Auto Loans in Fairfield (CA)

It is smart of you to search for financing ahead of time, because it often results in a less expensive interest rate and better terms. Rather than waiting until you are in a high-pressure situation at the dealership, we enable you to apply for a car loan ahead of time. Most of the time, we can match our users with an interested dealer or lender even if they have credit problems like bankruptcy or repossession.

New versus Pre-owned Cars in Fairfield

New cars and trucks can boast less expensive interest rates than pre-owned cars, but they necessitate a much more substantial sale price and down payment. As this table reveals, pre-owned cars frequently cost you less in the end, despite their greater interest rates.

New Car 1 Year Old Car 2 Year Old Car 3 Year Old Car
Percent of Original Price 100% 75% 60% 50%
Price $24,180 $18,135 $14,508 $12,090
Down Payment $4,836 $1,814 $1,451 $1,209
Loan Rate 5.00% 7.50% 7.50% 7.50%
Term 60 months 48 months 48 months 48 months
Monthly Installment $365.05 $394.64 $315.71 $263.09
Interest $2,559 $2,621 $2,097 $1,747
Total Cost $26,739 $20,756 $16,605 $13,837

Keep in mind that it may be easier to finance a new car if you have a bad credit score, because these are lower risk loans.

Fairfield Bad Credit Car Loans

Credit scores are a crucial variable when purchasing a car not just in Fairfield, but everywhere. Has yours suffered in recent years? A lot of shoppers believe they have no choice but to finance through a buy here pay here dealership in Fairfield, on account of bankruptcy or other difficulties, but chances are you can get approved at a better rate from a subprime auto lending company. More than likely, we can match you with a dealer or lender in Fairfield who is ready to get you in the driver’s seat.

Fairfield Bad Credit Car Dealers

If you have a good credit record, your number one priority will be to view what vehicles are available. However, with bad credit, you will take more time going over your interest rate, lending terms, and down payment.

If you apply through us, you can usually work out the details of your auto loan with a lending expert, then plan an appointment to sign and drive. No matter your credit, we can help you find a vehicle you can afford. It’s best if the payments are between 5 to 10% of your monthly income. If you earn $2,418 per month, you should have a payment of $121 (5%) to $242 (10%).

Fairfield Buy Here Pay Here Car Lots

For people who have severe credit problems stemming from bankruptcy or repossession, buy here pay here financing could possibly seem like the only option. Nearly all dealer financing is outsourced, in that dealers work with off-site banks and lenders to provide the loans. In contrast, buy here pay here dealers engage in direct lending. They decide who gets financed on site, generally without a credit check.

The fact is, you will be faced with high rates of interest, big down payments, and vehicles that cost too much given their condition. If elevating your credit score is important to you, you should apply online through us, since BHPH dealers won’t aid you in restoring your credit.

Fairfield Income and Finances

  • Gross annual Income: $29,018
  • Monthly Income: $2,418
  • Optimal Monthly Payment: $121 to $242 (5-10% of monthly income)

Fairfield Auto Financing Based on Credit Score

To conclude, the recommended funding arrangement involves the following: down payment of 20%, car payment of 8% of monthly income, and a repayment term of 5 years or less. Given an income of $2,418 each month, let’s find out the amount you could spend given your credit.

Great Credit Okay Credit Poor Credit
Payment Amount $193 $193 $193
Interest Rate 3.50% 7.00% 11.00%
Purchase Price $13,292 $12,211 $11,121
Down Payment $2,658 $2,442 $2,224
Total Interest $973 $1,837 $2,710

Speak with a Finance Specialist Today

We can get you behind the wheel of a new car. Speak with a finance professional in Fairfield now.