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Auto Loans in Santa Clarita (CA)

For folks with poor credit, getting financed is the most significant obstacle to coming home with a new car or truck. We know full well the problems that Santa Clarita residents with bad credit face. When you apply, we can find you an auto loan provider who would like to get you behind the wheel of a new car or truck, despite your credit.

Santa Clarita Car Lots That Take Bad Credit

Most traditional lenders like banks don’t lend to individuals with credit problems. Luckily, there are dealerships that serve credit-challenged consumers. By and large, these dealers offer:

  • Interest rates that are fair.
  • Down payments that are realistic.
  • Vehicles that have less mileage.

The types of vehicles you’re eligible for will be decided by your monthly income and credit. You should buy a budget friendly, efficient vehicle having payments amounting to 10% of your income–at maximum. If you make $2,645 per month, this is a payment of $265.

An automobile finance consultant can help you determine how much you’re eligible to borrow, and at what APR. To get started, just apply online.

Lower Car Loan Rates for Santa Clarita Consumers

APR rate is tremendously important if you want to decrease the amount you will end up spending on your vehicle.

If you don’t believe interest rate is extremely important, have a look at the figures below.

Good Credit Fair Credit Poor Credit
Loan Amount $23,805 $23,805 $23,805
Interest Rate 3.50% APR 7.00% APR 11.00% APR
Payment $433 $471 $518
Interest Paid $2,178 $4,477 $7,250

The good news is, there are several easy ways you can minimize your interest rate.

  • Credit Score: Start to improve your credit score by challenging any mistakes showing up on your credit.
  • Down Payment: A good down payment will reduce your loan-to-value ratio–the size of your loan as compared with the price of the vehicle you’re buying–which should lower your interest rate.
  • Debt-to-Income: Do you have a large amount of revolving credit debt? Getting that paid down will lower your debt-to-income ratio and increase your credit score, which both ought to result in a more affordable interest rate.
  • Repayment Period: If you choose to pay down your loan in fewer months, your interest rate will be lower.
  • Vehicle Age: It costs less to finance a vehicle that’s new–if you don’t pay more in terms of purchase price.

In House Financing Dealers in Santa Clarita, CA

Santa Clarita Buy Here Pay Here

Have you wondered about getting a car loan through a buy here pay here car dealer in Santa Clarita? These Santa Clarita bad credit car dealers supply financing on-site, normally without checking the consumer’s credit. Because they don’t depend on a standard bank or investment company for financing, they can work with a wide selection of shoppers.

For people with horrible credit, Santa Clarita in house financing dealerships are sometimes the only real way to go, despite the fact that the loan rates are a lot higher than you’d get from a conventional lender. At the same time, they don’t often report payments to the credit agencies, meaning your FICO score won’t improve even if they pay off the loan as agreed.

How Much You Ought to Spend

It’s crucial that you opt for a car or truck that won’t overburden your budget. This is a solid general guideline: spend not more than 8% of your monthly earnings on your loan payment. To give an example, Santa Clarita consumers have an average income of $2,645 per month, and 8% of this is $212.

Exceptional Credit Fair Credit Subprime Credit
Monthly Payment $212 $212 $212
Interest Rate 3.50% 7.00% 11.00%
Down Payment $2,908 $2,672 $2,433
Interest Paid $1,064 $2,010 $2,964
Price with Interest $15,604 $15,368 $15,129
Sticker Price $14,540 $13,358 $12,165

Used Cars from Santa Clarita Dealers

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