Auto Loans in Rancho Cordova (CA)

Nowadays, lots of car-shoppers in Rancho Cordova are getting their financing approved before going to the dealership, as the advantages are significant:

  • Much less time spent on the car lot.
  • Chance for a lower rate of interest.
  • Increased bargaining leverage.

Rather than waiting until you are in a high-pressure situation at the dealership, we enable you to get approved for financing in advance. You’ll be guided step-by-step through the process by a lending professional in Rancho Cordova.

Credit Acceptance for Rancho Cordova Car Buyers

  • Be truthful when submitting application.
  • Offer at least 10% of the purchase price in cash or trade.
  • If you have bad or no credit, ask somebody to co-sign the contract.

Rancho Cordova Bad Credit Car Loans

Less-than-perfect credit does have some repercussions, which generally include:

  • Inflated loan rates.
  • More significant down payments.
  • Shorter finance terms.

Getting a loan lender in Rancho Cordova that works with bad credit is a must. After all, you don’t want to get turned down or be strapped with an outrageous rate of interest. More often than not, we can place your application with a lender or dealer in Rancho Cordova who wants to fund your loan.

You want to finance a vehicle which fits your car loan, not the other way round, so the financing chat typically comes first.

The dealer may ask you to corroborate your income through pay stubs or tax returns, and bring a current lease or power bill with your street address. Your dealership representative lead you through this process. You shouldn’t be persuaded into purchasing a car that’s more costly than you planned. Bear in mind, you’ve got a credit score to improve.

Buy Here Pay Here Dealerships in Rancho Cordova, California

The BHPH industry has expanded in the past few years, mainly because so many people’s credit scores took hits on account of the credit crunch and housing bubble. These types of dealerships grant financing on location, while conventional dealers utilize third-party lenders, and they typically don’t carry out credit checks.

Downsides include excessively high lending rates and overpriced vehicles and weekly payments If elevating your credit score is important to you, and it should be, you are better off applying through us, seeing as BHPH dealers won’t assist you in raising your credit.

Loan Amounts for Rancho Cordova Residents

The higher your credit, the more you can finance, which also is true of your income. The following figures presume an income of $2,653 monthly, the average among Rancho Cordova residents.

Credit Score Income Factor Amount Borrowed
Great Credit 10 $26,530
Average Credit 9 $23,877
Slow Credit 8 $21,224
Poor Credit 7 $18,571
Horrible Credit 6 $15,918

The truth is, it’s advisable to secure fewer funds than you actually could based on your income and credit. Consider this table, which shows you what price car you can finance given your credit rating, provided an income of $2,653 on a monthly basis, 60 month repayment, and 20% down payment.

Great Credit Decent Credit Bad Credit
Payment Amount $212 $212 $212
APR 3.50% 7.00% 11.00%
Purchase Price $14,584 $13,398 $12,202
Down Payment $2,917 $2,680 $2,440
Loan $11,667 $10,719 $9,762
Total Interest $1,068 $2,016 $2,973
Total Amount Paid $15,651 $15,414 $15,175

Ready to Get Financed?

At Golden West Auto Finance, our mission is getting behind the wheel of a new car. Discuss your needs with a lending specialist near you now.