Auto Loans in Paramount (CA)

If you are looking to buy a new car, chances are you are going to need an auto loan to complete your purchase. We’ve spent years establishing a network of dealers and lenders across the state of California, and we have finance professionals approve you for the financing you need. Expect to be led step by step through the process by a financing specialist in Paramount.

Gauging Interest Rates in Paramount

Getting approved at the very best rate of interest possible should be the first priority, as it will dictate how much your vehicle costs by the time it’s paid off. Take a look at how various factors affect your interest rate.

  • Credit score: higher score means lower interest rate.
  • Miles on vehicle: less mileage means lower interest rate.
  • Term length: fewer months leads to lower interest rate.
  • Loan to value ratio: lower ratio results in lower interest rate.

It is extremely tough to determine your APR rate without having more information. Just apply online, which enables you to learn what rates of interest Paramount dealers and lenders can offer you.

Used Vehicle Financing in Paramount

Preowned autos offer a number of significant merits:

  • They are less expensive to purchase.
  • They are cheaper when it comes to insurance.
  • They aren’t devalued as quickly.

Sometimes people disregard preowned cars for having more costly annual percentage rates, but bear in mind that they are cheaper in upfront cash and in sum total. For anyone who is worried about maintenance, you can shop for a vehicle with low mileage and exceptional reliability. Let’s look at a comparison of new and used auto loans in Paramount, California. We’re assuming a two year old vehicle that has lost one half of its value, and a buyer with a credit score of 690 to 720.

New Car Used Car
Price $30,640 $15,320
Down Payment $6,128 $1,532
Interest Rate 5.00% 7.50%
Term 5 years 4 years
Monthly Payment $462.57 $333.38
Interest Paid $3,242 $2,214
Total Paid $33,882 $17,534

Paramount Car Loans for Bad Credit

For people with below-average credit, a car loan approved by a bank normally isn’t an option. No one wants to deal with having a loan application declined, and therefore it is essential to locate a dealer or lender in Paramount that has experience with low credit scores. We have the solution. At Golden West Auto Finance, we specialize in serving consumers who have credit problems of all kinds, getting them the loans they need.

Bad Credit Dealerships in Paramount

At a bad credit dealership, your finance specialist will want to discuss financing right from the start.

So as to satisfy the lender’s requirements, you will typically need to furnish documents such as proof of income, proof of residence, and driver’s license. Never be tempted into buying a car that costs more than you planned. Don’t forget, you have a credit score to re-establish.

Buy Here Pay Here Dealers in Paramount, CA

The BHPH industry has expanded in the past few years, largely due to the fact that so many consumers’ credit ratings suffered on account of the economy. They seldom perform credit checks, meaning bad credit probably won’t be an obstacle, but you will really pay for this over time. You will find that preowned autos are the only models available, and these are not zero down car deals. In most cases, the down payment is equivalent to what the dealer paid for the vehicle in the first place, and lending rates that border the California’s maximum legal limit are typical. Because of this, these car dealers have a sullied track record. We want to connect you with a reputable dealer who can get you approved, not matter your credit.

Paramount Income and Finances

  • Annual Income: $36,769
  • Income Per Month: $3,064
  • Optimal Car Payment: $153 to $306 (5-10% of monthly income)

To conclude, an appropriate finance package is as follows: down payment of 20%, car payment of less than 10% of monthly income, and a repayment term of 60 months or less. Provided an income of $3,064 each month, let’s take a look at how much car you could buy given your credit.

Great Credit Okay Credit Bad Credit
Monthly Income $3,064 $3,064 $3,064
Car Payment $245 $245 $245
Loan Rate 3.50% 7.00% 11.00%
Sticker Price $16,843 $15,474 $14,092
Down Payment $3,369 $3,095 $2,818
Interest Paid $1,233 $2,328 $3,433
Total Amount Paid $18,076 $17,802 $17,526

Submit Your Online Application

No matter your credit, we’d love to help you get the funds you need. Apply online, and we’ll get you approved. It’s fast, safe, and there’s no fee.