Auto Loans in El Monte (CA)

There are too many El Monte consumers who fear that credit problems make it too challenging to finance a car. Our team assists clients in El Monte every day who would like to arrange their auto loans via the internet. Let us match you with a financing expert who can help you line up the loan needed for the car you want.

What Will Your Annual Percentage Rate Be?

The biggest hazard for loan providers are consumers who fail to pay off their loans. For this reason, the more inclined you are to make payments on time, the more affordable your auto loan rate is bound to be. To illustrate how much bad credit can cost you, consider this chart.

Below, we’ve compared the same $13,032 car loan, but with different credit scores and interest rates:

Strong Credit Poor Credit
Size of Loan $13,032 $13,032
Loan Rate 3.50% 11.00%
Duration 60 months 60 months
Interest Paid $1,192 $3,969

It’s extremely tough to estimate your APR rate without more details. Take a little time to apply online, then see what rates you qualify for.

Financing a Preowned Car in El Monte

You don’t need to buy new to have a reliable vehicle that boasts good fuel economy. Some individuals discount preowned autos for having more costly annual percentage rates, but remember that they cost less up front and in the long run. Of course, lenders won’t approve auto loans for just any used car or truck. It must meet a few criteria: Vehicle must have no greater than 100,000 miles and not be over 7 years old. For the best of both worlds, consider a certified used car.

Financing a Car in El Monte with Bad Credit

Banks and credit unions typically approve individuals with good to excellent credit scores. That is, scores of 700 at minimum. Choosing the best loan company in El Monte who approves people with bad credit is vital, or you could be rejected or deal with an excessive interest rate. The good news is, we serve consumers on every end of the credit spectrum, helping them secure the loans they need.

Car loans can actually increase your credit ratings. But needless to say, it’s essential to make each month’s payment on time. Indeed, after a year or two of making payments in time you might qualify to refinance at a lesser interest rate. It’s best not to stress your finances with an expensive car payment. Typically 5-8% of your monthly income is appropriate, or $81 to $130 if you make $1,629, the average in El Monte.

El Monte Buy Here Pay Here Car Lots

Buy here pay here dealerships hopes you believe that they are the only ones that will finance you. However, this is very rarely the way it is. These types of dealers grant car loans directly, whereas traditional dealerships make use of banks and finance companies, and they typically don’t perform credit checks. Disadvantages include ridiculous interest charges that border on California’s legal limit, as well as strict contracts that allow for rapid repossession in the event of a missed payment There is a reason that these dealers don’t have a very good track record. We can place you in the hands of a reputable dealer who can put you in the driver’s seat, even if you’ve experienced bankruptcy.

Getting a Loan for a Vehicle in El Monte: How Much Can You Finance?

Here we have the maximum loan amount you can borrow given several different credit tiers. These numbers are based of of an income of $1,629 monthly, which is typical of the average El Monte resident.

Credit Rating Income Factor Amount
Good Credit 10 $16,290
Fair Credit 9 $14,661
Slow Credit 8 $13,032
Poor Credit 7 $11,403
Horrible Credit 6 $9,774

How much you can borrow, and how much is advisable, are two separate things. Have a look at this chart revealing what car you can afford with a payment of $130, 20% down payment, and 60 month term.

Prime Credit Average Credit Poor Credit
Monthly Income $1,629 $1,629 $1,629
Car Payment $130 $130 $130
APR 3.50% 7.00% 11.00%
Years 5 5 5
Purchase Price $8,955 $8,227 $7,492
Money Down $1,791 $1,645 $1,498
Amount Borrowed $7,164 $6,581 $5,994
Interest Paid $656 $1,238 $1,825
Price with Interest $9,610 $9,465 $9,318

Your El Monte Car Loan is Waiting!

Our company is your trusted source for car loans in El Monte. A finance specialist will lead you through the lending process, helping you get financed at an affordable rate of interest.