Auto Loans in Santa Monica (CA)

Looking to purchase a new or preowned car? In that case, chances are you need an auto loan. As opposed to waiting until you are in a high-pressure situation at the dealership, we enable you to line up a car loan ahead of time. It is hard to imagine a more convenient way to obtain the financing you need.

Auto Loans in Santa Monica for New Vehicles

New cars certainly aren’t the cheapest option, and they lose value at an incredible rate. For this reason, you should consider one only if you meet the following requirements. You’re comfortable with paying a premium for a car, and you aren’t considering swapping out your car before you’ve paid it off. The average new car loan lasts 60 months, so if you like to swap out your car fairly regularly, you should think about leasing, not financing.

Used Car Financing in Santa Monica

These days, cars and trucks can go thousands and thousands of miles before having issues, which means a preowned car or truck is hardly a worry from a maintenance standpoint. Considering they’ve already gone through that first drop in value, preowned cars and trucks necessitate less costly down payments, typically 10% of the vehicle’s purchase price. A great many loan providers, however, will only finance cars from actual dealerships, not from individual sellers. In the following table, we’ve compared new and used auto loans in Santa Monica, California. This is assuming a car or truck that is three years old, and has therefore lost one half of its value, and a borrower with a prime credit score.

New Car Used Car
Price $22,750 $11,375
Down Payment $4,550 $1,138
APR 5.00% 7.50%
Length 60 months 48 months
Monthly Payment $343.46 $247.53
Interest $2,407 $1,644
Total Paid $25,157 $13,019

Financing a Car in Santa Monica with Bad Credit

Bad credit results in the following:

  • Inflated loan rates.
  • Higher down payments.
  • Shortened lending terms.

Even though low credit scores can make it challenging to finance the car you need, you aren’t devoid of options. The good news is, we serve clients who have credit problems of all kinds, getting them approved for the loans they need.

Car Dealerships for Bad Credit in Santa Monica

If you have good credit rating, to start with you will check out all the vehicles that are for sale. If you have bad credit, however, you will concentrate more on your interest rate, lending terms, and down payment. If you apply through us, you can set up your funding arrangement ahead of time, then select a time for you to choose your car and complete the paperwork. Be sure that your car payment is not more than 10% of your income. For a person earning the Santa Monica average of $2,275 of income on a monthly basis, this is $228. In fact, 50% of this, $114, is far better.

Santa Monica Buy Here Pay Here Dealers

Thinking about financing a car through a BHPH dealer on account of bad credit? Typically, there are more attractive options. Generally, dealer finance is sourced elsewhere, as car dealers work with various lenders to provide the loans, but buy here pay here dealers are the actual loan originator.

Customarily, used cars and trucks are the only thing on the lot, and you may have to make payments weekly, at the lot. The numbers of vehicles being repossessed are astronomical, much like the interest rates. If increasing your credit score is important to you, and it ought to be, you should submit your application through us, as BHPH car lots can’t help you rebuild your credit.

Santa Monica Income and Finances

  • Income Per Annum: $27,303
  • Monthly Income: $2,275
  • Recommended Monthly Payment: $114 to $228 (5-10% of monthly income)

Have you determined how much car you can finance? Have a look at the chart below. The lending rates are only estimations, and the figures are derived from an annual income of $27,303, the Santa Monica average. Loan length is 5 years.

Prime Credit Fair Credit Bad Credit
Monthly Installment $182 $182 $182
Loan Rate 3.50% 7.00% 11.00%
Car Price $12,506 $11,489 $10,463
Down Payment $2,501 $2,298 $2,093
Amount Borrowed $10,005 $9,191 $8,371
Interest Paid $915 $1,729 $2,549

Complete Your Online Application

Our company is your trusted source for auto financing in Santa Monica. A finance specialist will walk you through the process, helping you secure a reasonable rate.