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For many consumers in San Luis Obispo, a loan is required to buy any new or used car or truck. Whether you are financed will depend on an assortment of factors, including:

  • How high your credit score is.
  • How much you earn.
  • Where you live.

Instead of spending hours at the dealer or lender, you can submit your application for your auto loan today online. Let a vehicle finance consultant in San Luis Obispo help you get approved for financing, answering your questions in the process.

Auto Finance Rates in San Luis Obispo

These rates are for informational purposes only. They aren’t advertisements. Exact interest rates differ.

FICO 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%

Don’t know what your FICO score is? You really should. We advise this service.

Used Car Financing in San Luis Obispo

You will find that finance companies charge slightly more expensive interest rates for second hand cars and trucks. On the other hand, it’s smart to finance a used car, considering that the sum total will be significantly less. Check out the comparison below, which displays the costs associated with car loans for brand new versus used cars and trucks.

Age Price APR Months Payment Interest Total
New $16,500 6.00% 60 $318.99 $2,639 $19,139
1 Year $13,200 7.50% 60 $264.50 $2,670 $15,870
2 Years $11,220 7.50% 60 $224.83 $2,270 $13,490
3 Years $9,537 7.50% 60 $191.10 $1,929 $11,466

For most consumers, a used car is the better option. Used car loans come with slightly higher rates, but in many instances, you only need 10% down, and the insurance premiums are cheaper.

Poor Credit Car Loans in San Luis Obispo

As a rule, loan providers want buyers with exceptional credit scores, as car and truck loans involve quite a lot of money. Few things are more humiliating than having your credit declined at the dealership. When it comes to auto loans, it’s best to deal with someone who is an expert in the process.


Of course, you’ve got to be wary of predatory loan providers. This is especially the truth if you resort to a buy here pay here dealership. The APR rates are very steep, and the vehicles tend to be price over market value.

Instead, it’s a smart idea to secure your loan via the internet. The interest rates are typically cheaper, the terms significantly better, and you have the ability to improve your credit score at the same time.

Go here to apply online.

Minimizing Your Interest Rate

Apart from purchasing a more affordable car or truck, the simplest way to decrease your monthly installment is by improving your credit. Is your credit report marked by any mistakes? These can harm your credit score more than you might realize. Fortunately, it’s free to check your credit report annually at Generally, it takes 30-60 months to get any mistakes fixed, after which time you may see an improvement in your credit score. Often, adding a cosigner to your auto loan could also lower your annual percentage rate.

Can a Car Loan Improve Your Credit?

An auto loan can be a good method of increasing your credit score, but you have to ensure that you make your payments in a timely manner. Buy here pay here dealerships rarely ever report back to the credit agencies, which means your credit score isn’t likely to get any better. It’s wise to register for automated payments, just to be sure you won’t skip any payments.

San Luis Obispo Resources

Credit Unions


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