Auto Loans in Lake Elsinore (CA)

Every single day, we help people in Lake Elsinore get an auto loan, regardless of whether they’re trying to overcome significant challenges to getting approved:

  • Poor Credit
  • No Credit
  • Zero Trade Equity or Cash

Our experience in the industry is first rate, and we have lenders and dealers approve you for the financing you need. You will enjoy the convenience of having a committed finance consultant to address your questions and set up your loan.

Credit Acceptance for Lake Elsinore Car Shoppers

  • Have an income of not less than $1500 per month.
  • Pay off revolving credit debt, such as credit cards, thereby decreasing your debt-to-income ratio.
  • Review your credit report for problems.

Bad Credit Lake Elsinore Auto Loans

For those who have poor credit, a auto loan approved by a bank generally isn’t possible. With good reason, you don’t want to spend your time searching for a bank or finance company in Lake Elsinore that works with subprime borrowers. Through us, you can contact an automotive lending expert from a lender or dealer in your zip code who is ready to approve your loan.

You want to buy a vehicle to suit your credit, not the other way round, so the financing discussion typically comes first and foremost.

If you apply through us, you can line up your finance contract in advance, then pick a time to choose your car or truck and finalize the paperwork. No matter what your credit score is, there is almost always a vehicle for which you can get a loan. It’s recommended that the payments are about 5 to 10% of what you make per month pre-tax. If you earn $2,733 per month, you would ideally have a payment of $137 (5%) to $273 (10%).

Lake Elsinore Buy Here Pay Here Dealerships

Many people in Lake Elsinore go to buy here pay here dealerships, also known as in house financing dealers, under the impression that they will only be able to get approved at such a place. Not true. These dealerships approve funding in-house, unlike traditional dealerships which make use of banks and lending companies, and they typically don’t reject anyone. Cons include:

  • Outrageous Finance Fees
  • Overpriced Down Payments
  • Steeply-Priced Vehicles
  • Ignition Kill-Switches

There’s more: these dealers very rarely report back to the credit bureaus, which means you could make all of your payments as agreed without a lift in your FICO score.

Lake Elsinore Consumer Profile

  • Per-Year Income: $32,795
  • Income Per Month: $2,733
  • Recommended Car Payment: $219 (8% of monthly income)

Purchasing a Car in Lake Elsinore: How Much Can You Afford?

In summary, the ideal car loan is as follows: down payment of 20%, car payment of less than 10% of monthly income, and term length of 60 months or less. Provided an income of $2,733 monthly, let’s see how much you could spend based upon your credit.

Exceptional Credit Decent Credit Subprime Credit
Income Per Month $2,733 $2,733 $2,733
Payment $219 $219 $219
Loan Rate 3.50% 7.00% 11.00%
Repayment Years 5 5 5
Car Price $15,023 $13,802 $12,570
Down Payment $3,005 $2,760 $2,514
Total Interest $1,100 $2,077 $3,062
Overall Investment $16,123 $15,879 $15,632

Ready to Find Your Loan?

We work with dealers and lenders who are standing by to approve you for financing. Speak with an automotive finance professional in Lake Elsinore now.