

New Car 1 Year Old 2 Years Old 3 Years Old
Percent of Original Price 100% 75% 60% 50%
Price $58,210 $43,658 $34,926 $29,105
Money Down $11,642 $4,366 $3,493 $2,911
Loan Rate 5.00% 7.50% 7.50% 7.50%
Years 5 4 4 4
Monthly Installment $878.80 $950.03 $760.03 $633.35
Finance Fees $6,160 $6,310 $5,048 $4,207
Overall Cost $64,370 $49,967 $39,974 $33,312

A vehicle finance advisor can help you determine the type of vehicle that best meets your requirements. To talk about your options, submit your application.

Financing a Car in Diamond Bar with Bad Credit

Less-than-perfect credit has a number of drawbacks:

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

Choosing the best finance company in Diamond Bar who approves people with bad credit is essential, or you could be rejected or be hit with an exorbitant interest rate. Through us, you can contact an auto financing professional from a dealer or lender in your zip code who wants to accept you as a client.

Car loans can indeed result in an increased credit scores. Just be sure to make all the payments and never miss one. Believe it or not, many people end up refinancing at a lesser rate of interest after a year or more of payments under their belt. Determining the right payment amount is extremely important. For instance, let’s pretend you have an income of $5,821 per month, the average for Diamond Bar residents.

  • Low Payment: $291 (5%)
  • Intermediate Payment: $466 (8%)
  • Maximum Payment: $582 (10%)

Buy Here Pay Here Dealers in Diamond Bar, California

Buy here pay here dealers typically deal with people who’ve got serious credit problems such as bankruptcy. These dealers approve auto loans in-house, as opposed to conventional dealerships which outsource this, and they finance just about everyone.

You will discover that higher-mileage vehicles are the only ones on the lot, and you may need to make payments weekly, at the dealership. Repossession is a common occurrence, and the interest rates are substantial. Even worse, these dealers rarely work with the credit bureaus, so you could make all of your payments month after month without improving your FICO score.

Diamond Bar Consumer Profile

  • Per-Year Income: $69,848
  • Income Per Month: $5,821
  • Ideal Car Payment: $291 to $582 (5-10% of monthly income)

Diamond Bar Vehicle Finance Rates and Payments

In summary, an ideal car loan includes a down payment of 20%, car payment of less than 10% of monthly income, and term length of 60 months or less. With an income of $5,821 per month, let’s look at how much car you could buy based upon your credit.

Good Credit Decent Credit Poor Credit
Income Per Month $5,821 $5,821 $5,821
Monthly Installment $466 $466 $466
APR 3.50% 7.00% 11.00%
Number of Months 60 60 60
Car Price $31,998 $29,397 $26,773
Down Payment $6,400 $5,879 $5,355
Amount Borrowed $25,598 $23,518 $21,418
Total Interest $2,342 $4,423 $6,523
Total Paid $34,340 $33,820 $33,295