Auto Loans in El Cajon (CA)

These days, many people in El Cajon are getting their credit approved before visiting the dealer, because it often leads to a better annual percentage rate and more attractive terms. Instead of waiting until you are in negotiations at the dealership, we allow you to apply for financing in advance. It really is difficult to find a better way to secure your auto loan.

Benefits of our Service for El Cajon Consumers

  • Huge array of California lenders and dealers.
  • Don’t have to work out price and funding simultaneously.
  • Scheduled appointment to purchase your car.
  • No fee for application.

Financing a Car with Bad Credit in El Cajon

A bad credit score has consequences, which typically include:

  • Elevated loan rates.
  • Greater down payments.
  • Shorter lending terms.

A lot of people assume they have no choice but to get approved by one of the buy here pay here dealers in El Cajon, because of going bankrupt or other such issues, but it’s quite possible you can get financed at a more affordable rate from a subprime auto lending company. Luckily, we serve consumers on every end of the credit spectrum, getting them the loans they need.

A significant element of your credit score is influenced by your history of making–or missing–payments. That means an auto loan, being a major loan, can help you improve your credit. In contrast, one single missed payment can reduce your score considerably.

Spend 8% of your monthly income, at most, for your car payment. If you are like the average El Cajon resident and earn $26,763 per year, this would be $178.

El Cajon Buy Here Pay Here Dealerships

Consumers resort to buy here pay here car lots, thinking that they can only get approved without a credit check. Not so. These dealers will finance just about anyone, regardless of their credit, but there are issues. The fact is, you can look forward to excessive annual percentage rates, high down payments, and well-used vehicles that are overpriced. Even worse, these dealerships very rarely report back to the credit bureaus, which means you could make each and every payment in a timely manner with no boost to your FICO score.

Loan Pre-approvals for El Cajon Residents

The majority of finance companies assess your income and credit score to determine the maximum amount they will let you borrow. As an example, take a look at these figures based on an income of $2,230 a month, the average in El Cajon.

Credit Multiplier Amount Borrowed
Great Credit 10 $22,300
Decent Credit 9 $20,070
Slow Credit 8 $17,840
Poor Credit 7 $15,610
Terrible Credit 6 $13,380

The truth is, it’s safer to finance less than you really can.

Financing a Car at $178 a Month

In general, an ideal finance package includes a down payment of 20%, car payment of less than 10% of monthly income, and term length of 60 months or less. Given an income of $2,230 a month, let’s look at what price car you could buy based upon your credit.

Great Credit Decent Credit Bad Credit
Payment $178 $178 $178
Rate 3.50% 7.00% 11.00%
Purchase Price $12,258 $11,262 $10,256
Money Down $2,452 $2,252 $2,051
Note Size $9,807 $9,010 $8,205
Total Interest $897 $1,694 $2,499
Price with Interest $13,156 $12,956 $12,755