Auto Loans in Escondido (CA)

If you are in the market for a new car, it’s likely that you need an auto loan. Rather than waiting until you’re in a high-pressure situation at the dealership, we allow you to arrange a car loan in advance. Enjoy the convenience of working with a dedicated lending specialist to address your questions and arrange your loan.

New and Used Vehicle Financing in Escondido

Have you determined which you’re going to buy: a used or new vehicle? Regardless of increased loan rates, used cars save you money, as is depicted in the chart that follows.

New Car 1 Year Old 2 Years Old 3 Years Old
Retail Price $23,440 $17,580 $14,064 $11,720
Money Down $4,688 $1,758 $1,406 $1,172
Loan Rate 5.00% 7.50% 7.50% 7.50%
Years 5 4 4 4
Monthly Payment $353.87 $382.56 $306.05 $255.04
Interest Paid $2,480 $2,541 $2,033 $1,694
Overall Cost $25,920 $20,121 $16,097 $13,414

Here’s one more thing to think about: you may have less trouble financing a new car if you have a low credit score.

Bad Credit Car Loans in Escondido

Credit scores are crucial when you finance a car not just in Escondido, but everywhere. Has yours taken some knocks? Finding a loan lender in Escondido who works with bad credit is a must. After all, you don’t want to have your credit rejected or be charged an unnecessarily high APR rate. Through us, you can contact an automotive financing professional from a lender or dealer within driving distance who is willing to approve your loan.

Car Dealers for Bad Credit in Escondido

At a bad credit dealership in Escondido or anywhere, your salesperson will speak with you about financing right off the bat. If you apply through us, you can set up your car loan beforehand, then arrange a time for you to select your car or truck and sign the paperwork. Basically, your monthly payment should be just 5-8% of your gross monthly income. For instance, a resident of Escondido who has a gross income of $2,344 a month, the average, should plan to dedicate no greater than $117 to $188.

Buy Here Pay Here Dealerships in Escondido, California

In house financing, otherwise referred to as buy here pay here financing, continues to grow, mainly because so many people’s credit ratings were impacted by the credit crunch and housing bubble. In most cases, dealer finance is outsourced, as dealers go through various lenders to provide the loans. On the other hand, buy here pay here dealers don’t. They behave as both dealer and lender. That’s how we get the phrase buy here pay here. Problems include:

  • Exorbitant Rates of Interest
  • Huge Down Payments
  • Steeply-Priced Autos
  • GPS Tracking Devices

There’s a good reason why these retailers don’t have a good track record. We can match you with a reputable dealer who will work with you, even if your credit is awful.

Escondido Consumer Profile

  • Annual Income: $28,132
  • Income Per Month: $2,344
  • Recommended Car Payment: $117 to $234 (5-10% of monthly income)

Take a look at this table, which shows you what price car you can afford given your credit score, with an income of $2,344 on a monthly basis, 5 year loan, and 20% down payment.

Great Credit Okay Credit Subprime Credit
Car Payment $188 $188 $188
Rate 3.50% 7.00% 11.00%
Car Price $12,885 $11,838 $10,781
Down Payment $2,577 $2,368 $2,156
Interest Paid $943 $1,781 $2,627
Total with Interest $13,828 $13,619 $13,407

Contact a Vehicle Finance Professional in Escondido!

Golden West Auto Finance is your trusted source for car loans in Escondido. A finance professional will walk you through the lending process, helping you secure a competitive rate.