Get an Auto Loan Quote

Auto Loans in Santa Barbara (CA)

An applicant’s credit score is a crucial factor for lending institutions financing auto loans, and rates of acceptance for car loans in Santa Barbara are not very high. But don’t worry. We believe that auto loans ought not to be such a problem for Santa Barbara residents, regardless of what their credit ratings may be.

When you apply, we can set you up with an auto lending company in Santa Barbara who wants to approve you for financing, in spite of your credit.

Santa Barbara Dealerships That Accept Bad Credit

When you have non-ideal credit, dealer financing is often the only option you have, since most all the banks in your area will be unwilling to do business with you. There are dealers, however, who want your business. Typically, these dealerships offer:

  • Lower APR rates.
  • Reasonable down payments.
  • Both new and used vehicles.

The types of vehicles you can finance will be determined by your income and credit score. As a way to reduce the risk of loan delinquency or repossession, go with a vehicle that won’t stretch your budget, with a payment equal to 10% of your income–no more. If you make $1,842 a month, this comes to a payment of $184.

A dedicated lending specialist will determine how much you’re qualified to borrow, and at what APR. To begin, all you have to do is submit your application.

Is a New Vehicle the Right Choice?

Both new and pre-owned vehicles can be financed through our service. It’s possible to finance a new car for longer, and at a more affordable interest rate, but you wind up spending a good deal more when it comes to purchase price and down payment.

New Car Used Car 1 Used Car 2 Used Car 3
Age New 1 year old 2 years old 3 years old
Vehicle Price $18,420 $13,815 $11,052 $9,210
Down Payment $3,684 $1,382 $1,105 $921
Interest Rate 5.00% 7.50% 7.50% 7.50%
Years 5 4 4 4
Payment $278.09 $300.63 $240.50 $200.42
Interest $1,949 $1,997 $1,597 $1,331
Total Paid $20,369 $15,812 $12,649 $10,541

Buy Here Pay Here Dealers in Santa Barbara, CA

Have you considered getting approved through a buy here pay here dealership in Santa Barbara? These kinds of Santa Barbara bad credit car dealerships provide auto loans on-site, normally with no a credit check. Given that they don’t rely on a traditional bank or investment company for financing, they’re able to work with a broad selection of customers.

For consumers who’ve got horrible credit, Santa Barbara in house financing dealerships are often the only real option. But keep in mind, the cost of your vehicle will be inflated on account of higher loan rates, plus chances are your credit rating will not show improvements since these car lots have no relationship with the credit agencies.

Can Financing Help You Restore Your Credit?

There are a trio of principal credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

The vast majority of auto lenders report your payments to these firms, imperative if you want to regain a high credit standing. Applying for and paying off an auto loan, on time and as agreed, shows that you are a great person to invest in, meaning lower rates of interest and more advantageous terms in the coming years. Your score is not going to go up the moment you pay back your loan. Rather, it will increase slowly but surely as you keep on paying your bills on time. It’s easy to underestimate the benefits of a much healthier credit score. The positive effects are huge, and all you have to do is pay your lender on time each month.

Cars in Santa Barbara for Sale

Zipcode Make Model Minimum Price Maximum Price Condition
Total Records Found: , showing 5 per page

No Records found