Auto Loans in Palos Verdes Peninsula (CA)

Looking to purchase a new or used car or truck? In that case, it’s likely that you need a car loan to afford the car you want. We do business with an extensive network of lenders and dealers, and we have one of the highest approval rates in the business. In most cases, we’re able to position our clients with an appropriate lender or dealer within 60 seconds.

Finance Recommendations for Palos Verdes Peninsula Car Buyers

  • Enter accurate information on your application.
  • Offer at least 10% of the purchase price up front.
  • Get a co-signer for your loan.
  • Opt for a car which costs just 10-50% of your yearly income.

Bad Credit Palos Verdes Peninsula Car Loans

Bad credit has several disadvantages:

  • You have to pay more in interest.
  • You have to put more money down.
  • You have to stick with a shorter term loan.

No one wants to deal with having a new line of credit declined. Consequently, you’ll want to look for a dealer or lender in Palos Verdes Peninsula that finances non-prime credit. When you apply online through Golden West Auto Finance, we work to find you a lender or dealer within driving distance who is willing to fund your loan.

You want to finance a vehicle that fits your car loan, not vice versa, so a discussion about financing normally comes first.

To get the lowest rate you possibly can, make sure you inquire about the buy rate, or the rate offered by the lender before the dealer tacks on extra points for setting up the loan. If at all possible, your monthly payment should equate to just 5-8% of your monthly income. As one example, a typical Palos Verdes Peninsula consumer who makes $8,901 monthly, the average, should plan to set aside just $445 to $712.

Buy Here Pay Here Dealerships in Palos Verdes Peninsula, CA

Buy here pay here dealers hopes you believe that no place but them will finance you, yet this generally isn’t the case. Most of the time, dealer finance isn’t direct to the consumer, as car dealers go through various lenders to provide the loans, but BHPH dealers don’t. They provide car loans themselves. Sadly, you should be prepared for exorbitant rates of interest, expensive down payments, and cars and trucks that are too expensive for the number of miles they have. Even worse, these car lots rarely work with the credit bureaus, and that means you could make each and every payment on time without any boost to your FICO score.

Loan Amounts for Palos Verdes Peninsula Consumers

Take a look at the maximum loan amount you’ll be eligible to finance given a few different credit tiers. Check out these amounts for the average Palos Verdes Peninsula resident who has a monthly income of $8,901.

Credit Multiplier Amount
Great Credit 10 $89,010
Average Credit 9 $80,109
Temporary Bad Credit 8 $71,208
Bad Credit 7 $62,307
Horrible Credit 6 $53,406

But don’t forget: there is how much you can borrow, and how much is wise. How much you should put into a new car or truck is based on a wide selection of factors. The estimates in the chart below are derived from payments of $712, which is 8% of the average consumer’s monthly income in Palos Verdes Peninsula, together with a 20% down payment and 60 month loan. Lending rates are simply estimations.

Good Credit Average Credit Bad Credit
Monthly Payment $712 $712 $712
APR 3.50% 7.00% 11.00%
Number of Years 5 5 5
Car Price $48,929 $44,952 $40,938
Money Down $9,786 $8,990 $8,188
Loan Amount $39,143 $35,961 $32,751
Interest Paid $3,582 $6,763 $9,974
Overall Investment $52,511 $51,715 $50,912