Auto Loans in Murrieta (CA)

If you are interested in buying a new car, you probably will need an auto loan. We work with a wide network of dealers and lenders, which means we can help applicants of every type of credit and budget. We put you in touch with a finance expert to direct you step by step.

New Car Financing in Murrieta

Are you looking to get approved for a new car? New cars are terrific since they’re virtually hassle-free, and if any issues do pop up, they should be covered by the manufacturer’s warranty. Sadly, top-notch credit is required if you’d like to secure a low interest rate through the dealership, and you might have to have a 20% down payment. If you’re not sure, discussing your situation with a vehicle finance specialist could help you determine if a new vehicle is the right choice.

Used Vehicle Financing in Murrieta

Typically intelligent buyers avoid new vehicles in favor of used ones. Some consumers dismiss used autos for having higher rates of interest, but keep in mind that they still don’t cost as much in upfront cash and in the long run. Maintenance concerns can be alleviated by buying a vehicle that’s only two or three years old, or investing in a new warranty. Below, we’ve placed side by side the costs of new and used auto loans in Murrieta, California. These estimations rely on the following assumptions:

  • New price of $31,610.
  • Used vehicle is three years old.
  • Credit score of 690 to 720.
  • 20% down payment for new car, 10% for used.
  • Simple Interest.
New Car Used Car
Price $31,610 $15,805
Down Payment $6,322 $1,581
Loan Rate 5.00% 7.50%
Term 5 years 4 years
Monthly Payment $477.22 $343.93
Total Interest $3,345 $2,284
Total Paid $34,955 $18,089

Considerations for People in Murrieta with Bad Credit

There are several drawbacks to financing a car with bad credit:

  • You have to pay more in total interest.
  • You have to put more money down.
  • You have to finance for shorter terms.

Nobody likes to deal with being rejected for credit, so you have to locate a dealer or lender in Murrieta that finances subprime credit. Through us, you can contact an automotive lending expert from a dealer or lender within driving distance who is willing to get you in the driver’s seat.

Keep in mind, financing a car can raise your credit score in broad strokes.

As a means to prevent missed payments, consider having your car payment deducted directly from your account. Selecting an appropriate payment amount is a must. For example, let’s say you make $3,161 per month, the average for Murrieta residents.

  • Low Payment: $158 (5%)
  • Intermediate Payment: $253 (8%)
  • Maximal Payment: $316 (10%)

Buy Here Pay Here Auto Loans in Murrieta, California

The BHPH industry has boomed in the years after the recession, largely because so many people’s credit ratings took hits on account of the down economy. Nearly all dealer financing isn’t direct to the consumer, in that car dealers go through banks and lenders with whom they have relationships to provide the loans, but buy here pay here dealers provide funding independently.

Alas, you can expect excessive loan rates, massive down payments, and high mileage vehicles that are steeply-priced. Is boosting your credit a priority for you? Then you should contact a finance specialist through us, since BHPH dealers won’t assist you in raising your credit.

Purchasing a Car in Murrieta: The Amount Can You Finance?

As you may know, lending companies look at your income and credit score to determine the maximum amount they’re willing to let you borrow. We’ve created a chart depicting loan pre-approvals for someone with an income of $3,161 a month, the average in Murrieta.

Credit Multiplier Amount
Great Credit 10 $31,610
Fair Credit 9 $28,449
Slow Credit 8 $25,288
Bad Credit 7 $22,127
Terrible Credit 6 $18,966

The truth is, it’s best to finance fewer funds than you really can. The total amount you should put into a car hinges on numerous variables. The estimates in the table below are based upon payments of $253, which is 8% of the average consumer’s monthly income in Murrieta, together with a 20% down payment and 60 month repayment terms. Rates are simply estimates.

Exceptional Credit Decent Credit Subprime Credit
Payment $253 $253 $253
Interest Rate 3.50% 7.00% 11.00%
Car Price $17,376 $15,964 $14,538
Money Down $3,475 $3,193 $2,908
Interest Paid $1,272 $2,402 $3,542
Price Paid with Interest $18,648 $18,366 $18,080