Auto Loans in Vallejo (CA)

Are you worried about buying a car on account of credit problems? We’d be happy to help. We make it easy to apply for financing through our vast network of dealers and lenders. We match you with a finance specialist who can guide you each step of the way.

Vallejo Car Loan Rates

Locking down the most affordable interest rate possible should be top of mind for you, given that it will determine how much your vehicle costs in the long run. Take a look at how various factors impact your interest rate.

  • Credit score: higher score means lower interest rate.
  • Credit mix: deeper equals lower interest rate.
  • Age of vehicle: newer vehicle equals lower interest rate.
  • Term of loan: shorter means lower interest rate.
  • Credit utilization ratio: lower ratio means lower interest rate.

For a reliable estimate of your interest rate, you should contact an auto finance professional.

Used Car Financing in Vallejo

Pre-owned cars and trucks have substantial advantages over brand new ones. People sometimes disregard used autos for having higher interest rates, but keep in mind that they are cheaper up front and over the long haul. Worried you’ll face service problems? This can be alleviated by looking for a vehicle that is still under warranty or investing in an extended warranty. Below, you will find the following figures to help you determine whether it’s best to finance a vehicle that’s new or used. These estimates rely on these assumptions:

  • New price of $27,970.
  • Used vehicle is three years old.
  • Credit score of 690 to 720.
  • Down payment of 20% for new car, 10% for used.
  • Simple Interest.
New Car Used Car
Price $27,970 $13,985
Down Payment $5,594 $1,399
APR 5.00% 7.50%
Months 60 48
Monthly Payment $422.26 $304.33
Interest $2,960 $2,021
Total Paid $30,930 $16,006

Vallejo Bad Credit Car Loans

Maybe you have a bad credit score on account of delinquent debts, company layoffs, foreclosure, or bankruptcy? With good reason, you don’t want to waste a lot of time searching for a company in Vallejo that works with bad credit borrowers. When you apply online through Golden West Auto Finance, we work to place your application with a lender or dealer in your zip code who wants to finance your credit.

Bad Credit Car Dealers in Vallejo

If you have bad credit, your dealer will want to discuss financing before you look at vehicles.

Dealerships have been known to charge steeper rates than you’d receive directly from the lender, don’t forget to ask the dealer the buy rate. This is the rate offered by the lender before the dealership tacks on extra points for sourcing the loan. Never be persuaded into financing a vehicle that costs more than you budgeted for. Bear in mind: rebuilding your credit score is of utmost importance.

Vallejo Buy Here Pay Here Car Lots

Have you thought about a buy here pay here dealer because of bad credit? Usually, there are better alternatives. A lot of dealer financing is sourced elsewhere, as dealerships go through off-site banks and lenders to provide the loans. By contrast, BHPH dealers handle everything on site. They provide loans themselves. Cons include inflated annual percentage rates and overpriced vehicles with GPS tracking devices to aid in repossession Worst of all, these dealers rarely work with the credit bureaus, which means you could make every single payment in a timely manner without reviving your credit score.

Loan Pre-approvals for Vallejo Consumers

Have a look at what size loan you’ll be eligible to borrow given different levels of credit. We’ve provided a chart that depicts potential pre-approvals for people with an income of $2,797 a month, the average in Vallejo, California.

Credit Income Factor Amount
Good Credit 10 $27,970
Fair Credit 9 $25,173
Slow Credit 8 $22,376
Bad Credit 7 $19,579
Terrible Credit 6 $16,782

But the truth is, it’s advisable to finance a cheaper car or truck than you really can. Have a look at this table showing what car you can afford with a monthly payment of $224, 20% down payment, and 5-year term.

Great Credit Okay Credit Subprime Credit
Monthly Income $2,797 $2,797 $2,797
Monthly Payment $224 $224 $224
APR 3.50% 7.00% 11.00%
Car Price $15,375 $14,125 $12,864
Money Down $3,075 $2,825 $2,573
Borrowed Funds $12,300 $11,300 $10,291
Interest Paid $1,126 $2,125 $3,134
Total Amount Paid $16,501 $16,251 $15,998