Auto Loans in Lynwood (CA)

If you’re searching for a new car, you probably will need an auto loan. For years, we’ve been establishing relationships with dealers and lenders across the United States, which means we can help applicants get pre-approved for financing, even if their credit isn’t perfect. Let us match you with a finance specialist who can help you obtain the loan you need for the vehicle you want.

Auto Loans in Lynwood for New Cars

If you’re wanting to buy a new car, bear in mind these rules of thumb. You have 20% down payment available, and you aren’t considering trading in your car before the finance term comes to an end. Leases are simpler to get free from than car and truck loans are, but financing a car gives you ownership of it.

Used Car Auto Loans in Lynwood

Preowned cars and trucks are more affordable, that goes without saying. This means the payments, as well as the cost of insurance, are more affordable monthly. Lenders demand slightly higher interest rates on preowned cars and trucks, but down payments are not but 50% of what they are for brand new vehicles that are similarly priced. Finance companies do have constraints in terms of miles and model year, however.

  • Miles: no more than 70,000 to 100,000 miles.
  • Year of Production: no more than 7 years old.

It is a good idea to have the vehicle inspected prior to purchasing it, or consider a certified preowned car or truck.

Lynwood Bad Credit Car Loans

When you have below-average credit, having your auto loan approved by a bank normally isn’t possible. Naturally, you don’t want to spend your weekends struggling to find a lender or dealer in Lynwood that will work with bad credit borrowers. More than likely, we can match you with a lender or dealer in your zip code who is ready to approve your credit.

Getting your credit approved, not selecting your new vehicle, is the first priority at car dealerships that finance bad credit.

If you apply through us, you can often discuss the main points of your auto loan beforehand, then select a day to choose your vehicle and complete the paperwork. Avoid being tempted into buying a vehicle which costs more than you feel comfortable with. Bear in mind, you’ve got a credit score to re-establish.

Buy Here Pay Here Auto Loans in Lynwood, CA

When you have overwhelming credit problems stemming from issues like bankruptcy or foreclosure, a buy here pay here dealer could very well seem like the only option. Dealers like these will approve almost anyone, regardless of their credit, but there are drawbacks. Unfortunately, you should expect excessive interest rates, huge down payments, and well-used vehicles that are steeply-priced. If boosting your credit score is important to you, you should apply online through us, since BHPH dealers will not help you restore your credit.

Lynwood Consumer Profile

  • Gross annual Income: $35,846
  • Income Per Month: $2,987
  • Average Car Payment: $329
  • Suggested Car Payment: $149 to $299 (5-10% of monthly income)

In the end, an appropriate auto loan is as follows: down payment of 20%, car payment of 5-8% of monthly income, and a repayment term of 60 months or less. Given an income of $2,987 monthly, let’s consider what price car you could buy given your credit.

Great Credit Okay Credit Subprime Credit
Payment $239 $239 $239
Loan Rate 3.50% 7.00% 11.00%
Car Price $16,420 $15,085 $13,738
Down Payment $3,284 $3,017 $2,748
Total Interest $1,202 $2,270 $3,347
Total with Interest $17,622 $17,355 $17,085

Contact an Auto Finance Specialist in Lynwood

Regardless of your credit, we can help you obtain the funding you need. We will place your application with a dealer or lender located in Lynwood.