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Auto Loans in California (CA)

In the post-recession era, it’s not as easy to get approved for a car loan as it used to be. Fortunately, we work with car dealers in California that work with people with low credit scores.

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Bad Credit Auto Financing California

California Car Dealers for Bad Credit

Have you considered where to buy your next car or truck? With adverse credit, you typically need to get your car from a dealership, not an individual seller, simply because lenders rarely provide private party auto loans for people with sub-prime credit. Luckily, there are dealerships that specialize in below-average credit. By and large, these larger dealers offer:

  • More affordable APR rates.
  • More reasonable down payments.
  • Both used and new vehicles.

Your credit and income will dictate how much car you can afford. With adverse credit, you can finance six to eight times your monthly income. For the California resident who earns $4,212 a month, this is $25,269 to $33,692. Then again, only 8% of your income ($337) should be allotted to your car payment, which will probably limit what you can spend. Submit your application to find out how much car you can afford.

New Versus Used Cars

Used and new cars each offer unique benefits. Given that new cars lose value so rapidly, it’s often a good idea to let another buyer bite the bullet, and buy a car that’s a few years old.

New Car Pre-owned Car
Age New 3 Years Old
Price $42,115 $21,058
Down Payment $8,423 $2,106
APR 5.00% 7.50%
Years 5 4
Monthly Payment $636 $458
Interest $4,457 $3,043
Total Paid $46,572 $24,101

In House Financing Car Lots in CA

In House Financing Car Dealers CA
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Commonly known as buy here pay here, tote the note, or your job is your credit car dealers, these dealerships generally have a few chief features:

  • They approve car loans on site.
  • They don’t pull your credit.
  • They want you to make payments each week, often at the lot.

A lot of folks with very bad credit believe that an in house financing car lot is the only establishment that will be willing to approve their credit, even though the rates of interest are much higher than a loan from the bank. On top of that, they seldom report payments to the credit reporting agencies, meaning the consumer’s credit rating will not increase as a result of the loan.

Financing Guidelines for California Consumers

When you buy a car, at the most, about 10% of the income you make on a monthly basis should be allocated to your monthly payment. On top of this, select a 60-month loan at the very most. If you follow these guidelines, you will wind up financing a car that costs about half of your annual income. with an income of $50,538 annually, the average in California, this would be a car costing $25,269. New cars drop in value after every month of ownership, so it’s best to spend no more than you absolutely have to, in order to obtain a dependable car.

California Motor Vehicle & Finance Agencies

City-Specific Information