Auto Loans in Lakewood (CA)

We see too many Lakewood consumers who simply expect that credit problems make it too challenging to finance a car. We’ve spent years building a network of lenders and dealers across the United States, which means we can help applicants from every end of the credit spectrum. Expect to be guided step-by-step through the process by a financing professional in Lakewood.

Lakewood Auto Loan Rates

Lenders would go out of business if they gave loans to people who went into default. Therefore, the better your credit, the cheaper your finance rate is bound to be.

  • FICO score: higher is better.
  • Miles on vehicle: fewer miles is better.
  • Term length: briefer is better.
  • Type of employment: W2 is better.

Loan companies need to know more in order to give you an annual percentage rate. Fortunately, it’s easy to apply online.

Used Car Loans in Lakewood

Pre-owned cars, in all actuality, offer a number of benefits not provided by brand new ones. The interest rates for preowned cars and trucks are moderately higher, but this outlay is made up for in lower sticker prices and rates of depreciation. Worried about service problems? This can be reduced by selecting a vehicle that is still covered by its factory warranty or obtaining an extended service contract. In this table, we’ve compared new and used car loans in Lakewood, California. This assumes a two year old vehicle that has lost 50% of its value, and a buyer with a prime credit score.

New Car Used Car
Price $28,510 $14,255
Down Payment $5,702 $1,426
APR 5.00% 7.50%
Term 5 years 4 years
Monthly Payment $430.42 $310.20
Total Interest $3,017 $2,060
Total Paid $31,527 $16,315

Financing a Car with Bad Credit in Lakewood

Have you got a low credit score resulting from issues like unpaid debts, unemployment, repossession, or bankruptcy? Luckily, there are loan companies and dealerships in Lakewood that accomodate credit-challenged consumers. We have the solution. At Golden West Auto Finance, we serve consumers on every end of the credit spectrum, getting them approved for the loans they need.

Lakewood Bad Credit Car Dealerships

If you have good credit rating, for starters you will have a look at all of the vehicles that are available. However, with bad credit, you will take more time discussing your interest rate, lending terms, and down payment. Car dealers have been known to charge more expensive rates than you’d receive directly from the lender. To make sure you get a reasonable rate, you should ask the dealer the buy rate, or the rate offered by the lender before the dealership adds on extra points for setting up the loan. Regardless of what your credit score is, there is almost always a vehicle to suit your budget. It would be wise of you to look for a payment that is about 5 to 10% of what you get paid per month pre-tax. If you make $2,851 per month, this is a payment of $143 (5%) to $285 (10%).

Buy Here Pay Here Financing in Lakewood, CA

Buy here pay here car dealers normally work with people who have significant credit problems like:

  • Chapter 7 or 13 Bankruptcy
  • Foreclosure
  • Asset Repossession
  • Debt Settlement
  • Collections
  • Judgments
  • Charge-offs

These dealers will finance pretty much anyone, no matter their credit, but there are problems with sort of financing. Disadvantages include:

  • Ridiculous Interest rates
  • Inflated Down Payments
  • Overpriced Vehicles
  • GPS Tracking Devices

If elevating your credit score is important to you, and it ought to be, you should contact an auto finance professional through us, since BHPH dealerships won’t help you rebuild your credit.

Getting a Loan for a Car in Lakewood: Loan Amounts

Have a look at how much you could borrow given several degrees of credit. We’ve included a chart that depicts potential pre-approvals for individuals with an income of $2,851 per month, the average in Lakewood.

Credit Score Multiplier Sum
Good Credit 10 $28,510
Fair Credit 9 $25,659
Temporary Bad Credit 8 $22,808
Bad Credit 7 $19,957
Really Bad Credit 6 $17,106

It’s always good to finance a less expensive car than necessary. In this way, you can leave space in your budget for other things.

Financing a Car at $228 per Month

Have you wondered how much car you really can afford? Take a look at the estimations below. The annual percentage rates have been estimated, and the figures are based on an income of $34,207 a year, the Lakewood average. Loan length is 60 months.

Excellent Credit Okay Credit Poor Credit
Income Per Month $2,851 $2,851 $2,851
Payment $228 $228 $228
Interest Rate 3.50% 7.00% 11.00%
Car Price $15,672 $14,398 $13,113
Money Down $3,134 $2,880 $2,623
Amount Borrowed $12,538 $11,518 $10,490
Total Interest $1,147 $2,166 $3,195
Overall Investment $16,819 $16,564 $16,307

Apply Online in 90 Seconds

If your credit score isn’t ideal, we can help. Speak with an automotive finance professional nearby today.