Financing a car is a time-consuming process, but if you are clever about how you address the financing process, you’ll save a ton of money down the road. We do business with an extensive network of dealers and lenders, and that means we can help applicants get pre-approved for financing, even if their credit isn’t perfect. You will enjoy the convenience of having a committed financing expert to address your questions and line up your loan.
Cars Both New and Used in Eureka
Have you determined which you’d prefer: a new car or not? Regardless of higher interest rates, pre-owned cars cost you less, as is depicted in the chart below.
|New Car||1 Year Old Car||2 Year Old Car||3 Year Old Car|
|Length||5 years||4 years||4 years||4 years|
As you can tell, a new car loses one quarter of its value in the 12 months of ownership. Is that first Year worth the additional 25%? In any case, it’s up to you.
Bad Credit Car Loans in Eureka
When you have adverse credit, bank financing ordinarily isn’t possible. Getting a finance company in Eureka that is an expert in bad credit is crucial. Otherwise, you could be turned down or be hit with an unnecessarily high rate of interest. We can help. At Golden West Auto Finance, we are experts in serving customers with credit problems of all kinds, getting them the loans they need.
A big component of your credit score is calculated from your payment history, and making payments on your new car loan can help you in re-establishing your credit.
To stay away from missed payments, consider having your car payment drawn straight from your bank account.
Designate 8% of your monthly income, that’s it, for your car loan. For consumers in Eureka who have an income of $15,496 per year, this would be $103.
Eureka Buy Here Pay Here Dealerships
Buy here pay here car dealers customarily finance people with truly serious credit problems such as:
- Auto Repossession
- Debt Settlement
- Tax Liens
In most cases, dealer finance is outsourced, in that car dealers go through banks and lenders with whom they have relationships to provide the loans, but buy here pay here dealers engage in direct lending. They provide funding independently. Downsides include inflated interest rates, down payments, and vehicle prices, and you’ll probably get a car or truck that wound up being repossessed at least once There’s more: these dealerships very rarely report to the credit bureaus, and that means you could make each and every payment month after month without a lift in your FICO score.
Eureka Consumer Profile
- Gross annual Income: $15,496
- Income Per Month: $1,291
- Recommended Monthly Payment: $103 (8% of monthly income)
Buying a Vehicle in Eureka: How Much to Spend?
Have you wondered how much car you really can afford? Check the chart below, but bear in mind the interest rates are only estimations, and the numbers presuppose an income of $15,496 annually, the Eureka average. Loan length is 5 years.
|Prime Credit||Decent Credit||Bad Credit|
|Income Per Month||$1,291||$1,291||$1,291|