Auto Loans in Santa Maria (CA)

If you are searching for a new car, there is a high probability you need an auto loan to get yourself in the driver’s seat of the car you want. Our knowledge of the field is unmatched, and we have one of the best rates of approval in the market. We will match you with a finance expert who can help you obtain the loan you need for the vehicle you desire.

Auto Loans in Santa Maria for New Vehicles

Brand new vehicles cost a great deal, and they depreciate at a shocking rate. This is why they aren’t typically the best idea unless you are a certain sort of borrower.

  • You don’t plan on trading in the car before it is paid off.
  • You are able to have not less than 20% of the sticker price in cash or trade.
  • You’re at ease with negative equity .

If you like to buy a new car every couple of years, you should look into a lease rather than a loan.

Used Car Loans in Santa Maria

In most cases, a car that’s two or three years old winds up being a significantly better deal than a brand new one. The loan rates for used cars and trucks are slightly higher, but other advantages, such as a lower price and less extreme rate of depreciation, more than compensate for these higher rates. Maintenance worries can be reduced by opting for a vehicle still under warranty or obtaining a new service contract. Below, we’ve compared new and used vehicle loans in Santa Maria, California. These estimations rely on the following assumptions:

  • Used vehicle is three years old.
  • Prime credit score.
  • Simple Interest.
New Car Used Car
Price $20,810 $10,405
Down Payment $4,162 $1,041
APR 5.00% 7.50%
Term 60 months 48 months
Monthly Payment $314.17 $226.42
Interest $2,202 $1,504
Total Paid $23,012 $11,909

Santa Maria Bad Credit Car Loans

If you’ve got excellent credit, you’ll probably enjoy affordable annual percentage rates and great terms. However, some of us have run into credit problems thanks to the economic downturn. Far too many people wind up going to a buy here pay here dealership in Santa Maria, because of going bankrupt or other issues, but you really want to stay away from these dealerships. Chances are we can find you a dealer or lender in your area who wants to fund your loan.

If you want to minimize your APR rate, you ought to review your credit report for irregularities, which have become prevalent.

Be sure you check your credit history at least one time per annum. Neglecting to take action could result in higher rates, scaled-down loans, and less chance for approval.

Santa Maria Buy Here Pay Here Financing

Buy here pay here dealers hopes you believe that no place but them will approve you, but this usually isn’t the way it is. Most dealer finance is outsourced, in that dealerships work with off-site banks and lenders to provide the loans, but buy here pay here dealers provide car loans independently. Customarily, preowned autos are the only ones for sale, and these aren’t zero down cars. Normally, the down payment is the same as what the dealer had to pay for the vehicle when they bought it, and lending rates that flirt with the California’s maximum legal limit aren’t uncommon. Is raising your credit a priority for you? Then you should contact a vehicle finance professional through us, seeing as BHPH dealerships can’t help you boost your credit.

Santa Maria Consumer Profile

  • Gross annual Income: $24,969
  • Monthly Income: $2,081
  • Recommended Monthly Payment: $104 to $208 (5-10% of monthly income)

In general, an ideal finance package carries a down payment of 20%, car payment of 5-8% of monthly income, and a repayment term of 60 months or less. With an income of $2,081 each month, let’s check out the amount you could spend based upon your credit.

Exceptional Credit Fair Credit Poor Credit
Monthly Income $2,081 $2,081 $2,081
Monthly Installment $166 $166 $166
Rate 3.50% 7.00% 11.00%
Vehicle Price $11,439 $10,509 $9,571
Money Down $2,288 $2,102 $1,914
Loan $9,151 $8,408 $7,657
Total Interest $837 $1,581 $2,332