Get an Auto Loan Quote

Auto Loans in San Mateo (CA)

We understand the challenges you face when trying to finance a car with bad credit. It’s crucial to work with a lender who will not only approve your credit, but allow you to repair it. We’re very pleased to work with an unmatched network of lenders and dealers that can pre-approve your loan digitally, resulting in a variety of benefits:

  • Faster approval.
  • Better bargaining power.
  • More self-assurance on the lot.

Your auto finance agent will serve as your guide, helping you compare interest rates and get financed. Go ahead and apply online.

San Mateo Dealerships That Approve Bad Credit

Don’t allow credit to stop you from buying your new car. We work with dealers all across California that are ready to give you a second shot at financing. Since this is a high-risk loan, you can expect higher interest rates, more substantial down payments, and shorter length loans. On the plus side, they will get your loan funded through lenders that submit information to the credit bureaus–crucial if you wish to rebuild your credit. We work with many such dealerships, and when you submit your application, we connect you with one who wants to get you the loan you need.

How to Reduce Your San Mateo Interest Rate

APR rate is of supreme importance if you want to lower the amount you will wind up paying for your vehicle. Case in point: a car loan of $44,703, with a repayment period of 5 years, would cost you the following, depending on your interest rate:

Amount Borrowed Rate of Interest Total Interest Paid
$44,703 3.50% APR $4,091
$44,703 7.00% APR $8,407
$44,703 11.00% APR $13,614

Luckily, there are several basic ways you can lower the amount you end up paying in interest.

  • Credit History: Have a look at your credit report and challenge any mistakes you find.
  • Loan-to-Value Ratio: Supply a down payment of 10-20% on your vehicle. This will decrease the risk inherent in your loan, resulting in a reduced interest rate.
  • Debt-to-Income: Lenders favor applicants who have little in the way of other debt, so paying off as much as possible is just common sense.
  • 36-60 Month Loan: Longer loans are regarded as higher risk investments. All things considered, a shorter loan typically comes with a lower rate of interest.
  • Age of Vehicle: A lot higher rates are charged for pre-owned vehicles than new vehicles, though they cost substantially less overall.

Buy Here Pay Here Car Dealers in San Mateo, CA

Maybe you’ve thought of getting financed at a buy here pay here car dealer in San Mateo? These kinds of San Mateo bad credit dealers offer car loans in-house, normally without a credit check. Because they don’t rely on a traditional bank or credit union for financing, they’re able to support a wider selection of consumers. If you have terrible credit, San Mateo buy here pay here car lots are often the only option. However, there are a couple of negatives:

  • Elevated Annual Percentage Rates
  • In-Person Payments
  • High Risk of Repossession

Rules of Thumb for Financing

Your car payment, how much should you spend? Take 10% of your monthly income–the maximum amount you should budget for this. If you’d rather not be upside down on your vehicle, agree to a repayment term of 60 months or less. If you stick to these guidelines, you will wind up purchasing a car or truck that costs approximately half of what you make per year. For San Mateo residents, having incomes of $59,609 annually, the average, this is a car which costs $29,802. New cars drop in value after every month of ownership, which means you should invest as little as you can and still bring home a car that won’t leave you on the side of the road.

Used Cars in San Mateo for Sale

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