Auto Loans in Lake Forest (CA)

Shopping for a new or preowned car? If you are, it’s likely that you need an auto loan to get yourself in the driver’s seat of the car you want. As opposed to waiting until you’re in a high-pressure situation at the dealership, we allow you to get approved for financing in advance. We match you with a financing expert whose goal it is to get you approved for the car loan you need.

New and Pre-owned Cars in Lake Forest

Both new and used vehicles can be purchased through our participating dealers, banks, and finance companies. Regardless of elevated rates of interest, used cars cost less, as is clear in the comparison below.

New Car 1 Year Old Car 2 Year Old Car 3 Year Old Car
Percent of Original Price 100% 75% 60% 50%
Sticker Price $43,620 $32,715 $26,172 $21,810
Money Down $8,724 $3,272 $2,617 $2,181
Interest Rate 5.00% 7.50% 7.50% 7.50%
Term 60 months 48 months 48 months 48 months
Monthly Payment $658.53 $711.91 $569.53 $474.61
Total Interest $4,616 $4,728 $3,783 $3,152
Total Cost $48,236 $37,443 $29,955 $24,962

Newer vehicles are seen as lower risks, however, which you should bear in mind if your credit is poor.

Lake Forest Auto Loans for Bad Credit

Banks usually only finance people who have good credit ratings. That is, scores of 700 or better. Many consumers wind up going to one of the buy here pay here car dealerships in Lake Forest, due to a low credit score, but it’s best to stay clear of these dealerships. We can help. We serve people all across the credit spectrum, helping them secure the loans they need.

It’s now estimated that 20% of Americans have a mistake on their credit report, most of which bring about a lowered credit score

Once every 12 months, you can check your credit free of charge at, a site created by the leading credit bureaus. It is a good idea to do this in order to make sure you secure the interest rate that’s in line with your credit.

Buy Here Pay Here Car Lots in Lake Forest, California

People in the BHPH industry would like you to assume that you have no option but them. However, this usually isn’t the way it is. Generally, dealer financing is indirect, as car dealers work with banks and lenders with whom they have relationships to provide the loans. On the other hand, BHPH dealers don’t. They become both the lender and the dealer..

Problems include:

  • Outrageous Finance Fees
  • Massive Down Payments
  • Overpriced Autos
  • GPS Tracking Devices

If raising your credit score is important to you, you are better off applying through us, as buy here pay here dealers can’t help you rebuild your credit.

Buying a Vehicle in Lake Forest: Loan Amounts

The amount you can borrow will be determined by your credit and income. Take a look at these figures for the average Lake Forest consumer who makes $4,362 a month.

Credit Multiplier Amount
Excellent Credit 10 $43,620
Fair Credit 9 $39,258
Slow Credit 8 $34,896
Bad Credit 7 $30,534
Terrible Credit 6 $26,172

You should be aware, however, that there’s the amount you’re able to finance, and how much is a good idea. Check out this chart, which displays what price car you can afford based on your credit standing, along with an income of $4,362 a month, 5 year loan, and a down payment of 20%.

Exceptional Credit Okay Credit Subprime Credit
Payment Amount $349 $349 $349
Loan Rate 3.50% 7.00% 11.00%
Car Price $23,978 $22,029 $20,062
Down Payment $4,796 $4,406 $4,012
Total Interest $1,755 $3,314 $4,888

Ready to Get Rolling?

Regardless of your credit, we’re ready to help you obtain the funding you need. Connect with an auto finance specialist in your area now.