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Auto Loans in Modesto (CA)

Bad credit makes it tough to obtain a car loan, but it’s far from impossible. It’s critical to work with a lender who caters to people with your level of credit. We’ve established an unmatched network of dealers and finance companies who are willing to approve your application, based on criteria such as your income, where you live, and your credit record.

Simply apply online, and you will be on the fast track to a new car.

Bad Credit Car Dealerships in Modesto, CA

Most banks don’t do business with individuals with low credit scores. Fortunately, there are dealerships and specialty lenders that will accept credit-challenged shoppers. In any subprime financing scenario, expect:

  • Much higher APR rates.
  • Much larger down payment requirements.
  • Tighter repayment conditions.

With that being said, bear in mind you’re getting not only a car, but also the chance to raise your credit score. We work with many such dealerships, and when you apply online, we can match you with one who wants to accept you for financing.

New or Pre-owned Car

A lot of shoppers wind up asking this question: new or used car? In many cases, a used vehicle is the way to go. The APR rates for new cars are low, true, but pre-owned vehicles are much less expensive.

New Car Used Car 1 Used Car 2 Used Car 3
Years Old 0 1 2 3
Vehicle Price $23,300 $17,475 $13,980 $11,650
Down Payment $4,660 $1,748 $1,398 $1,165
Interest Rate 5.00% 7.50% 7.50% 7.50%
Months 60 48 48 48
Payment Amount $351.76 $380.27 $304.22 $253.52
Total Interest $2,466 $2,526 $2,021 $1,684
Amount Paid $25,766 $20,001 $16,001 $13,334

Modesto Buy Here Pay Here Dealers

People go to buy here pay here car lots, of the belief that they will only be able to finance a car at one of these places. Not true. These types of dealers approve car loans on site, in contrast to traditional dealers which contract this, and they regard your income as a form of credit.

Issues include excessive lending rates that are right up there with the state’s usury laws, along with hardline contracts which permit rapid repossession if you are late with your payments Worst of all, these car lots don’t report to the credit bureaus, which means you could make each and every payment on time without a boost to your FICO score.

Guidelines for Buying a Car in Modesto

Here’s a solid rule of thumb: a maximum 10% of what you earn on a monthly basis should be devoted to your monthly payment. Be careful, however, that you don’t go for a loan term of 72 months or longer, which will lead to more interest and negative equity. In fact, you want to have your vehicle paid off in as few years as you’re able. If you follow these tips, you will find yourself buying a car or truck that costs approximately 50% of what you make on an annual basis. For Modesto residents with incomes of $27,956 per annum, the city average, this is $13,980. An automobile is something that depreciates the minute you purchase it, so you want to spend as little as you can and still buy a car that won’t cost you time and money in repairs.

New and Used Cars in Modesto for Sale


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