Auto Loans in Petaluma (CA)

Cars have become more and more expensive, but if you are savvy in how you deal with the financial part of the equation, you’ll save a bundle down the line. Our industry partnerships are unmatched, and we specialize in getting you financed by the lender that wants your business most. It is tough to imagine a more convenient way to finance your next car.

New and Used Auto Loans in Petaluma

Interested in a new car or truck? Financing a new car has its benefits:

  • Reduced annual percentage rates.
  • More manufacturer rebates.
  • Vehicle is under service contract for the greater part of finance term.
  • 60-72 month financing to choose from.

However, if you finance a new car, you probably shouldn’t plan on trading it in before the term is up, so you don’t wind up owing the bank even after the car has been traded in or sold. Given that new cars aren’t as susceptible to maintenance troubles, however, quite a few banks and finance companies will these loans for consumers with below-average credit.

Used Car Financing in Petaluma

If you want to minimize negative equity, you really should purchase a preowned car. Used cars command higher APR rates, but down payments are often half of what they are for brand new vehicles of around the same price. Maintenance worries can be relieved by opting for a vehicle still under warranty or purchasing an aftermarket warranty. Let’s look at a comparison of new and used car loans in Petaluma, California. These estimations are based on the following assumptions:

  • Used vehicle is three years old.
  • Credit score of 690 to 720.
  • 20% down payment for new car, 10% for used.
  • Fixed APR.
New Car Used Car
Price $17,310 $8,655
Down Payment $3,462 $866
APR 5.00% 7.50%
Length 5 years 4 years
Monthly Payment $261.33 $188.34
Total Interest $1,832 $1,251
Total Paid $19,142 $9,906

Bad Credit Car Loans in Petaluma

If you’ve got excellent credit, you’ll likely benefit from minimal annual percentage rates and advantageous terms. Unfortunately, a lot of people don’t have this convenience. Fortunately, there are finance companies and dealers in Petaluma that finance people who have credit problems. Fortunately, we are experts in serving customers at every point on the credit spectrum, getting them approved for the loans they need.

A significant portion of your credit score is determined by your payment history, and making payments on your new car loan can help you improve your credit.

Just be sure to never miss a payment, as it can hurt your score considerably. You should settle on an economical monthly payment. Typically no more than 5-8% of your monthly income is healthy, or $87 to $138 if you earn $1,731, the average in Petaluma.

Buy Here Pay Here Financing in Petaluma, CA

Considering financing a car through a BHPH dealer on account of bad credit? Ordinarily, there are better options. These types of dealerships grant financing on the lot, whereas most dealerships farm this out to separate lenders, and they will typically finance everyone. Drawbacks include inflated rates of interest, down payments, and vehicle prices, and you are likely to get a car or truck that has already been repossessed multiple times There is a reason why these car dealers have a dirty reputation. Let us place you in the hands of subprime finance professional who can get you approved, not matter your credit.

Loan Amounts for Petaluma Consumers

Want to find out what size car loan you’ll be able to get based on your income and credit? As an example, check out these figures based on an income of $1,731 a month, the average in Petaluma.

Credit Multiplier Loan
Good Credit 10 $17,310
Fair Credit 9 $15,579
Subprime Credit 8 $13,848
Bad Credit 7 $12,117
Horrible Credit 6 $10,386

Remember that it’s a bad idea to get a loan than you really need, only because you can. Overall, an appropriate finance package incorporates a down payment of 20%, car payment of 8% of monthly income, and term length of 5 years or less. With an income of $1,731 monthly, let’s see the amount you could spend based upon your credit.

Good Credit Decent Credit Subprime Credit
Car Payment $138 $138 $138
Rate 3.50% 7.00% 11.00%
Payment Term 5 Years 5 Years 5 Years
Car Price $9,515 $8,742 $7,961
Money Down $1,903 $1,748 $1,592
Note Size $7,612 $6,994 $6,369
Total Interest $697 $1,315 $1,940

Consult a Finance Manager Near You!

Regardless of your credit, we’re ready to help you get the funds you need. Connect with an automotive finance expert in Petaluma now.