Auto Loans in Santa Ana (CA)

There are a number of ways of getting a car loan in Santa Ana, but not many firms have streamlined credit acceptance like we have. Our network of lenders and dealerships is unequalled, and we have lenders and dealers approve you for the financing you need. You’ll be walked step by step through the process by a financing specialist in your area.

Used and New Cars in Santa Ana

Brand new cars and trucks start depreciating the instant you buy them, but they come with lower interest rates than used models. Below is an overview of what it costs to finance a car that costs $20,890 new, as it gets older, from new to three years old.

New Car 1 Year Old Car 2 Year Old Car 3 Year Old Car
Depreciation 0% 25% 40% 50%
Sticker Price $20,890 $15,668 $12,534 $10,445
Down Payment $4,178 $1,567 $1,253 $1,045
Interest Rate 5.00% 7.50% 7.50% 7.50%
Months 60 48 48 48
Monthly Payment $315.38 $340.94 $272.75 $227.29
Interest $2,211 $2,264 $1,812 $1,510
Overall Cost $23,101 $17,932 $14,346 $11,955

Regardless of whether you decide to buy new or used, we’re here to help you get in the driver’s seat. Are you ready to begin? Don’t delay, submit your application.

Bad Credit Santa Ana Car Loans

The vast majority of auto loan providers look at a credit score customized for the automobile industry. This score is heavily influenced by your prior experience with car loans or leases. Choosing the best loan provider in Santa Ana that approves people with bad credit is critical. After all, you don’t want to get turned down or face an unnecessarily high APR rate. Through us, you can contact a vehicle lending specialist from a lender or dealer in your area who is ready to approve your credit.

Don’t forget, financing a car can strengthen your credit score by a broad margin. In order to prevent missed payments, many lending companies let you automate your payments. Determining an appropriate payment amount is extremely important. By way of example, let’s say you make $2,089 per month, the average for Santa Ana residents.

  • 5% of Income: $104 (Ideal)
  • 8% of Income: $167 (Okay)
  • 10% of Income: $209 (Maximum)

Santa Ana Buy Here Pay Here Dealers

People young and old in Santa Ana and across California go to buy here pay here dealers, thinking they will only be able to get approved without a credit check. Not the case. These dealers provide car loans on location, while conventional dealerships farm this out to one of their affiliated lenders, and they finance just about anyone. Alas, you should expect high rates of interest, expensive down payments, and vehicles that cost too much given their mileage. If that weren’t a problem, these dealerships rarely work with the credit reporting agencies, so you could make each and every payment month after month without boosting your credit score.

Santa Ana Income and Finances

  • Income Per Annum: $25,065
  • Income Per Month: $2,089
  • Average Car Payment: $230
  • Ideal Car Payment: $167 (8% of monthly income)

How Expensive a Car Can You Afford?

Check out this chart, which displays what price car you can get financed based upon your FICO score, given an income of $2,089 per month, 5 year term, and a down payment of 20%.

Great Credit Decent Credit Bad Credit
Monthly Payment $167 $167 $167
Rate 3.50% 7.00% 11.00%
Purchase Price $11,483 $10,550 $9,608
Down Payment $2,297 $2,110 $1,922
Total Interest $841 $1,587 $2,341
Total Investment $12,324 $12,137 $11,949