When it comes to getting a car loan in Newport Beach, few companies have brought the application process online. For years, we’ve been building a network of lenders and dealers across the nation, which means we can help applicants of every kind, from good credit to bad. We match you with a financing professional who can help you line up the loan necessary for the car you prefer.
Bad Credit Car Dealers in Newport Beach, CA
If you have less-than-perfect credit, the vast majority of consumer banking institutions will not accept your credit application. Thankfully, there are dealerships and specialty lenders that do finance credit-challenged borrowers. As opposed to buy here pay here dealers, these types of dealerships offer:
- More reasonable rates of interest.
- Reasonable down payments.
- New and pre-owned vehicles.
The specific models you can finance will be based on your income and credit. It’s best to find a vehicle that won’t strain your budget, with a payment of about 10% of your income–at maximum. For people making $4,997 per month, the average in Newport Beach, this comes to a payment of $500.
A lending expert will determine how much you’re eligible to borrow, and at what rate. To begin, simply apply online.
Should You Finance a Brand New Vehicle?
Used and new cars each have their own benefits. A brand new car is worth only 80% of its original value after the first year of ownership, and after 3 years, 50%. Therefore, you can usually get more car by purchasing pre-owned.
|New Car||Pre-owned Car|
|Length||60 months||48 months|
Newport Beach Buy Here Pay Here Dealers
For those who have dealt with bankruptcy or repossession, buy here pay here financing could very well appear to be a realistic approach. They may not conduct credit assessments, so your credit problems probably won’t be a barrier, but you will really pay for this down the road.
Unfortunately, you will be faced with excessive annual percentage rates, big down payments, and vehicles that cost too much given their condition. If that weren’t a problem, these dealerships very rarely work with the credit bureaus, and that means you could make each and every payment month after month without any lift in your FICO score.
Credit Recovery for Newport Beach Residents
If you need another excuse to finance a car, here it is: not only does a car loan help you purchase the car you’d like, it can improve your credit rating. By making payments on a monthly basis, you prove to banks and lenders that you are a good person to finance. On the flip side, you could potentially damage your credit by letting your payments go unpaid. You shouldn’t undervalue the merits of a superior credit score. It can help you save thousands of dollars over the course of your life, and you just have to pay your lender month after month.