Auto Loans in Playa Del Rey (CA)

The price tag on new cars keeps increasing, so it is crucial for you to secure the least expensive interest rate available for your credit. Our industry relationships are second to none, and we specialize in connecting you with the lender who wants your business most. You’ll be led step by step through the process by a finance professional in your city.

Playa Del Rey Auto Finance Rates

Have you checked your credit score? This is the most important factor. Here we’ve got a number of APR estimates for Playa Del Rey.

Credit Score Low APR High APR
Excellent Credit 3.5% 5.6%
Decent Credit 5% 8.8%
Poor Credit 7.1% 19.4%

Keep in mind that these are simply estimations. It’s very difficult to forecast your interest rate without having information such as your credit score and income. Take the opportunity to complete your application, then see what rates you are eligible for.

Used Vehicle Financing in Playa Del Rey

A preowned vehicle is a good option for the cost-conscious shopper. Lenders will charge you slightly higher interest rates on used cars, but down payments are much lower than what they are for new vehicles that are similarly priced. Even if you’re faced with negative equity on a preowned car or truck, it typically won’t be for as long. It is smart to have the vehicle inspected by a mechanic prior to purchasing it, or consider getting a used vehicle that has been checked and certified by the manufacturer itself.

Bad Credit Car Loans in Playa Del Rey

Credit scores are an important factor when buying a car not just in Playa Del Rey, but everywhere. Has yours suffered in recent years? You don’t want to deal with being declined for credit. This is the reason it is essential to get in touch with a company in Playa Del Rey that helps people with non-prime credit. Through us, you can contact an auto finance specialist from a dealer or lender in Playa Del Rey who wants to finance your credit.

A car loan can without a doubt help your credit rating. Just be sure you make each payment on time.

In fact, after 1-2 years of good payment history you might qualify to refinance at a cheaper rate. Selecting the right payment amount is extremely important. To give an example, let’s pretend you earn $3,117 per month, the average for Playa Del Rey residents.

  • Low Payment: $156 (5%)
  • Intermediate Payment: $249 (8%)
  • Maximum Payment: $312 (10%)

Buy Here Pay Here Car Lots in Playa Del Rey, California

Many people in Playa Del Rey and throughout California go to buy here pay here auto lots, believing they can only get approved at such a place. Not so. These types of dealers provide credit lines on the lot, in contrast to traditional dealerships which make use of banks and other lenders, and they typically don’t turn anyone away.

In most cases, higher-mileage vehicles are the only ones offered, and dealers may require you to have a GPS tracking system mounted in your vehicle. Repossession rates are high, as are the interest rates. That isn’t all: these dealerships seldom report to the credit agencies, so you could make all of your payments in a timely manner without any lift in your credit score.

Loan Pre-approvals for Playa Del Rey Residents

For the most part, lenders look at your income and credit score to determine how much they will lend you. As an example, consider these numbers for the average Playa Del Rey consumer who makes $3,117 a month.

Credit Multiplier Amount
Good Credit 10 $31,170
Fair Credit 9 $28,053
Temporary Bad Credit 8 $24,936
Bad Credit 7 $21,819
Really Bad Credit 6 $18,702

How much you can borrow, and how much you ought to, should not be confused.

How Much Car You Can Afford with $249 Monthly Payment

Take a look at this table revealing what car can be afforded with a payment amount of $249, 20% down payment, and 60 month term.

Good Credit Decent Credit Bad Credit
Income Per Month $3,117 $3,117 $3,117
Payment Amount $249 $249 $249
Loan Rate 3.50% 7.00% 11.00%
Number of Months 60 60 60
Purchase Price $17,134 $15,741 $14,336
Money Down $3,427 $3,148 $2,867
Amount Borrowed $13,707 $12,593 $11,469
Total Interest $1,254 $2,368 $3,493