Auto Loans in Vista (CA)

Each and every day, we help people in Vista secure auto loans, even with difficulties such as bad credit, no credit, and lack of down payment. We have access to a vast network of lenders and dealers, and we are experts in connecting you with the lender that is most likely to fit your needs. You will enjoy the convenience of working with a committed lending professional to address your questions and set up your loan.

Financing a New Car in Vista

A lot of individuals opt to buy a new car because of fewer maintenance concerns and, in some circumstances, lower monthly payments.

Even so, there are negatives to consider.

  • Sharp drop in resale value.
  • Costs more over time.
  • Larger down payments recommended.
  • Increased chance of being upside down.

Seeing as new cars are less vulnerable to maintenance issues, however, some lenders will finance them for applicants with unfavorable credit ratings.

Auto Loans for Preowned Cars in Vista

Used cars, surprisingly, have substantial benefits. As they have already been through that initial drop in value, preowned cars and trucks call for less expensive down payments, generally only 10% versus the 20% required for new cars. Maintenance issues can be relieved by opting for a vehicle still under warranty or purchasing a new warranty. Below we have a comparison of new and used vehicle loans in Vista, California. We’re assuming a two year old vehicle that has lost one half of its value, and a buyer with a credit score of 690 to 720.

New Car Used Car
Price $18,800 $9,400
Down Payment $3,760 $940
APR 5.00% 7.50%
Duration 60 months 48 months
Monthly Payment $283.82 $204.55
Interest $1,989 $1,359
Total Paid $20,789 $10,759

Vista Auto Loans with Bad Credit

There are some disadvantages to car loans with bad credit:

  • You will have to pay more interest.
  • You have to have a larger down payment.
  • You have to finance for shorter terms.

Although subprime credit can make it tricky to buy a new vehicle, it is definitely not hopeless. Through us, you can contact an auto lending expert from a dealer or lender in your area who wants to finance your credit.

An auto loan can definitely raise your credit score, as long as you make each and every payment by the due date.

In contrast, if you miss payment, it can decrease your score substantially. Don’t overtax your finances with a big car payment. Typically 5-8% of your monthly income is best, or $94 to $150 if you earn $1,880, the average in Vista.

Vista Buy Here Pay Here Dealers

Maybe you’ve considered a buy here pay here dealer on account of bad credit? Ordinarily, there are considerably better options. Sure, they rarely perform credit checks, meaning bad credit ought not be a barrier to approval, but it’s quite possible you will pay more than you think by the time all is said and done. Downsides include ridiculous lending rates that frequently match California’s maximums, as well as high rates of repossession As if that weren’t a problem, these dealers very rarely work with the credit agencies, so you could make each and every payment on a monthly basis without any boost to your FICO score.

Vista Income and Finances

  • Income Per Year: $22,555
  • Income Per Month: $1,880
  • Optimal Monthly Payment: $94 to $188 (5-10% of monthly income)

Check out this table, which displays what price car you can finance based upon your credit rating, along with an income of $1,880 on a monthly basis, 60 month term, and 20% down.

Great Credit Decent Credit Subprime Credit
Income Per Month $1,880 $1,880 $1,880
Monthly Installment $150 $150 $150
Loan Rate 3.50% 7.00% 11.00%
Purchase Price $10,334 $9,494 $8,647
Down Payment $2,067 $1,899 $1,729
Total Interest $757 $1,429 $2,107
Price Paid with Interest $11,091 $10,923 $10,753

Your Auto Loan is Waiting!

Let us get you in the driver’s seat of a new car. We don’t charge an application fee, and you could be driving home in your new car or truck in no time.