Auto Loans in Encino (CA)

Cars can be very expensive these days, and searching for a reasonable rate of interest is more important than ever. We’ve spent years securing a network of lenders and dealers across the state of California, and we have agents ready to finance your purchase. It really is difficult to find an easier way to secure your auto loan.

Cars Both New and Used in Encino

New cars and trucks have cheaper interest rates than used ones, but this is counteracted by much higher purchase prices and down payments. In spite of increased interest rates, used cars cost less money, as is obvious from the numbers below.

New Car 1 Year Old Car 2 Year Old Car 3 Year Old Car
Percent of New Price 100% 75% 60% 50%
Price $32,100 $24,075 $19,260 $16,050
Owed Upfront $6,420 $2,408 $1,926 $1,605
Interest Rate 5.00% 7.50% 7.50% 7.50%
Months 60 48 48 48
Payment $484.61 $523.90 $419.12 $349.26
Finance Charge $3,397 $3,480 $2,784 $2,320
Overall Cost $35,497 $27,555 $22,044 $18,370

You don’t have to make the decision now. Simply apply online, and talk to an auto finance specialist about your options.

Encino Bad Credit Car Loans

Below-average credit has a few disadvantages:

  • You have to pay more interest.
  • You have to have a larger down payment.
  • You have to finance for shorter terms.

So many consumers head for one of the buy here pay here dealerships in Encino, because of a bankruptcy or other difficulties, but you really want to avoid these car dealers. When you apply online through us, our team works to find you a dealer or lender in your area who is willing to get you behind the wheel.

An auto loan can without a doubt contribute to an increased credit scores. Just make sure to make all the payments on time. Indeed, after a year or two of timely payments you might be eligible to refinance at a reduced APR. Determining an appropriate payment amount is extremely important. To give an example, suppose you earn $3,210 per month, the average for Encino residents.

  • 5% of Income: $161 (Ideal)
  • 8% of Income: $257 (Okay)
  • 10% of Income: $321 (Maximum)

Buy Here Pay Here Car Lots in Encino, California

People today go to buy here pay here dealers, often known as in house financing dealers, thinking that they can only get financed with no credit check. Not true. Most dealer financing is sourced elsewhere, in that dealers work with a network of lenders to provide the loans, but buy here pay here dealers engage in direct lending. They are the actual source of the loans.

Disadvantages include excessively high interest charges, down payments, and vehicle prices Is elevating your credit one of your goals? Then you are better off applying through us, since BHPH dealers won’t aid you in rebuilding your credit.

Encino Consumer Profile

  • Income Per Year: $38,515
  • Income Per Month: $3,210
  • Typical Car Payment: $353
  • Ideal Monthly Payment: $257 (8% of monthly income)

Auto Loans in Encino for Various Credit Tiers

Overall, the ideal auto loan incorporates a down payment of 20%, car payment of 8% of monthly income, and term length of 60 months or less. Provided an income of $3,210 each month, let’s take a look at the amount you could spend based upon your credit.

Prime Credit Decent Credit Bad Credit
Payment $257 $257 $257
APR 3.50% 7.00% 11.00%
Sticker Price $17,645 $16,211 $14,764
Down Payment $3,529 $3,242 $2,953
Loan Amount $14,116 $12,969 $11,811
Total Interest $1,292 $2,439 $3,597
Overall Investment $18,937 $18,650 $18,361