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Auto Loans in Encinitas (CA)

Getting approved for financing was easy before the recession, but banks and finance companies have tightened up their approval criteria since then. It’s a good idea to work with a lender who is welcoming to applicants whose credit isn’t perfect. We work with a vast network of dealers and lenders who can approve consumers with credit histories of all kinds, not just those with exceptional credit. Simply submit your finance application. You will be paired with a finance expert from a dealer or lender in your area.

Encinitas Car Lots for Bad Credit

Most traditional lenders like banks reject applications from individuals with damaged credit. Thankfully, there are dealers that accept the sub-prime market. With any bad credit loan, you can expect higher rates of interest and bigger down payments, as well as smaller loans. With that being said, remember that you’re getting a car, of course, but also the opportunity to improve your credit. At Motive Auto Finance, we work with many such dealerships, and when you apply online, we match you with one who wants to fund your loan.

New or Pre-owned Vehicle

Have you decided whether you’re in the market for a pre-owned vehicle? It’s possible to finance a new car at a lower rate, but you end up paying far more in the end.

New Car Used Car
Years Old 0 3
Price $26,670 $13,335
Down Payment $5,334 $1,334
Interest Rate 5.00% 7.50%
Length 60 months 48 months
Payment Per Month $402.64 $290.18
Interest Paid $2,822 $1,927
Total Outlay $29,492 $15,262

Encinitas Buy Here Pay Here Financing

When you have substantial credit problems stemming from issues like bankruptcy or foreclosure, buy here pay here financing could very well sound like a sensible approach. For the most part, dealer financing is indirect, in that dealerships go through banks and lenders with whom they have relationships to supply the loans, but BHPH dealers don’t. They provide auto loans independently.

Downsides include outrageous loan rates, money due at signing, and vehicle prices Worst of all, these car lots rarely work with the credit bureaus, which means you could make every single payment punctually without any boost to your credit score.

Budgeting Guidelines for Encinitas Borrowers

If you want to make a smart financial move, only about 8-10% of your income should be used on your car payment. On top of that, aim to pay off this vehicle in no more than 5 years. With this payment and lending term, you will be getting a car which costs about 50% of what you get paid annually. In Encinitas, where the average income is $31,998 a year, this would be $16,002 to invest in a car. Overall, the less you’re able to invest while still acquiring a dependable car or truck, the better.

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