Getting financed at a reasonable rate is typically the greatest challenge when purchasing a new car, but we can help. We allow you to find a lender or dealer that is sensitive to your credit and income. We’re very pleased to represent a vast network of dealers and finance companies who are dedicated to financing your purchase, even if your credit record leaves much to be desired. Simply complete your online application, and we will pair you with a dealer or lender in Temecula able to get you the loan you need.
Temecula Car Dealerships for Bad Credit
Bad credit doesn’t have to keep you from buying your new car. We work with dealers all across California who are willing to compete for your business. In contrast to buy here pay here dealers, these dealers offer:
- Interest rates that aren’t astronomical.
- Down payments based on the vehicle’s price.
- Vehicles that are more reliable.
Your income and credit will determine how much car you can get financed. Normally, when you have below-average credit, you can borrow six to eight times the amount you make per month. For the Temecula resident making $2,547 each month, this is $15,282 to $20,376. However, just 8% of your income ($204, in our example) should be allotted to your car payment, which will put a cap on what you can spend. Apply online to see how much you can borrow.
Purchasing a Car in Temecula with No Money Down
Is your idea to buy a new car with no money down? Supplying a down payment lessens the risk built into the loan, simply because the lender has a better chance of recovering their losses if they’re forced to repossess the vehicle. For you, the consumer, this will a more affordable interest rate.
Despite the fact that we may be able to aid you in getting approved for a car loan in Temecula with no money down, we generally encourage down payments.
Buy Here Pay Here Dealerships in Temecula, CA
Car dealers in Temecula that offer in house financing have certain common characteristics. They…
- Offer car loans in house.
- Rarely perform credit checks.
- Require weekly or biweekly payments, often in person.
Sometimes men and women with very bad credit assume that a buy here pay here car lot is the only place that will be willing to finance them, even though the cost of your vehicle will be higher due to ridiculous rates of interest, plus it’s less likely that your credit rating will get better since these dealers have no relationship with the credit reporting agencies.
Can Financing Improve Your FICO Score?
Not only will an auto loan provide you the funds you need to get your car, it can help you get your credit back to normal. If you pay your lender on schedule every month, you will start to develop a strong history of debt payment, which is over 30% of your FICO score. By contrast, you could potentially wreck your credit by making payments late or missing them altogether. It’s difficult to anticipate precisely how much your score will climb, but per-month boosts of 5-10% have been noted.