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Auto Loans in Lake Forest (CA)

All around California, getting an auto loan is much trickier, on account of the struggling economic climate. The good news is, we offer you access to bad credit car dealerships in Lake Forest.

To get started, all you’ve got to do is complete your credit request, and we will place your application with a car dealer or lending company adviser who’ll make every effort to find you the best automobile financing package.

Bad Credit Car Dealers in Lake Forest, CA

Most dealers that offer car loans directly, often known as buy here pay here dealers, perform a credit check on you. That sounds all well and good, but chances are they won’t help you re-establish your credit. You’ll be happier finding a car dealer that can offer you a bad credit car loan in Lake Forest through a legitimate lender. In any non-prime financing arrangement, there are certain things to be expected higher interest rates, larger down payments, and stricter lending requirements. But keep in mind, it’s a lot better than not having a new car at all, and if you make your payments on schedule, you can boost your credit score by the time your vehicle is paid off. There are many of these dealerships in our network, and when you apply online, we can pair you with one who wants to accept you for financing.

Have You Got a Down Payment?

Few of us like to spend a chunk of capital at one time, but oftentimes it’s necessary to put money down on the vehicle you want to finance, particularly if you have adverse credit. With the purchase of a second-hand car or truck, lenders require a lesser down payment compared to the price of your vehicle. Check out the following set of scenarios.

New Car Used Car 1 Used Car 2 Used Car 3
Age New 1 year old 2 years old 3 years old
Depreciation 0% 25% 40% 50%
Sale Price $43,620 $32,715 $26,172 $21,810
Percentage Down 20% 10% 10% 10%
Down Payment $8,724 $3,272 $2,617 $2,181

The good news is, the trade allowance from your old car or truck can usually be used toward your down payment. Essentially, this means it’s possible to, finance a car without putting anything down in cash.

Buy Here Pay Here Financing in Lake Forest, California

The buy here pay here industry would love you to think that you can’t get financed anyplace else, yet this is very rarely the way it is. These car lots approve car loans directly, while most dealers utilize separate lenders, and they regard your income as a form of credit.

The fact is, you can expect inflated annual percentage rates, expensive down payments, and somewhat battered vehicles that are too expensive in light of their condition. Is raising your credit one of your goals? Then you should submit your application through us, as BHPH dealerships can’t help you raise your credit.

Re-establishing Your Credit in Lake Forest

If you need another excuse to finance a car, here it is: a car loan has other benefits. More than merely helping you purchase the car you want, it can raise your credit score. How? Payment history. It’s an important factor in the Fair Isaac scoring formula. And as you know, an auto loan involves 3 to 6 years of payments.

The results are progress, not immediate, building over the course of months, if not years. It is hard to estimate just how much your score will go up, but increases of 5-10% have been observed.

Used Cars from Lake Forest Dealers

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