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Auto Loans in El Cajon (CA)

Financing a car became a good deal more challenging following the downturn, but we can help. We help you find a lender that can give you the loan you need at a rate that won’t break the bank. We’ve spent years building an unmatched network of lenders and dealers who help people repair their credit by making monthly payments on a car. Simply complete your credit application, and you could be in the driver’s seat of your new car in no time.

Car Loan El Cajon CA

Bad Credit Car Dealers in El Cajon, CA

When you have adverse credit, many consumer banking institutions will not accept your credit application. The good news is, there are dealerships and finance companies that do accept individuals in this demographic. Since this is a high-risk loan, you can expect:

  • Higher APR rates.
  • Significant down payments required.
  • Less significant loans.

But keep in mind, remember you’re getting a car, of course, but also the opportunity to raise your credit score. We have many of these dealers in our network, and you can find one that wants to get you behind the wheel by submitting your application.

Reducing Your Rate of Interest

Getting a lesser rate of interest may lead to a lot of money saved.

Truly, a reduced rate of interest could save you thousands, as evidenced in the chart that follows.

Good Credit Fair Credit Sub-prime Credit
Loan $20,070 $20,070 $20,070
Interest Rate 3.50% APR 7.00% APR 11.00% APR
Payment $365 $397 $436
Total Interest $1,836 $3,775 $6,112

Boost your credit score, and you’ll enjoy lower interest rates. At Annual Credit Report, you can check your report once every 12 months, without spending a dime, and challenge any errors you find, potentially boosting your credit score. Also, be sure to pay off as much debt as you can, as lenders prefer applicants with low debt-to-income ratios, awarding them more favorable rates. Don’t tie yourself to a 72 or 84 month loan to purchase a more expensive vehicle. Finance for 5 years or less, and you’ll enjoy the benefits of a decreased rate of interest. Down payments are also beneficial. The less The smaller the percentage of your car or truck that has to be financed, the lower your interest rate is going to be.

Buy Here Pay Here Dealerships in El Cajon, California

The buy here pay here industry continues to grow, largely due to the fact that so many consumers’ credit scores were impacted by the housing market and slow economy. It’s true, they do not check your credit, which means your credit problems shouldn’t be an obstacle to approval, but chances are you’ll pay more than you think for this opportunity. Typically, preowned autos are the only thing offered, and these are not no money down cars. Usually, the down payment matches the vehicle’s wholesale value, and you could find yourself paying up to 20% APR. There’s more: these car lots seldom report to the credit bureaus, so you could make each and every payment on time without making improvements to your FICO score.

What Car Should You Buy?

Wondering what kind of car is in your budget? At most, 8% of your monthly earnings should be allocated to this new payment. To give an example, El Cajon residents have an average income of $2,230 a month, and 8% of this is $178.

Good Credit Fair Credit Poor Credit
Monthly Income $2,230 $2,230 $2,230
Payment Amount $178 $178 $178
Interest Rate 3.50% 7.00% 11.00%
Down Payment $2,452 $2,252 $2,051
Note Size $9,807 $9,010 $8,205
Interest Paid $897 $1,694 $2,499
Total with Interest $13,156 $12,956 $12,755
Sticker Price $12,258 $11,262 $10,256

Used Cars for Sale in El Cajon, CA

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