Auto Loans in Riverside (CA)

Here at Golden West Auto Finance, we’re proud to help people in Riverside get approved for financing, even with difficulties such as poor credit, zero credit, and lack of down payment. We’ve spent years securing relationships with dealers and lenders across the country, and we are dedicated to placing your application with the dealer that is most likely to fit your needs. Expect to be guided step-by-step through the process by a finance professional in your area.

Gauging Interest Rates in Riverside

Getting approved at the most competitive rate of interest you can should be your main goal, since it will determine how much your vehicle ends up costing in sum total. As one example of how important your interest rate is, check out these numbers.

This table shows the identical auto loan at 3.50% and 11.00% APR:

Strong Credit Bad Credit
Size of Loan $16,024 $16,024
Loan Rate 3.50% 11.00%
Months 60 60
Interest Paid $1,466 $4,880

To get an accurate estimate of your interest rate, it is advisable to contact an auto finance professional.

Used Vehicle Financing in Riverside

Used autos are cheaper, that goes without saying. What this means is the payments, as well as the cost of insurance, are lower month after month. Sometimes people discount preowned autos for having more costly annual percentage rates, but bear in mind that they are cheaper up front and over time. For anyone concerned about repairs and maintenance, you’ll want to find yourself a vehicle with low miles and excellent ratings in terms of dependability. Here is a comparison of new and used vehicle loans in Riverside, California. These estimations rely on these assumptions:

  • 50% depreciation in first 36 months of ownership.
  • Good credit score.
  • Down payment of 20% for new car, 10% for used.
  • Fixed APR.
New Car Used Car
Price $20,030 $10,015
Down Payment $4,006 $1,002
Loan Rate 5.00% 7.50%
Term 60 months 48 months
Monthly Payment $302.39 $217.94
Interest $2,120 $1,447
Total Paid $22,150 $11,462

Auto Loans in Riverside with Bad Credit

Banking institutions ordinarily only finance those with good to excellent credit scores. That is, scores of 700 or higher. While subprime credit could make it challenging to finance a new vehicle, it isn’t out of the question. Through us, you can contact a vehicle financing expert from a lender or dealer in your area who wants to fund your loan.

Should Your Score Be Stronger?

In order to receive an inexpensive rate of interest, make sure you inspect your credit report for inaccuracies that could be bringing down your score.

One time each year, you can check your credit for free at Annual Credit Report, a site created by the leading credit bureaus, and make certain you receive the interest rate you deserve.

Buy Here Pay Here Auto Loans in Riverside, California

Considering going to a buy here pay here dealer for approval? Ordinarily, there are more attractive alternatives. It’s true, they don’t pull your credit, so your credit problems shouldn’t be a barrier to approval, but you wind up paying a lot for this.

Problems with sort of financing include:

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

Because of this, these car dealers have a lousy track record. We can connect you with a reputable dealer who can get you in the car or truck you want, regardless of your credit.

Riverside Consumer Profile

  • Gross annual Income: $24,035
  • Monthly Income: $2,003
  • Typical Car Payment: $220
  • Suggested Monthly Payment: $100 to $200 (5-10% of monthly income)

Auto Loan Budgeting for Riverside Buyers

The amount you ought to spend on a new car or truck depends on various variables. These numbers are based on a monthly payment of $160, which is 8% of the average consumer’s monthly income in Riverside, coupled with a 20% down payment and 60 month loan. Loan rates are estimated.

Prime Credit Fair Credit Bad Credit
Payment Amount $160 $160 $160
Interest Rate 3.50% 7.00% 11.00%
Term 60 Months 60 Months 60 Months
Vehicle Price $11,010 $10,116 $9,212
Down Payment $2,202 $2,023 $1,842
Amount Borrowed $8,808 $8,092 $7,370
Interest Paid $806 $1,522 $2,244
Total Paid $11,816 $11,638 $11,457

Complete Your Online Application

At Golden West Auto Finance, our mission is getting in the driver’s seat of a new car. There’s no fee for applying, and you could be cruising the streets of Riverside within 24 hours.