Auto Loans in Santa Fe Springs (CA)

An automobile is among the most significant investments the average consumer makes, but if you are intelligent about how you tackle the financial process, you will save a small fortune in the end. As opposed to waiting until you are in a high-pressure situation at the dealership, we enable you to apply for financing ahead of time. Most of the time, we can place our prospective borrowers with an appropriate dealer or lender even if their credit has been compromised by bankruptcy or repossession.

New versus Used Cars in Santa Fe Springs

New cars and trucks can boast lower rates of interest than pre-owned cars, but this is counteracted by much higher purchase prices and down payments. Despite more expensive interest rates, used cars cost less, as is depicted in the table below.

New Car 1 Year Old Car 2 Year Old Car 3 Year Old Car
Depreciation 0% 25% 40% 50%
Sticker Price $26,860 $20,145 $16,116 $13,430
Down Payment $5,372 $2,015 $1,612 $1,343
Interest Rate 5.00% 7.50% 7.50% 7.50%
Length 60 months 48 months 48 months 48 months
Monthly Installment $405.51 $438.38 $350.70 $292.25
Finance Fees $2,842 $2,912 $2,329 $1,941
Overall Cost $29,702 $23,057 $18,445 $15,371

Although a new car costs more, it may be easier to finance a new car if you have a bad credit score, as these are lower risk loans. Contact a vehicle finance specialist for details.

Bad Credit Santa Fe Springs Car Loans

There are all kinds of situations that bring about poor credit: medical bills, foreclosure, going bankrupt, and more. Obviously, you don’t want to waste time trying to find a lender or dealer in Santa Fe Springs that works with the lower end of the credit spectrum. Fortunately, we serve consumers all across the credit spectrum, helping them secure the loans they need.

Don’t forget that financing a car can raise your credit score and prove to lenders that you have learned from your previous troubles. Indeed, many people wind up refinancing at a lesser rate of interest after a year or two of timely payments. Selecting an appropriate payment amount is vital. As an example, let us suppose you earn $2,686 per month, the average for Santa Fe Springs residents.

  • Low Payment: $134 (5%)
  • Intermediate Payment: $215 (8%)
  • Maximal Payment: $269 (10%)

Santa Fe Springs Buy Here Pay Here Dealers

For those who have severe credit problems stemming from issues like bankruptcy or debt settlement, buy here pay here financing could possibly seem like a smart move. Such car lots provide auto loans on location, in contrast to traditional dealers which farm this out to one of their affiliated lenders, and they finance just about anyone. The fact is, you should expect high annual percentage rates, huge down payments, and high mileage vehicles that are steeply-priced. Is strengthening your credit one of your goals? Then you should apply online through us, since buy here pay here dealers will not help you restore your credit.

Santa Fe Springs Consumer Profile

  • Income Per Year: $32,230
  • Monthly Income: $2,686
  • Average Car Payment: $295
  • Suggested Monthly Payment: $215 (8% of monthly income)

The total amount you should pay for a car hinges on various variables. These estimates are based upon payments of $215, which is 8% of the average consumer’s monthly income in Santa Fe Springs, along with a 20% down payment and 60 month loan. Interest rates are simply estimates.

Great Credit Decent Credit Subprime Credit
Income Per Month $2,686 $2,686 $2,686
Payment $215 $215 $215
Rate 3.50% 7.00% 11.00%
Vehicle Price $14,765 $13,565 $12,354
Money Down $2,953 $2,713 $2,471
Note Size $11,812 $10,852 $9,883
Interest Paid $1,081 $2,041 $3,010

Ready to Get Rolling?

We’re your trusted source for auto loans in Santa Fe Springs. There isn’t a fee for applying, and you could be pre-approved for financing before you know it.