Auto Loans in San Marcos (CA)

If you are looking to buy a new car, there is a good chance you need a car loan. We’ve spent years securing relationships with lenders and dealers across the United States, and we have lenders and dealers approve you for the financing you need. You’ll be led one step at a time through the auto financing process by a finance professional in your city.

New versus Used Cars in San Marcos

Both used and new vehicles can be purchased through our partnered lenders and dealers. As this chart shows, used cars commonly cost you less in the end, in spite of their steeper interest rates.

New Car 1 Year Old 2 Years Old 3 Years Old
Depreciation 0% 25% 40% 50%
Sticker Price $20,670 $15,503 $12,402 $10,335
Owed Upfront $4,134 $1,550 $1,240 $1,034
Loan Rate 5.00% 7.50% 7.50% 7.50%
Duration 60 months 48 months 48 months 48 months
Monthly Installment $312.05 $337.35 $269.88 $224.90
Interest Paid $2,187 $2,241 $1,792 $1,494
Overall Cost $22,857 $17,743 $14,194 $11,829

As you can tell, a brand new car loses 50% of its value after three years, so you can often find a bargain on a late model used car. In any case, the choice is yours.

Bad Credit San Marcos Car Loans

There are a number of disadvantages to auto loans with bad credit:

  • You will be forced to pay more interest.
  • You have to put more money down.
  • You have to finance for shorter terms.

Even though poor credit might make it tougher to buy the car you need, you’ve got a few options. When you apply online through us, we work to find you a lender or dealer within driving distance who is willing to approve your loan.

Dealers in San Marcos That Accept Bad Credit

Seeking out a car for which you can get approved at an acceptable rate is vitally important, , especially when you will have a high interest rate resulting from bad credit.

To ensure your application information is valid, you will normally need to furnish documentation that confirms:

  • Your wages.
  • Your place of residence.
  • Whether you are insured.

Ideally, your car payment should be just 5-8% of your gross monthly income. As an example, a resident of San Marcos who has a gross income of $2,067 every month, the average, should plan to spend just $103 to $165.

San Marcos Buy Here Pay Here Car Lots

Buy here pay here dealers usually work with people with significant credit problems like bankruptcy or repossession of a vehicle. Such car lots approve auto loans on location, in contrast to regular dealerships which work with banks and lending companies, and they are more concerned with your income than your credit. You’ll find that preowned autos are the only models on the lot, and these San Marcos dealers may expect you to have an remote kill-switch mounted in your vehicle. Repossession frequently occurs, and the interest rates are very high. Is raising your credit one of your goals? Then you are better off applying through us, since BHPH car lots won’t help you restore your credit.

San Marcos Income and Finances

  • Income Per Annum: $24,808
  • Monthly Income: $2,067
  • Ideal Car Payment: $103 to $207 (5-10% of monthly income)

San Marcos Car Loans Based on Credit Score

Have a look at this chart demonstrating what car you can afford with a payment amount of $165, 20% down payment, and 60 month term.

Good Credit Average Credit Bad Credit
Monthly Income $2,067 $2,067 $2,067
Payment $165 $165 $165
APR 3.50% 7.00% 11.00%
Years 5 5 5
Car Price $11,362 $10,439 $9,507
Down Payment $2,272 $2,088 $1,901
Interest Paid $832 $1,571 $2,316