Auto Loans in Santa Cruz (CA)

It is smart of you to try and find financing before you visit the auto dealer, as it eliminates almost all of the headaches from the car-buying process. We have access to an extensive network of dealers and lenders, and that means we can help applicants from every walk of life. Normally, we can place our customers with a willing dealer or lender in real time.

Advantages for Santa Cruz Car-Shoppers

  • Unparalleled range of California lenders and dealers.
  • Scheduled time to select your car or truck.
  • Zero application fees.

Bad Credit Car Loans in Santa Cruz

Less-than-perfect credit has several disadvantages:

  • You will have to pay more total interest.
  • You have to put more money down.
  • You have to opt for a shorter term loan.

Nobody wants to deal with a credit denial, so you should find a lender or dealer in Santa Cruz that has experience with non-prime credit. When you apply for financing through us, we work to find you a lender or dealer within driving distance who is ready to work with your credit.

You want to find a vehicle that suits your car loan, not the other way round, so the financing chat generally comes first. Car dealerships have been known to charge more expensive rates than those offered by the lender, you’ll want to inquire about the buy rate. This is the rate offered by the lender before the dealer adds extra points for arranging the loan. Your car payment shouldn’t be beyond 10% of your income. For an individual with the Santa Cruz average of $2,895 of income on a monthly basis, this would be $290. Half that much, $145, is far better.

Santa Cruz Buy Here Pay Here Dealers

In house financing, better known as buy here pay here financing, has expanded in the years after the economic downturn, largely because so many consumers’ credit ratings were hit by the economic crisis. These dealers will approve practically anybody, regardless of their credit, but there are downsides.

Customarily, higher-mileage vehicles are the only thing offered, and these aren’t no money down car deals. Quite often, the down payment is equivalent to what the dealer paid for the vehicle at auction, and rates that equal the state’s maximum legal limit can be expected. Because of this, these dealers don’t have a good track record. We can put you in touch with dealer finance professional who will work with you, regardless of your credit.

Getting a Loan for a Car in Santa Cruz: How Much You Can Borrow

The amount you can borrow is based on your credit and income. To illustrate, check out these figures for the average Santa Cruz resident who earns $2,895 per month.

Credit Income Factor Amount Borrowed
Great Credit 10 $28,950
Fair Credit 9 $26,055
Subprime Credit 8 $23,160
Poor Credit 7 $20,265
Horrible Credit 6 $17,370

It’s smart to borrow less than you can, in an effort to keep your debt low low.

Financing a Car at $232 a Month

Are you wondering how much car you can afford? Have a look at the chart below, but remember that the lending rates are only estimates, and the numbers are based upon an income of $34,745 annually, the average in Santa Cruz. Loan length is 60 months.

Good Credit Fair Credit Subprime Credit
Monthly Income $2,895 $2,895 $2,895
Payment Amount $232 $232 $232
APR 3.50% 7.00% 11.00%
Repayment Years 5 5 5
Vehicle Price $15,914 $14,620 $13,315
Money Down $3,183 $2,924 $2,663
Interest Paid $1,165 $2,200 $3,244

Complete Your Application Online!

If you’ve got a low credit score, we can help. Chat with a lending specialist in your area now.