Your credit score is is of utmost importance when financing a car, and approval rates have dropped since the economic downturn. We help you to find a lending company who has experience with subprime auto loans. We’re very proud to work with a vast network of lenders and dealers who are experts in financing people who have all types of credit scores, even those who have been plagued by issues like:
- Bad credit.
- Filing bankruptcy.
Just apply online. We will match you with a lending specialist who can help you arrange your loan and buy your car from a local dealer.
Bad Credit Car Dealerships in Santa Ana, CA
If you have poor credit, many banks will not accept your loan application. Thankfully, there are dealerships that accept credit-challenged shoppers. In comparison with a BHPH dealer, such dealers typically offer:
- Reduced rates of interest.
- More manageable down payments.
- Less chance of being ripped off.
- Ability to improve your credit score.
You may not have the credit and income to finance the hottest, most expensive car in the showroom. In most cases, if you have adverse credit, you can borrow six to eight times the amount you make on a monthly basis. For the Santa Ana resident who makes $2,089 a month, this is $12,534 to $16,712. Then again, you’d be wise to borrow less than you can, confining your monthly payment to only 10% of your income–$209, in this situation.
A dedicated lending professional is standing by, waiting to determine how much you’re eligible to borrow, and at what rate of interest. To get started, simply apply online.
How to Reduce Your Santa Ana Interest Rate
When it comes to getting a car financed, rate of interest is as important as price, particularly if you want the best deal possible. As an example, If you borrow $18,801 at 3.50% APR for 60 months, you’d find yourself paying $1,720 in interest. At 7.00% APR, you’d pay $3,536, and at 11.00%, $5,726. This additional expense would be added back into your monthly payment, which would go from $342 to $409.
A large percentage of Americans are thought to have errors on their credit report. You would be best to check yours. Getting your report cleaned up could lead to a stronger credit score and a more affordable interest rate. Additionally, it’s good to pay down any debts possible, as lenders prefer consumers without a lot of existing debt, rewarding them with lower rates. Don’t tie yourself to a long-term loan in order to keep your payments more manageable. The shorter the loan, the lower the rate. Finally, a greater down payment will decrease your loan-to-value ratio–yet a final way of reducing your rate.
Buy Here Pay Here Car Lots in Santa Ana, CA
Buy here pay here car dealers primarily do business with people who’ve got acute credit problems such as:
- Filing bankruptcy
- Vehicle Repossession
Customarily, dealer finance isn’t direct to the consumer, as dealers work with various lenders to fund the loans, but BHPH dealers become both the lender and the dealer. Problems with sort of financing include exorbitant rates that nose up to the state’s legal limit, coupled with extremely high rates of default There is a good reason why these dealers don’t have a good reputation. We can put you in touch with a reputable dealer who can get you financed, even if you’ve been through bankruptcy.
Having a Budget for Your New Car
Want to know how much you ought to spend on a car? This table shows how much the Santa Ana consumer ought to spend based on a monthly income of $167, a car payment that amounts to 8% of this income, and a repayment term of 60 months–the maximum length you should consider.
|Exceptional Credit||Fair Credit||Bad Credit|
|Price with Interest||$12,324||$12,137||$11,949|