If you’re shopping for a new car, odds are you need an auto loan to complete your purchase. For years, we’ve been building relationships with dealers and lenders across California, which means we can help applicants from every end of the credit spectrum. Most of the time, we can position applicants with an appropriate lender or dealer within seconds of application.
New and Used Car Loans in Downey
New cars and trucks enjoy less expensive loan rates than pre-owned models, but this is counterweighted by much higher purchase prices and down payments. What follows is an overview of the cost to finance a car that is 0-3 years old.
|New Car||1 Year Old||2 Years Old||3 Years Old|
Are you ready to find a lender and get approved for a loan? Just submit your application.
Bad Credit Downey Car Loans
There are an array of issues which can lead to a low credit score: delinquent bills, repossession, bankruptcy, etc. Getting a lending company in Downey who serves people with bad credit is critical, as you don’t want to get rejected or be hit with an outrageous APR rate. Fortunately, we are experts in serving consumers all across the credit spectrum, helping them secure the loans they need.
A significant percentage of your credit score is predicated upon your history of making–or missing–payments, and making payments on your new loan can help you in re-establishing your credit. Believe it or not, many people wind up refinancing at a lower interest rate after a couple of years of making payments in time.
Commit 8% of your monthly income, at most, for your car payment. If you reside in Downey and, like the average resident, earn $35,501 per year, this would be $237.
Buy Here Pay Here Car Lots in Downey, California
In house financing, also known as buy here pay here financing, keeps growing, largely due to the fact that so many people’s credit ratings were hit by the down economy. Typically, dealer finance isn’t direct to the consumer, in that car dealers work with various lenders to provide the loans. On the other hand, buy here pay here dealers handle everything on site. They act as both dealer and lender. That’s where we get the term buy here pay here. The fact is, you should be prepared for high loan rates, expensive down payments, and cars and trucks that cost too much given their mileage. That isn’t all: these dealerships don’t report back to the credit bureaus, which means you could make all of your payments when they’re due without a boost to your FICO score.
Downey Income and Finances
- Income Per Year: $35,501
- Monthly Income: $2,958
- Average Car Payment: $325
- Recommended Car Payment: $148 to $296 (5-10% of monthly income)
Below we have a table displaying what car can be afforded with a monthly installment of $237, 20% down payment, and 5-year term.
|Great Credit||Average Credit||Subprime Credit|
|Income Per Month||$2,958||$2,958||$2,958|
|Total with Interest||$17,450||$17,186||$16,919|
Apply Online in 90 Seconds
There are dealers and lenders who are prepared to fund your loan. Our application is free of charge, and you could be driving home in your new car or truck in no time.