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Auto Loans in Santa Cruz (CA)

For consumers who have bad credit, finding a car dealership in Santa Cruz, California, who will approve them is the greatest hindrance to coming home with a new car, truck, or SUV, even if it is used. Good credit may provide you with more options, but we help you, our customer, find the bad credit auto loan to suit your finances. Listed here are the keys to our system

Santa Cruz CA Bad Credit Auto Loans

  • Proprietary Credit Approval Program
  • Nationwide Network of Dealers
  • Support from Veteran Auto Finance Professionals

Santa Cruz Car Dealers for Bad Credit

If you are looking for a car dealer in Santa Cruz that finances bad credit, you’re in luck. As with any bad credit loan, you can expect more expensive interest rates, heftier down payments, and shorter length loans. Having said that, it’s better than any alternative, and if you make your payments on time, you can increase your credit score as your vehicle is paid off. Here at Motive Auto Finance, we work with many such dealerships, and they want to get you the car you deserve. Go here to submit your application.

Do You Need a Down Payment?

A down payment might be an inconvenience, but if you have credit problems, it’s often required. Generally, you need 10% down for a car or truck that’s used, and 20% if it’s new. Take a look at the following set of scenarios.

New Car 1 Year Old Car 2 Year Old Car 3 Year Old Car
Percentage of Initial Value 100% 75% 60% 50%
Sale Price $28,950 $21,713 $17,370 $14,475
Percentage Down 20% 10% 10% 10%
Down Payment $5,790 $2,171 $1,737 $1,448

Although we may be able to help you get approved for an auto loan in Santa Cruz with no money down, we typically encourage down payments.

Santa Cruz Buy Here Pay Here Car Lots

Buy here pay here dealerships would love you to believe that nobody but them will approve you. However, this typically isn’t the case. Such car lots grant auto loans on location, whereas the vast majority of dealers contract this, and they will typically finance everyone.

Drawbacks include outrageous rates of interest and down payments, as well as overpriced vehicles with ignition interlocks to help with repossession There is a good reason why these retailers don’t have an outstanding track record. Let us match you with dealer finance specialist who will work with you, even if you’ve had to file bankruptcy.

Rejuvenating Your Credit in Santa Cruz

It may seem too good to be true, but it isn’t: not only does a car loan help you purchase the car you’d like, it can boost your credit rating. Overall, financing a car can favorably impact two principal credit scoring variables:

  1. History of Payments (35% of score).
  2. Credit Mix (10% of score).

Keep in mind that credit improvements are gradual, developing with time. Of course, the benefits of an improved score are considerable:

  • Cheaper insurance and loan rates.
  • Elevated loan amounts.
  • Quicker loan approval.

Cars in Santa Cruz for Sale

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