Auto Loans in Rancho Santa Margarita (CA)

As one of the top providers of automotive financial services, we’re proud to help people in Rancho Santa Margarita get approved for car loans, even with issues such as poor credit, zero credit, and no money down. We assist buyers in Rancho Santa Margarita and across California who want to discover a dealer or lender able to approve them based on their income, credit, and down payment. You will be guided step-by-step through the lending process by a finance professional based where you live.

New and Used Car Loans in Rancho Santa Margarita

Have you determined whether you’re looking for a new car or not? Have a look at these numbers, displaying how much it costs to finance a vehicle that is new as opposed to 12, 24, or 36 months old.

New Car 1 Year Old Car 2 Year Old Car 3 Year Old Car
Depreciation 0% 25% 40% 50%
Sticker Price $61,810 $46,358 $37,086 $30,905
Money Down $12,362 $4,636 $3,709 $3,091
APR 5.00% 7.50% 7.50% 7.50%
Years 5 4 4 4
Monthly Payment $933.14 $1,008.79 $807.03 $672.52
Interest Paid $6,541 $6,700 $5,360 $4,467
Total Paid $68,351 $53,057 $42,446 $35,372

A vehicle finance specialist can help you determine the type of vehicle that is right for you. To speak with one, simply submit your application.

Rancho Santa Margarita Bad Credit Car Loans

A bad credit score results in the following:

  • Increased annual percentage rates.
  • Bigger down payments.
  • Shorter financing terms.

Thankfully, there are lenders and dealerships in Rancho Santa Margarita that accomodate credit-challenged consumers. This is where we come in. At Golden West Auto Finance, we are dedicated to serving customers on every end of the credit spectrum, getting them approved for the loans they need.

Bad Credit Car Dealers in Rancho Santa Margarita

Looking for a car with reasonably priced payments is of utmost importance, and you might not be able to finance many of the vehicles for sale.

Your dealer may expect you to bring some documentation such as proof of income, proof of residence, and driver’s license. You shouldn’t be lured into purchasing a car or truck which costs more than you expected. Re-establishing your credit is the most important thing.

Buy Here Pay Here Car Lots in Rancho Santa Margarita, CA

Buy here pay here dealers primarily help people who have significant credit problems such as:

  • Bankruptcy
  • Foreclosure
  • Involuntary Repossession
  • Judgments

Yes, they do not carry out credit checks, so bad credit probably won’t be a hurdle to approval, but you will really pay for this in the long term.

Drawbacks include:

  • Ridiculous Interest
  • Huge Down Payments
  • Overpriced Autos
  • Ignition Kill-Switches

For this reason, these car dealers have a dirty track record. We can place you with subprime finance specialist who can get you in the car or truck you need, even if your credit is horrible.

Loan Amounts for Rancho Santa Margarita Residents

Hoping to find out what size car loan you can secure based on factors such as your income and credit? We’ve included a chart depicting loan pre-approvals for individuals with an income of $6,181 per month, the average in Rancho Santa Margarita.

Credit Rating Income Factor Amount Borrowed
Excellent Credit 10 $61,810
Average Credit 9 $55,629
Subprime Credit 8 $49,448
Poor Credit 7 $43,267
Very Bad Credit 6 $37,086

The amount you can borrow, and the amount is financially responsible, are two different things.

How Much Car You Can Afford at $494 a Month

In the end, an appropriate auto loan is as follows: down payment of 20%, car payment of 8% of monthly income, and term length of 5 years or less. With an income of $6,181 per month, let’s look at what price car you could buy given your credit.

Good Credit Okay Credit Bad Credit
Monthly Income $6,181 $6,181 $6,181
Monthly Installment $494 $494 $494
Interest Rate 3.50% 7.00% 11.00%
Sticker Price $33,977 $31,215 $28,428
Money Down $6,795 $6,243 $5,686
Interest Paid $2,487 $4,697 $6,926