Auto Loans in Walnut Creek (CA)

The cost of new cars keeps increasing, but if you approach the auto lending process the appropriate way, you’ll save lots of money in the long run. As opposed to waiting until you are in negotiations at the dealership, we allow you to get approved for a car loan ahead of time. Most of the time, we can match our prospective borrowers with an appropriate dealer or lender in real time.

Credit Acceptance for Walnut Creek Car Shoppers

  • Be as truthful as you can on your application.
  • Pay down as much of your unsecured debt as you possibly can, which will reduce your debt-to-income ratio.
  • Challenge any mistakes on your credit history.
  • Opt for a car that costs no more than 50% of your annual income.

Walnut Creek Bad Credit Car Loans

There are a few disadvantages to car loans with bad credit:

  • You will have to pay more total interest.
  • You have to put more money down.
  • You have to repay the loan more quickly.

You don’t want to deal with being declined by the lending institution of any sort. This is the reason it is essential to find a lender or dealer in Walnut Creek that finances problematic credit. That’s where we come into play. We serve clients with credit problems of all kinds, helping them secure the loans they need.

A car loan can certainly lead to an increased credit scores. Just make sure you make all of the payments and never miss one.

Make sure never to miss a payment, as it can lower your score considerably.

Commit 8% of your monthly income, at most, for your auto loan. For people in Walnut Creek who make $50,321 per year, this is $335.

Walnut Creek Buy Here Pay Here Dealers

The buy here pay here industry keeps growing, mainly because so many consumers’ credit ratings were impacted by the credit crunch and housing bubble. Such dealers approve credit lines on location, in contrast to traditional dealerships which make use of banks and lending companies, and they typically don’t carry out credit checks.

Problems include excessive interest charges that border on the state’s maximums, as well as hardline agreements which permit quick repossession in the event of a missed payment Worst of all, these car lots very rarely report back to the credit reporting agencies, and that means you could make all of your payments on a monthly basis without reviving your FICO score.

Securing Funds for a Vehicle in Walnut Creek: The Amount Can You Borrow?

The higher your credit, the bigger amount you can borrow, which also applies to your income. We’ve included a chart depicting potential pre-approvals for individuals with an income of $4,193 per month, the average in Walnut Creek.

Credit Score Income Factor Loan Amount
Good Credit 10 $41,930
Average Credit 9 $37,737
Subprime Credit 8 $33,544
Bad Credit 7 $29,351
Really Bad Credit 6 $25,158

How much you can borrow, and how much you ought to, should not be confused. Consider this table, which displays what price car suits your budget given your FICO score, given an income of $4,193 per month, 60 month repayment, and a down payment of 20%.

Good Credit Average Credit Bad Credit
Income Per Month $4,193 $4,193 $4,193
Payment Amount $335 $335 $335
APR 3.50% 7.00% 11.00%
Loan Term 5 Years 5 Years 5 Years
Vehicle Price $23,049 $21,175 $19,285
Money Down $4,610 $4,235 $3,857
Loan $18,439 $16,940 $15,428
Interest Paid $1,687 $3,186 $4,698

Submit Your Online Application

Let us get you behind the wheel of a new car. A finance professional will take you step-by-step through the approval process, helping you secure an acceptable rate of interest.