Auto Loans in Montebello (CA)

In Montebello, you have several options for getting a car loan, but few firms have optimized the experience like ours has. Rather than waiting until you are in a high-pressure situation at the dealership, we enable you to apply for financing in advance. More often than not, we can position our customers with a willing dealer or lender within a minute.

New versus Pre-owned Cars in Montebello

Have you determined if you want a new car or a used one? Even with more expensive loan rates, pre-owned cars cost less money, as is shown in the chart .

New Car 1 Year Old Car 2 Year Old Car 3 Year Old Car
Sticker Price $32,310 $24,233 $19,386 $16,155
Owed Upfront $6,462 $2,423 $1,939 $1,616
Loan Rate 5.00% 7.50% 7.50% 7.50%
Years 5 4 4 4
Monthly Payment $487.78 $527.32 $421.86 $351.55
Finance Fees $3,419 $3,502 $2,802 $2,335
Overall Cost $35,729 $27,735 $22,188 $18,490

It’s not necessary to make a decision today. However, if you submit your application, you can chat with an auto finance specialist about your options.

Financing a Car in Montebello with Bad Credit

Have you got less-than-perfect credit as a result of issues like delinquent bills, job loss, foreclosure, or bankruptcy? With good reason, you don’t want to waste a lot of time looking for a bank or dealer in Montebello that will work with subprime credit. We have the solution. We serve consumers at every point on the credit spectrum, getting them the loans they need.

A major portion of your credit score is influenced by your record of payments, and making payments on your new car loan can help you re-establish your credit. So as to prevent missed payments, consider having your car payment subtracted directly from your checking account. Determining the right payment amount is crucial. For example, let us suppose you have an income of $3,231 per month, the average for Montebello residents.

  • Low Payment: $162 (5%)
  • Intermediate Payment: $258 (8%)
  • Maximum Payment: $323 (10%)

Buy Here Pay Here Auto Loans in Montebello, CA

The BHPH industry has grown in the years after the downturn, mainly because so many consumers’ credit scores took hits on account of the housing market and slow economy. These dealers will finance pretty much anybody, regardless of their credit, but there are disadvantages. More often than not, preowned autos are the only thing for sale, and you may be asked to pay weekly, in person. Repossession frequently occurs, and the interest rates are plain silly, they are so excessive. This is why these dealers have a dirty track record. Let us match you with a reputable dealer who will work with you, even if you have bad credit.

Purchasing a Vehicle in Montebello: The Amount Can You Finance?

As a rule, lending companies evaluate your credit and income to decide how much they’ll let you borrow. The following numbers use an income of $3,231 a month, which is typical of the average Montebello resident.

Credit Rating Multiplier Loan
Excellent Credit 10 $32,310
Average Credit 9 $29,079
Temporary Bad Credit 8 $25,848
Poor Credit 7 $22,617
Terrible Credit 6 $19,386

Keep in mind, it’s a mistake to finance a more expensive car than you really need, simply because you can. Overall, an appropriate funding arrangement incorporates a down payment of 20%, car payment of 5-8% of monthly income, and a repayment term of 5 years or less. Provided an income of $3,231 each month, let’s look at the amount you could spend based upon your credit.

Exceptional Credit Fair Credit Subprime Credit
Monthly Installment $258 $258 $258
Rate 3.50% 7.00% 11.00%
Vehicle Price $17,761 $16,317 $14,860
Down Payment $3,552 $3,263 $2,972
Interest Paid $1,300 $2,455 $3,621

Consult a Finance Professional in Montebello!

Our company is your trusted source when it comes to financing a car in Montebello. We will connect you with a dealer or lender that’s local to Montebello.