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Auto Loans in San Marcos (CA)

Less-than-perfect credit can be a real hindrance when getting approved to finance a car, but it’s far from impossible. It’s advisable to find a lending company that really wants to lend you the funds you need at an affordable rate. We have spent years forming a vast network of dealers and finance companies that are supplying auto loans to applicants with credit histories of all types. A vehicle finance specialist will walk you through the approval process, step-by-step. Go here to contact your finance professional.

Bad Credit Car Dealerships in San Marcos, California

Most banks don’t work with individuals who’ve got weak credit. Luckily, there are dealers and specialty lenders that lend to credit-challenged individuals. When compared with a buy here pay here car lot, such dealers offer cheaper rates and significantly better terms. The dealer will review your credit and income to establish which vehicles you are eligible to finance. It is far better look for a vehicle that won’t empty your savings, having a payment that equates to 10% of your income or less. If you make $2,067 a month, this comes to a payment of $207.

Submit an application to speak with an auto lending expert about your options.

Documentation You Will Need

If you want to keep your time spent negotiating as short as possible, be sure you provide all the documentation that’s required. There are few lenders willing to fund an individual who does not have a current driving license. If your credit isn’t the best, lenders may want to confirm your income through paycheck stubs or tax statements. Have you been working in the same industry for at least a year? This demonstrates income stability. Lenders never finance an uninsured or underinsured vehicle, meaning proof of insurance is required. Lenders also have to confirm your address, so they can contact you via mail.

We might have overlooked something, so be sure to verify what’s needed with your finance specialist.

In House Financing Dealerships in San Marcos, CA

Have you considered getting your vehicle through a buy here pay here dealer in San Marcos? These San Marcos bad credit car lots offer auto loans in-house, normally without checking the applicant’s credit. Seeing as they don’t depend on a traditional bank or investment company for approval, they’re able to help a broad variety of borrowers.

If you’ve got really bad credit, San Marcos in house financing dealerships are often the only real way to go, even though the rates of interest are much higher than you’d get from a dealership that offers indirect lending. Additionally, they seldom report payments to the credit bureaus, meaning your credit rating won’t increase even if they pay off the loan on time.

Which Cars Are Ideal For San Marcos Consumers

The car you should go with, when it comes to price, will be based on your income and credit. At most, 8% of your income each month should be devoted to this new payment. If you live in San Marcos and earn $2,067 each month, this would be $165.

Great Credit Fair Credit Poor Credit
Monthly Income $2,067 $2,067 $2,067
Monthly Payment $165 $165 $165
APR 3.50% 7.00% 11.00%
Years 5 5 5
Down Payment $2,272 $2,088 $1,901
Loan Amount $9,090 $8,351 $7,605
Total Interest $832 $1,571 $2,316
Total Paid $12,194 $12,009 $11,823
Car Price $11,362 $10,439 $9,507

Cars for Sale in San Marcos

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