Auto Loans in San Bernardino (CA)

It is always a good idea to search for financing before heading off to the dealer lot, given that it makes buying a car a much more simple process. We do business with a vast network of dealers and lenders, and that means we can help applicants get pre-approved for financing, even if their credit isn’t perfect. Enjoy the convenience of working with a committed finance specialist who can help answer your questions and set up your loan.

New and Used Car Financing in San Bernardino

If you want the very best bang for your buck, then a used car is the way to go. As table below depicts, used cars frequently cost less money in the end, in spite of their increased loan rates.

New Car 1 Year Old Car 2 Year Old Car 3 Year Old Car
Price $8,560 $6,420 $5,136 $4,280
Money Down $1,712 $642 $514 $428
APR 5.00% 7.50% 7.50% 7.50%
Months 60 48 48 48
Monthly Installment $129.23 $139.71 $111.76 $93.14
Finance Charge $906 $928 $742 $619
Total Cost $9,466 $7,348 $5,878 $4,899

New vehicles are deemed safer investments for lenders, however, which may be an important factor if your credit isn’t so good.

San Bernardino Car Loans with Bad Credit

A bad credit score leads to:

  • Lofty loan rates.
  • Larger down payments.
  • Shorter finance terms.

Luckily, there are loan companies and dealers in San Bernardino that finance people who have bad credit. Through us, you can contact a vehicle lending professional from a dealer or lender in our network who is ready to get you in the driver’s seat.

One thing to keep in mind: financing a car can raise your credit score by leaps and bounds. In fact, after 12-24 months of making payments in time it’s possible you’ll be eligible to refinance at a lower APR. Try not to overtax your finances with a high car payment. Typically 5-8% of your monthly income is advisable, or $43 to $68 if you earn $856, the average in San Bernardino.

San Bernardino Buy Here Pay Here Dealers

For people with been through bankruptcy or foreclosure, buy here pay here financing may seem like a sensible approach. Most dealer finance is sourced elsewhere, in that dealerships work with various lenders to provide the loans. In contrast, BHPH dealers provide auto loans themselves.

Sadly, you will be faced with high annual percentage rates, big down payments, and cars and trucks that are too expensive for the kind of shape they’re in. If increasing your credit score is important to you, and it should be, you are better off applying through us, as BHPH dealerships won’t help you restore your credit.

Buying a Car in San Bernardino: Loan Amounts

The higher your credit, the more you can finance, which also applies to your income. These numbers incorporate an income of $856 a month, which is typical for people who live in San Bernardino.

Credit Income Factor Sum
Great Credit 10 $8,560
Average Credit 9 $7,704
Slow Credit 8 $6,848
Bad Credit 7 $5,992
Terrible Credit 6 $5,136

The truth is, it’s a better idea to purchase a more affordable car than you actually could based on your income and credit. Have a look at this chart, which displays what price car you can finance based upon your credit rating, given an income of $856 a month, 5 year term, and 20% down.

Great Credit Okay Credit Subprime Credit
Monthly Installment $68 $68 $68
APR 3.50% 7.00% 11.00%
Repayment Months 60 60 60
Car Price $4,705 $4,323 $3,937
Down Payment $941 $865 $787
Total Interest $344 $650 $959
Total with Interest $5,050 $4,973 $4,896