Auto Loans in South Gate (CA)

If you are looking to purchase a new car, there is a good chance you need an auto loan. Rather than waiting until you are in negotiations at the dealership, we enable you to line up a car loan ahead of time. You will be walked step-by-step through the process by a lending specialist in South Gate.

Why South Gate Drivers Choose us

  • Lenders and dealers compete to fund your purchase.
  • Less time wasted on the lot when you buy your vehicle.
  • No application fees.
  • Both new and used vehicles available.

Buying a Car with Bad Credit in South Gate

There are a number of drawbacks to car loans with bad credit:

  • You will be forced to pay more interest.
  • You have to have a larger down payment.
  • You have to stick with a shorter term loan.

Clearly, you don’t want to waste time struggling to find a bank or finance company in South Gate that works with credit scores that aren’t perfect. The good news is, we serve people who have credit problems of all kinds, getting them the loans they need.

Studies are showing that 1 in 5 individuals has inaccuracies on their credit report, many of which lead to a decreased credit score

Every year, you can check your credit free of charge at Annual Credit Report, in accordance with the FACT (Fair and Accurate Credit Transactions) Act. It is really helpful to do this in order to ensure you get the annual percentage rate that’s in line with your credit.

South Gate Buy Here Pay Here Car Lots

People young and old turn to buy here pay here car lots, assuming they will only be able to finance a car with no credit check. Not so. A lot of dealer finance is outsourced, as dealerships work with banks and lenders with whom they have relationships to provide the loans, but buy here pay here dealers engage in direct lending. They provide financing independently.

Alas, you should be prepared for exorbitant interest rates, large down payments, and high mileage vehicles that are too expensive in light of their level of wear and tear. Because of this, these retailers don’t have the best reputation. We want to place you with subprime finance specialist who can get you behind the wheel of a really good car, even if you’ve experienced bankruptcy.

South Gate Income and Finances

  • Income Per Annum: $35,744
  • Monthly Income: $2,979
  • Average Car Payment: $328
  • Suggested Car Payment: $149 to $298 (5-10% of monthly income)

South Gate Auto Loans Based on Credit Score

In the end, an appropriate auto loan is as follows: down payment of 20%, car payment of less than 10% of monthly income, and term length of 60 months or less. Provided an income of $2,979 monthly, let’s take a look at the amount you could spend given your credit.

Exceptional Credit Okay Credit Bad Credit
Income Per Month $2,979 $2,979 $2,979
Monthly Payment $238 $238 $238
Rate 3.50% 7.00% 11.00%
Months 60 60 60
Purchase Price $16,376 $15,045 $13,701
Money Down $3,275 $3,009 $2,740
Total Interest $1,199 $2,264 $3,338