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Auto Loans in Scotts Valley (CA)

Cars can be very expensive these days, so it is crucial for you to get the most competitive rate of interest available for your credit. We make it easy to apply for financing through our vast network of dealers and lenders. You’ll be led step by step through the lending process by a finance specialist in your area.

Auto Loan Scotts Valley CA

Scotts Valley Car Lots for Bad Credit

Most traditional lenders like banks don’t cater to individuals who’ve got weak credit. However, there are dealers that accommodate credit-challenged individuals. Since you’re a higher-risk applicant, certain things are to be expected:

  • Steeper interest rates.
  • More upfront cash required.
  • Cheaper cars.

With that being said, it’s a lot better than being unable to finance a car, and these dealers can help you restore your credit and maybe even refinance your vehicle at a reduced rate. There are a great number of dealers in our network, and when you submit your application, we can match you with one who wants to put you in the driver’s seat.

Scotts Valley APR Rates: How to Reduce Them

Securing a cheaper interest rate can result in a lot of money saved. Here’s one example: On a $32,058 car loan financed at 3.50% APR for Five years, you’d end up paying $2,933 in total interest. At 7.00% APR, you’d pay $6,029. At 11.00% APR, $9,763. All of this additional interest would be added back into your monthly payment, which would go from $583 to $697.

So that you can minimize your interest rate, make sure to check your credit report for any mistakes. If you find a mistake, file a dispute with the credit bureau where you’re seeing the error. This is a fast and easy way to improve your credit. Also, by paying off any existing debt you will lessen your debt-to-income ratio, making it possible to secure a more affordable interest rate. It’s smart to opt for a loan of 60 months or less. Your monthly payments will be greater, but lenders charge less for shorter loans. Finally, a solid down payment will lessen your loan-to-value ratio–yet another rate-reducing factor.

Tote The Note Car Lots in Scotts Valley, CA

Dealerships in Scotts Valley that advertise buy here pay here financing have several things in common. They…

  1. Approve auto loans direct to the consumer.
  2. Don’t check your credit.
  3. Want you to make payments 2-4 times per month, often in person.

If you’ve got horrible credit, Scotts Valley in house financing car lots tend to be the only way to go. However, the annual percentage rates are a lot higher than you’d expect from a dealership that offers indirect financing. On top of that, they rarely report payments to the credit bureaus, which means the consumer’s credit rating will not go up as a result of the loan.

Will Financing Increase Your Credit Score?

It’s true: a car loan can actually rebuild your credit. But bear in mind, this impact isn’t immediate–not even close. You must pay back the loan as agreed, making all of your payments in a timely manner month after month.

Naturally, this is a two-edge sword, in that you can make things worse if you go delinquent on your payments. Of course, the advantages of an improved score are considerable, including reduced interest rates and insurance premiums, as well as more opportunities for refinancing existing car or home loans.

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