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Auto Loans in Lafayette (CA)

A bad credit score impacts around 25% of California consumers, and that number is growing. We have relationships with dealers and loan companies who finance car loans for bad credit in Lafayette. All you need to do is send us your application. We will connect you with a car loan company or dealership that can pre-approve you for a loan.

Bad Credit Car Dealerships in Lafayette, CA

If you’re looking for an auto dealer that funds loans for people who’ve got poor credit, your search is over. Any time you have below-average credit, you can expect higher rates of interest and bigger down payments, along with more exacting lending terms. On the plus side, bear in mind you’ll be getting a car, yes, but also the opportunity to improve your credit score. At Motive Auto Finance, we work with many such dealerships, and they want to get you behind the wheel of the car you want. Go here to apply online.

Affordable Car Loan Rates for Lafayette Drivers

Having a reduced rate of interest can save you a lot in the long run.

Take a look at this chart to see the impact of varying interest rates.

Good Credit Mid-Range Credit Bad Credit
Loan Amount $62,226 $62,226 $62,226
Rate 3.50% APR 7.00% APR 11.00% APR
Monthly Installment $1,132 $1,232 $1,353
Interest Owed $5,694 $11,703 $18,951

Obviously, the interest rate you’re charged is absolutely critical, and believe it or not, it isn’t that hard to keep it affordable.

  • Credit History: Challenge any inaccuracy showing up on your credit report. These could be impacting your credit score, and thereby increase the APR rate on your loan.
  • Down Payment: Save up enough for 20% down on your vehicle. This will decrease the risk for the lender, leading to a cheaper rate.
  • Debt to Income Ratio: Banks and finance companies like you to have minimal other debt, so paying off as much as possible may be beneficial.
  • Repayment Period: The faster you pay off your vehicle, the lower your interest rate will be.
  • Newer Vehicle: Banks and lenders charge steeper rates for pre-owned vehicles, as they’re more susceptible to maintenance issues.

Lafayette Buy Here Pay Here Financing

Thinking about a buy here pay here dealer because of bad credit? Usually, there are considerably better options. These dealers will approve pretty much anybody, no matter their credit, but there are downsides.

Unfortunately, you can expect high annual percentage rates, high down payments, and vehicles that are too expensive for their mileage and condition. If that weren’t enough of an issue, these car lots very rarely report back to the credit agencies, which means you could make all of your payments on time without reviving your credit score.

Which Cars Are Ideal For Lafayette Residents

You may find yourself eligible to purchase a higher priced vehicle than you really ought to. Take a look at the following estimations, displaying how much the Lafayette consumer ought to spend based on an income of $6,914 per month, a payment of $553, and a finance term of 60 months.

Prime Credit Okay Credit Bad Credit
Monthly Income $6,914 $6,914 $6,914
Monthly Payment $553 $553 $553
Rate 3.50% 7.00% 11.00%
Down Payment $7,601 $6,983 $6,360
Interest Paid $2,782 $5,254 $7,748
Total Investment $40,788 $40,171 $39,547
Purchase Price $38,006 $34,917 $31,800

Cars for Sale in Lafayette

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