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These days, you will find it extremely difficult to purchase a new car or truck if you can’t get approved for a vehicle loan. In most cases, the loan provider keeps a lien on the car or truck until it has been paid off. They’ll expect you to carry comprehensive insurance during this period, and your interest rate will depend largely on your credit score. If you need to secure the most affordable rate of interest available, we can help. A local finance professional can walk you through the process, helping you obtain a loan from a finance company near you.

Car Loan Rates in Santa Maria

Wondering what interest you’ll be asked to pay? The reality is, your interest rate can vary widely based on your credit score, plus other things. The rates shown below are only for informational purposes. They are not advertisements, and your actual rate could deviate greatly from what’s seen below.

FICO Rating 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%

Used Car Auto Loans in Santa Maria

You’ll see that the rates for a pre-owned car are higher than the rates for a new one. However, used vehicles are more affordable over the long haul, and they don’t depreciate as fast. Here, we compare the cost of a loan for a car or truck that’s new versus a few years old.

Years Old Price Rate Months Payment Interest Total
New $16,700 6.00% 60 $322.86 $2,671 $19,371
1 Year $13,360 7.50% 60 $267.71 $2,702 $16,062
2 Years $11,356 7.50% 60 $227.55 $2,297 $13,653
3 Years $9,653 7.50% 60 $193.42 $1,952 $11,605

In only one year on the road, the $16,700 new car is worth only $13,360, and only $9,653 after three years. Listed below are the most popular restrictions on auto loans for used cars:

  • Car no older than 7-10 years.
  • Mileage no more than 100,000.
  • Bought via dealer, not private party.

Poor Credit Car Loans in Santa Maria

In the world today, a bad credit score is pretty common. Nothing is more humiliating than being declined by the bank or dealership. Before the net, you might be turned down at a number of banks or dealerships before being approved for financing.

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It may seem like a buy here pay here dealer is the quickest alternative. Such dealerships don’t even pull your credit, and they offer affordable pre-owned cars and trucks. While you will have no problem with respect to approval, you’ll be taxed a lot for the privilege. Instead, it’s a smart idea to apply for a loan online. An established loan provider will report your repayment to the credit agencies, which means your credit score will get better as long as you keep making your payments on time.

Best of all, you can submit your application online.

Can a Car Loan Improve Your Credit?

Gradually, the payments you make financing a car can bump up your FICO . Buy here pay here dealers don’t report to the credit bureaus, so your credit score won’t go up. Most lenders offer automated bill payment options, which are crucial for making your payments on time every month.

Santa Maria Resources

Credit Unions

Credit UnionStreet addressZipTelephone
Coasthills2364 S Bradley Rd93455(805) 733-7600
Coasthills1157 E Clark Ave93455(805) 733-7600
Coasthills1203 S Broadway93458(805) 733-7600