Auto Loans in San Diego (CA)

If you need to finance a car in San Diego, you need a lender you can rely on. As opposed to waiting until you’re in the dealer financing office, we enable you to line up a car loan in advance. We will match you with a finance specialist who can help you obtain the car loan required for the vehicle you prefer.

Cars Both Used and New in San Diego

You can get approved for a new or pre-owned car in San Diego, but which is best? As comparison below depicts, used cars will cost you less in the long run, regardless of their increased rates.

New Car 1 Year Old 2 Years Old 3 Years Old
Percent of Original Price 100% 75% 60% 50%
Price $15,900 $11,925 $9,540 $7,950
Money Down $3,180 $1,193 $954 $795
Loan Rate 5.00% 7.50% 7.50% 7.50%
Years 5 4 4 4
Monthly Payment $240.04 $259.50 $207.60 $173.00
Total Interest $1,683 $1,724 $1,379 $1,149
Total Cost $17,583 $13,649 $10,919 $9,099

Newer vehicles are seen as lower risks, however, so they may be financed more easily if your credit is bad.

San Diego Bad Credit Car Loans

Banks ordinarily only finance people with scores of 700 at least. This is the good news: there are loan companies and dealers in San Diego that approve credit-challenged consumers. We can help. At Golden West Auto Finance, we serve people who have credit problems of all kinds, getting them the loans they need.

Checking for Inaccuracies on Your Credit Report

For the lowest rate of interest, make sure you check your credit report for mistakes that could be reducing your score.

Make sure you inspect your credit report at least once per annum. If you don’t, uncaught errors could bring about higher rates, scaled-down loans, and less chance for approval.

Buy Here Pay Here Car Lots in San Diego, CA

People in the buy here pay here industry wants you to think that you can’t get financed anyplace else, but this is seldom the way it is. In most cases, dealer finance is sourced elsewhere, as dealerships go through a network of lenders to provide the loans. By contrast, buy here pay here dealers handle everything on site. They are the actual loan originator.

Downsides include:

  • Excessive Interest
  • Exorbitant Down Payments
  • Overpriced Autos
  • Aggressive Repossession Tactics

Because of this, these car dealers don’t have an outstanding reputation. Let us match you with a reputable dealer who will work with you, even if you’ve had to file bankruptcy.

San Diego Consumer Profile

  • Income Per Year: $19,084
  • Monthly Income: $1,590
  • Optimal Monthly Payment: $80 to $159 (5-10% of monthly income)

The amount you can devote to a car depends on a wide selection of factors. The numbers in the chart below are based upon a monthly payment of $127, which is 8% of the average consumer’s monthly income in San Diego, combined with a 20% down payment and 60 month repayment terms. Lending rates are estimated.

Exceptional Credit Okay Credit Subprime Credit
Monthly Payment $127 $127 $127
APR 3.50% 7.00% 11.00%
Vehicle Price $8,740 $8,030 $7,313
Down Payment $1,748 $1,606 $1,463
Amount Borrowed $6,992 $6,424 $5,850
Interest Paid $640 $1,208 $1,782

Ready to Get Moving?

At Golden West Auto Finance, we take great pride in getting behind the wheel of a new car. There is absolutely no fee to apply, and you could be cruising the streets of San Diego within 24 hours.