Auto Loans in Sherman Oaks (CA)

Back many years ago, you needed to banks and lenders all over town, applying for loans by hand. Here at Golden West Auto Finance, we have simplified the process. We have access to a diverse network of lenders and dealers, and that means we can help applicants of every kind, from good credit to bad. It really is difficult to find an easier way to purchase your next car.

Gauging Interest Rates in Sherman Oaks

Can’t wait to find out what your interest rate will be? Do you know your credit score? This is the number one factor. As an example of a high versus a low rate of interest, look at this scenario, assuming a 60-month, $19,544 loan:

  • 3.50% APR: $1,788 in interest.
  • 11.00% APR: $5,952 in interest.

If you want an accurate estimate of your interest rate, you need to contact a finance specialist.

Financing a Preowned Car in Sherman Oaks

More often than not, a vehicle with some miles on it ends up being a far better option than a brand new one. Considering they have already been subject to that immediate drop in value, preowned vehicles call for less costly down payments, generally 10% of the vehicle’s purchase price. If you’re wary of repairs and maintenance, be sure you go with low-mileage vehicle with good dependability. To help you make a decision as to whether a new or used car loan you ought to buy, check out this helpful table. These estimations are based on the following assumptions:

  • Three year old used vehicle.
  • Good credit score.
  • Simple Interest.
New Car Used Car
Price $24,430 $12,215
Down Payment $4,886 $1,222
Interest Rate 5.00% 7.50%
Years 5 4
Monthly Payment $368.82 $265.81
Finance Charge $2,585 $1,765
Total Paid $27,015 $13,980

Sherman Oaks Auto Loans for Bad Credit

Do you have less-than-perfect credit on account of delinquent bills, unemployment, foreclosure, or even bankruptcy? Too many consumers think they have to purchase from one of the buy here pay here dealers in Sherman Oaks, on account of a low credit score, but chances are you can get financed at a cheaper rate from a more reputable company. Luckily, we serve customers at every point on the credit spectrum, getting them approved for the loans they need.

A significant element of your credit score is determined by your payment history, and making payments on your new loan can help you re-establish your credit. Be sure to never miss a payment, as it can damage your score substantially. Please don’t overload your finances with a large car payment. Typically 5-8% of your monthly income is reasonable, or $122 to $195 if you get paid $2,443, the average in Sherman Oaks.

Sherman Oaks Buy Here Pay Here Financing

People young and old in Sherman Oaks and all over California turn to buy here pay here auto lots, often known as in house financing car dealers, thinking they will only be able to get approved at one of these places. Not true. They seldom check your credit, meaning bad credit probably won’t be an impediment, but you will find yourself paying a lot for this. Regrettably, you should be prepared for inflated annual percentage rates, high down payments, and high mileage vehicles that are overpriced. If boosting your credit score is important to you, you are better off applying through us, since BHPH dealerships won’t help you strengthen your credit.

Purchasing a Car in Sherman Oaks: How Much Can You Finance?

Curious as to what size car loan you can secure based on factors like your income and credit? We’ve provided a chart depicting the maximum loans for people with an income of $2,443 per month, the average in Sherman Oaks.

Credit Income Factor Loan Amount
Great Credit 10 $24,430
Fair Credit 9 $21,987
Slow Credit 8 $19,544
Poor Credit 7 $17,101
Very Bad Credit 6 $14,658

However, there’s how much you can borrow, and the amount you really should. Here we have a table depicting what car you can afford with a payment per month of $195, 20% down payment, and 5-year term.

Great Credit Decent Credit Bad Credit
Monthly Income $2,443 $2,443 $2,443
Monthly Payment $195 $195 $195
Loan Rate 3.50% 7.00% 11.00%
Number of Months 60 60 60
Car Price $13,429 $12,338 $11,236
Down Payment $2,686 $2,468 $2,247
Loan Amount $10,743 $9,870 $8,989
Total Interest $983 $1,856 $2,738
Total Amount Paid $14,412 $14,194 $13,974