If you’re thinking of getting a car loan in Paramount, few companies have improved the experience like ours has. We allow you to apply for financing through our vast network of dealers and lenders. Experience the convenience of working with a committed financing expert who can address any questions you have and set up your loan.
Bad Credit Car Dealerships in Paramount, California
You shouldn’t let credit keep you from the driver’s seat of your new car. We have access to dealerships all across California who are willing to compete for your business. More often than not, these dealers offer:
- Affordable interest rates.
- Acceptable down payments.
- Lower mileage vehicles.
You may not meet the criteria to finance the most luxurious car on the lot. With bad credit, the most you can borrow is 6 to 8 times your monthly income. For residents of Paramount making $3,064 a month, this is $18,384 to $24,512. That being said, only 8% of your income ($245, in this example) should be allocated to your car payment, which will most likely lead to a less significant loan.
Submit your application to see your options.
Purchasing a Car in Paramount with Zero Down
A down payment, as you probably know, is the amount you pay for your vehicle at signing. Down payments make for lower risk loans, since the lender will have a better chance of recouping their losses if they’re forced to repossess the vehicle. On top of this, this will result in a cheaper rate of interest. Fortunately, the trade equity from your used vehicle can usually be used toward your down payment, allowing you to finance a car without putting anything down, at least in cash.
Buy Here Pay Here (BHPH) Dealerships in Paramount, CA
Maybe you’ve thought of getting approved through a buy here pay here car lot in Paramount? These kinds of Paramount in house financing dealerships don’t depend on banks or outside lenders to approve their customers, so they’re able to support a wide variety of borrowers.
For people with terrible credit, Paramount in house financing dealerships in many cases are the only real option. But bear in mind, there are a variety of disadvantages:
- Elevated Financing Fees
- In-Person Payments
- Inability to Improve Credit Score
Recommendations for Financing
Divide your monthly income, before taxes, by ten. You should spend no more than this on your monthly payment. On top of this, in order to reduce finance fees and equity issues, go with a 60-month loan at most. This equates to a vehicle costing approximately 50% of your yearly income. For Paramount residents, having incomes of $36,769 per annum, the city average, this is $18,384. Automobiles, unless they have collector value, don’t make good investments, given how rapidly they don’t hold their value well, so it’s best to invest as little as you can to get a reliable car.