Auto Loans in San Luis Obispo (CA)

In San Luis Obispo, you have several options for securing a car loan, but not many firms have simplified credit approval like us. We’ve spent years establishing a network of lenders and dealers across the United States, which means we can help applicants from every end of the credit spectrum. You will be guided one step at a time through the process by a financing professional in San Luis Obispo.

New and Used Cars in San Luis Obispo

If you’d like the very best value for your money, then a pre-owned car is the best option. Check out this comparison of the cost to finance a vehicle that is brand new, compared to one that’s 1-3 years old.

New Car 1 Year Old Car 2 Year Old Car 3 Year Old Car
Price $9,500 $7,125 $5,700 $4,750
Money Down $1,900 $713 $570 $475
APR 5.00% 7.50% 7.50% 7.50%
Term 5 years 4 years 4 years 4 years
Monthly Installment $143.42 $155.05 $124.04 $103.36
Total Interest $1,005 $1,030 $824 $687
Total Cost $10,505 $8,155 $6,524 $5,437

Newer vehicles are regarded as safer investments for lenders, however, which you should keep in mind if you have bad credit.

Buying a Car with Bad Credit in San Luis Obispo

Poor credit makes for the following:

  • Steeper interest rates.
  • Bigger down payments.
  • Shortened repayment terms.

Here is the good news: there are loan companies and dealerships in San Luis Obispo that say yes to people who have credit problems. Luckily, we serve consumers at every point on the credit spectrum, helping them secure the loans they need.

A major percentage of your credit score is influenced by your record of payments, and making payments on your new loan can help you rebuild your credit.

On the other hand, a single missed payment can hurt your score dramatically.

Spend 8% of your monthly income, and no more, for your auto loan. If you live in San Luis Obispo and, like the average resident, have an income of $950 per month, this would be $76.

Buy Here Pay Here Dealerships in San Luis Obispo, California

People young and old in San Luis Obispo resort to buy here pay here dealers, convinced that they will only be able to finance a car with no credit check. Not so. These car lots approve financing on the lot, in contrast to traditional dealerships which utilize one of their affiliated lenders, and they regard your job as your credit. Drawbacks include:

  • Inflated Rates of Interest
  • Massive Down Payments
  • Overpriced Vehicles
  • Aggressive Repossession Tactics

Is boosting your credit important to you? If so, you are better off applying through us, since BHPH dealers won’t aid you in restoring your credit.

Loan Amounts for San Luis Obispo Residents

Curious to know how much you can finance based on your income and credit? As an example, check out these amounts based off of an income of $950 per month, which is the average in San Luis Obispo.

Credit Income Factor Sum
Excellent Credit 10 $9,500
Decent Credit 9 $8,550
Temporary Bad Credit 8 $7,600
Poor Credit 7 $6,650
Very Bad Credit 6 $5,700

It’s always a mistake to finance a more expensive car than you should, only because you are able to.

Auto Loans at $76 per Month

Below we have a table demonstrating what car you can afford with a monthly installment of $76, 20% down payment, and 60 month term.

Good Credit Average Credit Poor Credit
Car Payment $76 $76 $76
Interest Rate 3.50% 7.00% 11.00%
Purchase Price $5,222 $4,798 $4,369
Down Payment $1,044 $960 $874
Borrowed Funds $4,178 $3,838 $3,495
Interest Paid $382 $722 $1,065
Total with Interest $5,604 $5,520 $5,434

Ready to Get Moving?

We’re your trusted source for auto loans in San Luis Obispo. Apply online, and we’ll get you approved. It’s quick, easy, and there’s no fee.