Auto Loans in Sunnyvale (CA)

We see too many Sunnyvale consumers who think that credit problems make it extremely hard to finance a car. The truth is, we assist consumers from every credit tier. Our industry experience is unequalled, and we specialize in connecting you with the lender who can get you in the car you want. We assign you a financing specialist whose primary objective it is to get you approved for the car you want.

What Will Your Annual Percentage Rate Be?

Lenders could not stay in business if they financed people who did not repay them. As a result, the more likely you are to make payments on time, the lower your annual percentage rate will be. To see the importance of your interest rate, take a look at this scenario, given a 5-year, $29,696 loan:

  • 3.50% APR: $2,717 in interest.
  • 11.00% APR: $9,044 in interest.

To receive an accurate rate quote, you really need to consult a vehicle finance professional.

Used Car Loans in Sunnyvale

In lots of ways, a car that’s a few years old ends up being a far better purchase than a brand new one. The interest rates for preowned cars and trucks are moderately higher, but this outlay is counterbalanced by lower sticker prices and rates of depreciation. Even if you are upside down on a used vehicle, it typically won’t be for as long. Overall, your bank account will appreciate you purchasing a preowned car or truck.

Sunnyvale Auto Loans for Bad Credit

Most finance companies look at your auto-enhanced credit score. This score is heavily influenced by your previous experience with car loans or leases. Obviously, you don’t want to spend your weekends seeking out a dealer or lender in Sunnyvale that will work with credit scores of 680 and lower. Through us, you can contact an auto lending specialist from a lender or dealer in your area who wants to fund your loan.

Car loans can actually lead to an increased credit score. Just be sure you make all of the payments and never miss one. As a means to avoid missed payments, consider having your car payment deducted right from your bank account. You should opt for a budget friendly monthly payment. Typically no more than 5-8% of your monthly income is advisable, or $186 to $297 if you bring in $3,712, the average in Sunnyvale.

Buy Here Pay Here Car Lots in Sunnyvale, California

The BHPH industry keeps growing, largely due to the fact that so many consumers’ credit ratings suffered on account of the economic crisis. Generally, dealer finance is sourced elsewhere, in that car dealers go through a network of lenders to provide the loans. On the other hand, BHPH dealers act as both dealer and lender. Hence the expression buy here pay here.

In most cases, used vehicles are the only models available, and these aren’t zero down cars. In most cases, the down payment is equivalent to what the dealer paid for the vehicle, and you could find yourself paying greater than 20% APR. If elevating your credit score is important to you, you should contact a finance professional through us, as BHPH car lots won’t aid you in boosting your credit.

Buying a Car in Sunnyvale: Loan Amounts

The amount you can take out for a car will be based off of your income bracket and credit tier. We’ve included a chart that depicts potential pre-approvals for individuals with an income of $3,712 per month, the average in Sunnyvale.

Credit Rating Income Factor Loan Amount
Good Credit 10 $37,120
Decent Credit 9 $33,408
Slow Credit 8 $29,696
Bad Credit 7 $25,984
Horrible Credit 6 $22,272

Just remember, there is the amount it’s possible for you to finance, and how much you really should. Have a look at this table, which shows what price car suits your budget given your credit score, along with an income of $3,712 per month, 5 year term, and a down payment of 20%.

Excellent Credit Okay Credit Bad Credit
Car Payment $297 $297 $297
Interest Rate 3.50% 7.00% 11.00%
Car Price $20,405 $18,746 $17,073
Down Payment $4,081 $3,749 $3,415
Interest Paid $1,494 $2,821 $4,160

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No matter your credit, it’s our mission to help you secure the funding you need. A finance manager will walk you through the approval process, helping you obtain a fair rate of interest.