Auto Loans in Redondo Beach (CA)

Here at Golden West Auto Finance, we help people in Redondo Beach get approved for car loans, even if they are contending with such things as:

  • Rocky Credit
  • Zero Credit
  • Zero Trade Equity or Cash

We assist buyers in Redondo Beach daily who wish to get approved online for financing. You will be led step-by-step through the process by a financing professional in Redondo Beach.

Auto Loans in Redondo Beach for New Cars

We help people get approved for both new and used cars and trucks. Buying a new car is generally simpler and easier than buying one that’s used, since you don’t have to concern yourself with how the last owner cared for the vehicle. Often times though, first-rate credit is often required in order to be eligible for a low interest or zero down car deal through the dealership, and chances are you’ll be asked to have a 20% down payment. If you’re unsure, a vehicle finance professional will help you determine whether a new vehicle is best for you.

Auto Loans for Used Cars in Redondo Beach

Used vehicles are a good option for anyone serious about building wealth. Preowned cars command higher APR rates, but down payments are not but 50% of what they are for brand new vehicles of an equivalent value. A lot of banks and finance companies, however, will want you to find your car at a car dealership and not a private seller. To help you decide which sort of car you need, we have published this helpful table. These estimates are based on these assumptions:

  • 50% depreciation in the initial three years of ownership.
  • Prime credit score.
  • 20% down payment for new car, 10% for used.
  • Fixed APR.
New Car Used Car
Price $57,450 $28,725
Down Payment $11,490 $2,873
APR 5.00% 7.50%
Duration 60 months 48 months
Monthly Payment $867.32 $625.09
Interest $6,079 $4,152
Total Paid $63,529 $32,877

Considerations for People in Redondo Beach with Bad Credit

Banks ordinarily approve individuals with good credit scores. That is, scores of 700 at minimum. Locating a loan company in Redondo Beach that is focused on bad credit is critical. After all, you don’t want to get rejected or be charged an outrageous rate of interest. Through us, you can contact an automotive financing professional from a lender or dealer in your area who wants to approve you for financing.

A primary component of your credit score is based on your record of payments. That means a car loan, being a significant installment loan, can help you in rebuilding your credit. Just make sure not to miss a payment, as it can decrease your score significantly.

Budget 8% of your monthly income, and no more, for your car loan. For consumers in Redondo Beach who make $5,745 per month, this is $460.

Redondo Beach Buy Here Pay Here Car Lots

Have you considered financing a car through a BHPH dealer on account of bad credit? Normally, there are better alternatives. They won’t conduct credit checks, meaning bad credit probably won’t be a hindrance, but you end up paying quite a lot for this. Downsides include:

  • Excessive Rates of Interest
  • Outrageous Down Payments
  • Overpriced Vehicles
  • GPS Tracking Devices

That isn’t all: these car lots seldom work with the credit bureaus, which means you could make every single payment on time without reviving your credit score.

Redondo Beach Consumer Profile

  • Annual Income: $68,938
  • Income Per Month: $5,745
  • Typical Car Payment: $632
  • Suggested Monthly Payment: $287 to $575 (5-10% of monthly income)

Check out this chart revealing what car can be afforded with a monthly installment of $460, 20% down payment, and 5-year term.

Good Credit Okay Credit Bad Credit
Monthly Income $5,745 $5,745 $5,745
Payment Amount $460 $460 $460
Rate 3.50% 7.00% 11.00%
Repayment Years 5 5 5
Car Price $31,580 $29,013 $26,423
Money Down $6,316 $5,803 $5,285
Loan $25,264 $23,211 $21,138
Total Interest $2,312 $4,365 $6,438