Auto Loans in Granada Hills (CA)

Increasingly, people in Granada Hills are arranging their financing before visiting the dealer, as it removes a lot of the complications from the car-shopping experience. Our network of lenders and dealerships is first rate, and that means we can help applicants of all credit tiers and income brackets. We put you in touch with a finance professional whose goal it is to get you approved for the car loan you need.

Auto Loans in Granada Hills for New Cars

We help consumers finance both used and new vehicles. The moment you take it home, a new car loses a major portion of its value, which means you’re more likely to wind up upside down on your loan. In order to keep your loan amount in line with the value of your vehicle, banks and finance companies usually require about twice the money down on a new car versus a used one. Having said that, interest rates for new cars are lower, and in most cases it’s less of a challenge to finance a new car with bad credit. In any case, you might want to talk with a vehicle financing specialist to establish whether a new vehicle is right for you.

Financing a Preowned Vehicle in Granada Hills

Used autos are more affordable, as everyone knows, which means lower monthly payments and insurance rates. People sometimes discount preowned autos for having steeper annual percentage rates, but remember that they are cheaper at signing and over time. Banks and finance companies do have restrictions as far as miles and year of production, however.

  • Miles: less than 70,000 to 100,000 miles.
  • Year of Production: maximum of 7 years old.

Below, you will find the following numbers that will help you decide whether you ought to get a vehicle that’s new or used. We’re assuming a vehicle that is three years old, and has therefore lost one half of its value, and a borrower with a credit score of 690 to 720.

New Car Used Car
Price $27,060 $13,530
Down Payment $5,412 $1,353
Interest Rate 5.00% 7.50%
Years 5 4
Monthly Payment $408.52 $294.43
Interest Paid $2,863 $1,955
Total Paid $29,923 $15,485

Bad Credit Car Loans in Granada Hills

A lot of loan providers assess your credit based on a credit score customized for the automotive industry. This score draws on your history with auto loans and leases. You don’t want to deal with being declined for a loan, so it is essential to locate a lender or dealer in Granada Hills that has experience with problematic credit. When you apply for financing through us, we work to find you a lender or dealer in our network who is willing to finance your credit.

A big portion of your credit score is based on your record of payments, and making payments on your new car loan can help you rebuild your credit.

Be sure never to miss a payment, as it can reduce your score dramatically. Please don’t strain your finances with an excessive car payment. Typically 5-8% of your monthly income is advisable, or $135 to $216 if you get paid $2,706, the average in Granada Hills.

Granada Hills Buy Here Pay Here Financing

Buy here pay here dealers normally help people who’ve got truly serious credit problems like:

  • Bankruptcy
  • Foreclosure
  • Auto Repossession

Such dealerships approve car loans on location, unlike conventional dealers which work with banks and loan companies, and they are more concerned with your income than your credit.

You will discover that preowned cars and trucks are the only thing offered, and you may be required to have a GPS tracker mounted in your vehicle. Repossession is common, and the interest rates are nothing short of astounding. If maximizing your credit score is important to you, and it ought to be, you should contact a vehicle finance specialist through us, seeing as buy here pay here dealerships won’t aid you in increasing your credit.

Loan Pre-approvals for Granada Hills Consumers

The size loan you will be approved to finance will be based off of your credit and income. These numbers are based of of an income of $2,706 monthly, the average among Granada Hills residents.

Credit Multiplier Amount
Excellent Credit 10 $27,060
Decent Credit 9 $24,354
Subprime Credit 8 $21,648
Bad Credit 7 $18,942
Very Bad Credit 6 $16,236

It’s smart to purchase a less expensive car than you can afford. This will leave space in your budget for unexpected expenses. Have you determined how much car is in your budget? Check the chart below, but remember that the interest rates are only estimations, and the amounts presuppose an income of $32,473 a year, the average in Granada Hills. Loan length is 60 months.

Exceptional Credit Decent Credit Subprime Credit
Payment Amount $216 $216 $216
Interest Rate 3.50% 7.00% 11.00%
Sticker Price $14,875 $13,666 $12,446
Down Payment $2,975 $2,733 $2,489
Loan Amount $11,900 $10,933 $9,957
Interest Paid $1,089 $2,056 $3,032