Auto Loans in Encinitas (CA)

It is smart of you to research financing ahead of time, as there are many advantages:

  • Much less time spent on the dealer lot.
  • Potential for a more affordable APR.
  • Far more negotiating power.

We give you the ability to submit your application via our secure platform. You’ll be walked step by step through the process by a finance professional near you.

Encinitas Auto Finance Rates

The interest rate on your vehicle is determined by an extensive array of factors, most crucial of which are your credit score, your location, and whether you are financing a new or used vehicle.

If you have pretty good credit, you might have an interest rate of 3.50% APR. Over a term of 60 months, you would end up paying $1,952 on a loan of $21,336. For the exact same loan, but with poor credit and a rate of 11.00% APR, you would pay $6,498! It is extremely hard to forecast the rate you’ll be charged without information such as your credit score and income. Take a little time to submit your application, then work with a finance specialist to compare customized rates.

Used Vehicle Financing in Encinitas

Used cars and trucks have some fundamental advantages:

  • They are less expensive to buy.
  • They are less costly to insure.
  • They don’t depreciate as rapidly.

Considering that they have gone through that first drop in value, preowned autos require lower down payments, generally just 10% as opposed to the 20% typical of new cars. Loan companies do have limits when it comes to miles and model year, however.

  • Mileage: at most 70,000 to 100,000 miles.
  • Age: less than 7 years old.

In the following table, we’ve compared new and used auto loans in Encinitas, California. These estimates are based on the following assumptions:

  • Used vehicle is three years old.
  • Prime credit score.
  • Fixed APR.
New Car Used Car
Price $26,670 $13,335
Down Payment $5,334 $1,334
Interest Rate 5.00% 7.50%
Term 60 months 48 months
Monthly Payment $402.64 $290.18
Finance Charge $2,822 $1,927
Total Paid $29,492 $15,262

Considerations for People in Encinitas with Bad Credit

Old fashioned lenders like banks ordinarily only finance those with scores of 700 or higher. Seeking out a loan provider in Encinitas who approves people with bad credit is a must, or you could be turned down or have to deal with an outrageous rate of interest. That’s where we can help. At Golden West Auto Finance, we specialize in serving customers with credit problems of all kinds, helping them secure the loans they need.

Looking for Mistakes on Your Credit Report

If you want to minimize your APR rate, you should definitely look over your credit report for irregularities, which aren’t unusual.

Fortunately, it is fairly easy to contest these kinds of discrepancies, and the process could result in:

  • More affordable loan rates
  • Lesser down payments
  • Greater amount borrowed

Buy Here Pay Here Financing in Encinitas, California

Maybe you’ve thought about heading to a buy here pay here dealer for a car that could be financed? Ordinarily, there are more attractive alternatives. Such dealers grant car loans on the lot, while the vast majority of dealers contract this, and they are more concerned with your income than your credit.

The fact is, you should be prepared for excessive annual percentage rates, big down payments, and cars and trucks that are too expensive for their age and condition. For this reason, these dealers don’t have the best reputation. We want to place you with a reputable dealer who can put you in the driver’s seat, even if you have bad credit.

Loan Amounts for Encinitas Residents

Take a look at just how much you could finance given various degrees of credit. Take a look at these amounts for the average Encinitas consumer who has a monthly income of $2,667.

Credit Score Multiplier Loan Amount
Good Credit 10 $26,670
Fair Credit 9 $24,003
Slow Credit 8 $21,336
Bad Credit 7 $18,669
Terrible Credit 6 $16,002

It’s wise to finance a less expensive car than you have to. This will keep your debt to income ratio low. Trying to determine how much car is within your budget? Have a look at the chart below, but keep in mind the rates are only approximations, and the numbers are based upon $31,998 in yearly income, the Encinitas average. Repayment term is 5 years.

Good Credit Fair Credit Subprime Credit
Car Payment $213 $213 $213
Rate 3.50% 7.00% 11.00%
Car Price $14,660 $13,469 $12,266
Money Down $2,932 $2,694 $2,453
Loan Amount $11,728 $10,775 $9,813
Total Interest $1,073 $2,026 $2,989
Overall Investment $15,734 $15,495 $15,255