Auto Loans in Westlake Village (CA)

If you need to finance a car in Westlake Village, you need a bank or lender you can rely on. We give you the ability to submit your application in real-time. Ordinarily, we can match our users with an interested dealer or lender within minutes of application.

New versus Used Cars in Westlake Village

New cars and trucks come with more affordable loan rates than pre-owned cars, but they demand much higher purchase prices and down payments. What follows is an analysis of what it costs to finance a car that costs $47,330 new, as it ages from new to 3 years old.

New Car 1 Year Old Car 2 Year Old Car 3 Year Old Car
Sticker Price $47,330 $35,498 $28,398 $23,665
Owed Upfront $9,466 $3,550 $2,840 $2,367
Loan Rate 5.00% 7.50% 7.50% 7.50%
Length 60 months 48 months 48 months 48 months
Payment $714.54 $772.46 $617.97 $514.97
Interest $5,008 $5,130 $4,104 $3,420
Total Paid $52,338 $40,628 $32,502 $27,085

Although a new car costs more, it may be easier to finance a new car with a low credit score.

Auto Loans in Westlake Village with Bad Credit

There are a variety of issues that lead to a low credit score: delinquent bills, repossession, going bankrupt, etc. This is the good news: there are loan companies and dealerships in Westlake Village that approve credit-challenged consumers. Through us, you can contact an automotive financing expert from a dealer or lender within driving distance who is willing to approve your loan.

Keep this in mind: financing a car can boost your credit score and prove to lenders that you have learned from your earlier issues. Just be certain never to miss a payment, as it can drop your score dramatically.

Designate 8% of your monthly income, at most, for your car payment. For those who live in in Westlake Village and, like the average resident, have an income of $4,733 per month, this is $379.

Buy Here Pay Here Car Lots in Westlake Village, California

Considering heading to a buy here pay here dealer to get approved? Typically, there are better options. Dealers like these will approve nearly anyone, regardless of their credit, but there are problems with sort of financing. Drawbacks include exorbitant rates of interest, money down, and vehicle prices If maximizing your credit score is important to you, you should apply online through us, seeing as buy here pay here dealers won’t help you rebuild your credit.

Westlake Village Consumer Profile

  • Income Per Year: $56,798
  • Income Per Month: $4,733
  • Typical Car Payment: $521
  • Ideal Monthly Payment: $237 to $473 (5-10% of monthly income)

Check out this table, which shows you what price car you can get financed based upon your FICO score, given an income of $4,733 per month, 5 year repayment, and 20% down.

Exceptional Credit Fair Credit Subprime Credit
Income Per Month $4,733 $4,733 $4,733
Car Payment $379 $379 $379
APR 3.50% 7.00% 11.00%
Vehicle Price $26,017 $23,903 $21,769
Down Payment $5,203 $4,781 $4,354
Total Interest $1,905 $3,596 $5,304