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Have you been looking to buy a new or used vehicle in Salinas, and plan to finance it? If you’ve got terrific credit, this is a simple and easy process. For those who have below-average credit, however, it can be challenging. To improve approval, you can submit an application on the web for an auto loan.

A local auto loan consultant can help you get approved for financing, answering your questions along the way.

Auto Finance Rates in Salinas

Most loan providers don’t supply auto finance rates based on FICO score. Instead, they showcase the lowest rate they offer. In point of fact, your annual percentage rate can vary widely based on your credit, among other variables. The rates displayed below are only for informational purposes. They are not advertisements, and your precise rate could deviate vastly from what’s seen below.

Credit Score New Car Pre-owned Car
Excellent 3.2% 3.7%
Good 4.6% 5.7%
Average 6.5% 8.5%
Subprime 9.4% 10.8%
Bad 14.1% 16.5%
Very Bad 15.6% 18.4%

Checking your credit score can prevent you from being overcharged. We suggest this site.

Used Car Loans in Salinas

Options like zero percent finance and zero down payment can be found on new cars if you have terrific credit. However, used vehicles are a better value in the long run, and they depreciate less. Below, we examine the costs of financing a car or truck that is new versus one, two, or three years old.

Years Old Price APR Months Payment Interest Total Cost
New $15,900 6.00% 60 $307.39 $2,543 $18,443
1 Year $12,720 7.50% 60 $254.88 $2,573 $15,293
2 Years $10,812 7.50% 60 $216.65 $2,187 $12,999
3 Years $9,190 7.50% 60 $184.15 $1,859 $11,049

For most consumers, a pre-owned car is a better option. Most loan companies will let you finance a second hand car that’s up to 10 years old, sometimes a bit less, and some have a mileage cap of 100,000 miles.

Bad Credit Car Loans in Salinas

For the most part, loan companies want buyers with prime credit, as car and truck loans involve a lot of money. In simple terms, if you have less-than-perfect credit, a single digit rate of interest isn’t possible. Before the net, you pretty much forced to take whatever annual percentage rate and conditions they offered you. Today, there are better strategies to get financed.

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It may seem like a buy here pay here car dealership is the most convenient option. These types of dealers don’t even pull your credit, and they offer inexpensive, used cars and trucks. The disadvantages are considerable: excessive interest rates and rigid terms. Invariably, it’s safer to deal with a local bank or lender. A traditional bank or finance company will report your payments to the credit reporting agencies, so your credit score will increase as long as you keep making your payments on time.

Go here to apply online.

Minimizing Your Interest

Are you worried that your annual percentage rate will be too expensive? Many potential buyers are known to have errors on their credit histories. These types of errors could be harming your credit score, and you won’t have any idea. You can pull your credit report for free online. You can dispute any mistakes on your own, or get a credit repair service to write the dispute letters for you. If you haven’t got a good credit rating, having a spouse or relative with favorable credit cosign your loan could give you a better interest rate.

No Money Down Cars in Salinas

A lot of people don’t realize that, ordinarily, you need some cash in your bank account to finance a car. No down payment car loans, like 0% financing promotions, are usually offered only to individuals who have top notch credit. For people with credit problems, there is just one main course of action: track down a dealership that accepts trades, and use your existing vehicle to cover the down payment on your new one.

Salinas Resources

Credit Unions

Credit UnionStreet addressZip CodePhone
Central Coast900 S Main St93901(831) 422-2325
Coast-TelPO BOX 86893902(831) 758-3836
Coast-Tel356 Main St93901(831) 758-3836
Monterey1566 N Main St93906(831) 442-3380
Monterey County Employees20 W Market St93901(831) 789-8000