Auto Loans in Newport Beach (CA)

If you’d like an auto loan in Newport Beach, your search is over. For years, we’ve been securing a network of lenders and dealers across the United States, and we have agents standing by, waiting for your application. We put you in touch with a lending specialist who can guide you each step of the way.

Newport Beach Auto Loan Rates

Lenders would go out of business if they funded loans for people who did not repay them. Consequently, the more inclined you are to make payments on time, the lower your rate of interest will be. As one example of a high versus a low rate of interest, check out this scenario, assuming a 5-year, $39,976 loan:

  • 3.50% APR: $3,658 in interest.
  • 11.00% APR: $12,175 in interest.

To obtain a definitive rate quote, you need to contact an auto finance specialist.

Used Car Auto Loans in Newport Beach

Used cars are a good idea for anyone serious about cutting costs. Lenders demand slightly higher rates on preowned vehicles, but down payments are not but 50% of what they are for new cars and trucks of an equivalent value. Worried you’ll face maintenance problems? This can be lessened by selecting a vehicle that is only a few years old, or obtaining an aftermarket warranty. Below, we have compiled the following figures that will help you figure out if you should finance a vehicle that’s new or used. We’re assuming a two year old vehicle that has lost 50% of its value, and a borrower with a credit score of 690 to 720.

New Car Used Car
Price $49,970 $24,985
Down Payment $9,994 $2,499
Loan Rate 5.00% 7.50%
Term 5 years 4 years
Monthly Payment $754.40 $543.70
Finance Charge $5,288 $3,611
Total Paid $55,258 $28,596

Newport Beach Bad Credit Car Loans

When you’ve got below-average credit, bank financing ordinarily isn’t possible. While below-average credit might make it tricky to purchase a new vehicle, you’re not devoid of options. The good news is, we serve people who have credit problems of all kinds, getting them approved for the loans they need.

Auto loans can actually lead to an increased credit ratings. But obviously, you have to make each of the payments and don’t miss any. In an effort to avoid missed payments, look into options such as automated payments.

Spend 8% of your monthly income, and no more, for your car payment. If you are like the average Newport Beach resident and earn $59,967 per year, this is $400.

Newport Beach Buy Here Pay Here Dealerships

Buy here pay here dealers normally finance people with major credit problems like:

  • Bankruptcy
  • Vehicle Repossession
  • Debt Settlement
  • IRS Liens
  • Collections

They won’t check your credit, so bad credit probably won’t be an obstacle, but you wind up paying a lot for this. You’ll find that used cars and trucks are the only thing on the lot, and these Newport Beach dealers may require you to make payments weekly, in person. Repossession is common, and the interest rates are just plain exorbitant. If that weren’t enough, these car lots almost never report to the credit agencies, which means you could make each and every payment in a timely manner without reviving your credit score.

Newport Beach Income and Finances

  • Gross annual Income: $59,967
  • Monthly Income: $4,997
  • Suggested Monthly Payment: $400 (8% of monthly income)

Vehicle Budgeting in Newport Beach

The total amount you should spend on a new car or truck hinges on several different variables. The numbers in the table below are based upon a monthly payment of $400, which is 8% of the average consumer’s monthly income in Newport Beach, as well as a 20% down payment and 60 month repayment terms. Loan rates are simply estimates.

Good Credit Fair Credit Subprime Credit
Monthly Income $4,997 $4,997 $4,997
Car Payment $400 $400 $400
Interest Rate 3.50% 7.00% 11.00%
Repayment Months 60 60 60
Purchase Price $27,469 $25,236 $22,983
Money Down $5,494 $5,047 $4,597
Total Interest $2,011 $3,797 $5,599