Auto Loans in Monrovia (CA)

If you’re searching for a new car, you probably need a car loan to complete your purchase. Our industry experience is unmatched, and we have specialists standing by, waiting for your application. In most cases, we’re able to place our clients with the right lender or dealer in real time.

Benefits for Monrovia Car-Buyers

  • Huge network of California dealers and lenders.
  • Scheduled appointment to select your car or truck.
  • No minimum credit score for pre-approval.
  • Both new and pre-owned vehicles approved for financing.

Bad Credit Monrovia Car Loans

For the most part, auto loan companies look at your auto industry credit score. This score draws on your history with car loans and leases. Although low credit scores might make it challenging to purchase a car, you’ve got some options. Odds are we can find you a dealer or lender within driving distance who is willing to approve your credit.

Car Dealerships for Bad Credit in Monrovia

If you have a favorable credit record, your top priority will be to view what vehicles are available. If you have bad credit, however, you will spend more time negotiating your interest rate, lending terms, and down payment.

To get the lowest rate you can, make sure to ask the dealer the rate quoted by the lender referred to as the buy rate. In a perfect world, your car payment should be just 5-8% of your monthly income. For instance, a resident of Monrovia who earns $1,936 per month, the average, should plan to commit a maximum of $97 to $155.

Monrovia Buy Here Pay Here Dealers

Buy here pay here dealers customarily help people with major credit problems such as:

  • Chapters 7 or 13
  • Vehicle Repossession
  • Tax Liens

Most of the time, dealer finance is outsourced, in that dealers go through banks or credit unions to provide the loans, but BHPH dealers provide auto loans independently.

You will find that preowned autos are the only ones for sale, and these are not no down payment cars. Normally, the down payment is the same as what the dealer paid for the vehicle, and you could find yourself paying thousands in the long run through inflated rates. As if that weren’t enough of an issue, these dealerships almost never report to the credit bureaus, so you could make every single payment as agreed without improving your FICO score.

Buying a Vehicle in Monrovia: Loan Amounts

The stronger your credit, the bigger amount you can borrow, which also applies to your income. We’ve included a chart depicting loan pre-approvals for people with an income of $1,936 a month, the average in Monrovia.

Credit Income Factor Sum
Great Credit 10 $19,360
Decent Credit 9 $17,424
Temporary Bad Credit 8 $15,488
Bad Credit 7 $13,552
Really Bad Credit 6 $11,616

Truth be told, though, it’s better to finance a less costly car than you actually could based on your income and credit. Are you wondering how much car you can get financed? Have a look at the chart below, but keep in mind that the rates of interest are only estimations, and the figures are based upon an income of $23,234 a year, the average in Monrovia. Loan length is 5 years.

Exceptional Credit Okay Credit Poor Credit
Income Per Month $1,936 $1,936 $1,936
Monthly Payment $155 $155 $155
Loan Rate 3.50% 7.00% 11.00%
Months 60 60 60
Purchase Price $10,642 $9,777 $8,904
Down Payment $2,128 $1,955 $1,781
Amount Borrowed $8,514 $7,822 $7,123
Interest Paid $779 $1,471 $2,169

Your Monrovia Car Loan is Waiting!

No matter your credit, we work hard to help you find the funding you need. Submit your application, and we’ll get you approved. It’s fast, simple, and there’s no fee.