Auto Loans in San Francisco (CA)

There are several different ways of securing a car loan in San Francisco, but few firms have improved the process like ours has. We do business with an extensive network of dealers and lenders, and we have agents approve you for the financing you need. It really is tough to envision a more convenient way to obtain the financing you need.

San Francisco Auto Loan Rates

Rate of interest is a big question for a lot of borrowers, as it should be, and it’s calculated from a number of factors. Leading among these is your credit. Not surprisingly, a better credit score equals a less expensive annual percentage rate. What subprime credit costs you is often shocking. For a $17,296 auto loan, you would pay $1,583 in interest at a rate of 3.50% for 60 months, and $5,267 at a rate of 11.00%. To obtain an exact estimate of your interest rate, you will have to consult a finance professional.

Used Car Auto Loans in San Francisco

Used cars are more affordable, as everyone knows. What this means is the payments, as well as the cost of insurance, are more affordable monthly. Lenders can charge slightly higher rates of interest on preowned cars and trucks, but down payments are much less than what they are for brand new cars and trucks of around the same price. Even if you are faced with negative equity on a preowned car or truck, it will typically be for a shorter length of time. Below, you will find the following numbers to help you determine whether you ought to buy a new or used vehicle. These estimates rely on the following assumptions:

  • Three year old used vehicle.
  • Good credit score.
  • 20% down payment for new car, 10% for used.
  • Fixed APR.
New Car Used Car
Price $21,620 $10,810
Down Payment $4,324 $1,081
Loan Rate 5.00% 7.50%
Term 5 years 4 years
Monthly Payment $326.40 $235.24
Interest $2,288 $1,562
Total Paid $23,908 $12,372

Financing a Car in San Francisco with Bad Credit

Less-than-perfect credit has consequences, which typically include:

  • Steeper interest rates.
  • Substantial down payments.
  • Shorter finance terms.

With good reason, you don’t want to spend your weekends looking for a bank or finance company in San Francisco that works with subprime borrowers. Through us, you can contact a vehicle lending specialist from a dealer or lender within driving distance who is ready to finance your credit.

In order to secure the lowest rate of interest, make time to examine your credit report for discrepancies that could be reducing your score.

Make sure you review your credit report no less than once annually. If you don’t, unfixed mistakes could contribute to higher rates, smaller sized loans, and less chance for approval.

Buy Here Pay Here Car Lots in San Francisco, CA

If you have severe credit problems stemming from issues like bankruptcy or repossession, a buy here pay here dealer could possibly seem like a good plan. They don’t pull your credit, meaning bad credit ought not be an impediment, but you will really pay for this in the long run. Issues include outrageous annual percentage rates, money due at signing, and vehicle prices That isn’t all: these dealers almost never work with the credit bureaus, which means you could make every single payment when they’re due with no lift in your credit score.

Getting a Loan for a Vehicle in San Francisco: How Much Can You Finance?

Not surprisingly, lenders consider your income and credit score to calculate how much they’ll lend you. As an example, consider these numbers for the average San Francisco resident who gets paid $2,162 a month.

Credit Multiplier Sum
Good Credit 10 $21,620
Fair Credit 9 $19,458
Slow Credit 8 $17,296
Poor Credit 7 $15,134
Very Bad Credit 6 $12,972

How much you can borrow, and how much is smart, aren’t one in the same. Take a look at this table, which shows what price car suits your budget based on your FICO score, along with an income of $2,162 a month, 5 year term, and a down payment of 20%.

Great Credit Okay Credit Subprime Credit
Monthly Payment $173 $173 $173
APR 3.50% 7.00% 11.00%
Number of Months 60 60 60
Vehicle Price $11,885 $10,919 $9,944
Down Payment $2,377 $2,184 $1,989
Borrowed Funds $9,508 $8,735 $7,955
Total Interest $870 $1,643 $2,423
Total Investment $12,755 $12,561 $12,366

Apply Online in 3 Minutes

There are dealers and lenders who are prepared to approve you for financing. Get in touch with a lending expert in San Francisco today.