Auto Loans in Gilroy (CA)

When it comes to getting an auto loan in Gilroy, few companies have improved the experience like us. We have access to a vast network of dealers and lenders, and we have one of the best rates of approval in the market. Most of the time, we’re able to place car shoppers with an appropriate lender or dealer even if they have credit problems on account of bankruptcy or repossession.

Gilroy Auto Loan Rates

Lenders would not make enough money to survive if they lent to people who didn’t repay them. Therefore, the more inclined you are to make payments on time, the cheaper your auto loan rate will likely be. We cannot say what your annual percentage rate is going to be,, but we can provide various approximations.

Credit Rating Low APR High APR
Good Credit 3.5% 5.6%
Average Credit 5% 8.8%
Bad Credit 7.1% 19.4%

These are not offered rates, but rather approximations. It is extremely hard to forecast your rate of interest without having information such as your credit score and income. Take a moment to submit your application, then work with a finance professional to compare customized rates.

Auto Loans for Used Cars in Gilroy

In the world today, cars are so well-built that a used car or truck is not all that much of a worry. The finance fees for preowned vehicles are somewhat higher, but this outlay is counterbalanced by lower sticker prices and rates of depreciation. Many banks and finance companies, however, will require that you purchase from a dealership instead of a private seller. All things considered, a used car is generally a better financial choice.

Bad Credit Gilroy Auto Loans

There are a number of drawbacks to financing a car with bad credit:

  • You have to pay more interest.
  • You have to put more money down.
  • You have to pay back the loan more quickly.

Too many people settle for financing through one of the buy here pay here dealerships in Gilroy, because of going bankrupt or other problems, but most likely you can get a car loan at a more affordable rate from a better company. Fortunately, we serve customers at every point on the credit spectrum, helping them secure the loans they need.

Don’t forget, a car loan, if paid as agreed, can raise your credit score in a matter of months. To help you avert missed payments, consider having your car payment taken straight from your banking account. Be sure you opt for a budget friendly monthly payment. Typically no more than 5-8% of your monthly income is reasonable, or $135 to $215 if you make $2,692, the average in Gilroy.

Gilroy Buy Here Pay Here Dealers

Buy here pay here car dealers typically finance people who have severe credit problems like bankruptcy or foreclosure of a home. As a rule, dealer finance isn’t direct to the consumer, in that car dealers work with a network of lenders to provide the loans, but buy here pay here dealers handle everything on site. They make approval decisions in-house, often without a credit check. Unfortunately, you should expect high interest rates, big down payments, and older vehicles that are steeply-priced. As if that weren’t a problem, these dealerships very rarely report back to the credit agencies, which means you could make all of your payments punctually without boosting your FICO score.

Gilroy Consumer Profile

  • Income Per Annum: $32,305
  • Monthly Income: $2,692
  • Average Car Payment: $296
  • Recommended Car Payment: $135 to $269 (5-10% of monthly income)

Auto Loans in Gilroy for Various Credit Tiers

Wondering how much car you can afford? Check the chart below, but remember that the rates have been approximated, and the numbers are based upon a yearly income of $32,305, the average in Gilroy. Repayment term is 60 months.

Excellent Credit Okay Credit Poor Credit
Income Per Month $2,692 $2,692 $2,692
Monthly Payment $215 $215 $215
APR 3.50% 7.00% 11.00%
Years 5 5 5
Car Price $14,798 $13,595 $12,381
Money Down $2,960 $2,719 $2,476
Total Interest $1,083 $2,045 $3,017

Ready to Find Your Loan?

Regardless of your credit, it’s our mission to help you secure the funding you need. A finance manager will take you step-by-step through the lending process, helping you get financed at a reasonable rate.