In need of a car loan in California? Whether you’re looking for a new car or a used one, we can help you get in the driver’s seat after as little as a day. You can apply for auto financing in as little as 2-3 minutes. Your application will enter our advanced placement system, where we have hundreds of lenders competing for your business. These include banks, credit unions, dealerships, and third-party finance companies – all of whom have their own approval criteria.
By utilizing an online system like ours, you can apply just once and maximize your chances of getting financed at a rate you can afford. We’ve spent years building this network of lenders – one of the most extensive in the state of California. These are trusted, reputable companies who want to get you into the driver’s seat. There are no fees and no obligations – apply today!
The Approval Process: Step by Step
One of the cornerstones of our business is transparency. We want you to know exactly how the process works, so you can decide whether our service is right for you.
- The first step is, of course, to submit your secure online application. It will immediately enter our placement system, where companies have configured their approval requirements and applicant preferences. We will provide you with a login to our approval center, where you can keep track of the status of your application.
- We will attempt to connect you with the best auto loan company in California, given your needs. This typically takes less than 24 hours. When your application profile is a fit for multiple lenders, they will compete to secure your business. This ensures that you get matched with the company who wants your business the most. Obviously this translates to lower interest rates and better customer service.
- You will be matched with one – and only one – lender. In our experience, this leads to much better consumer experience. This company will contact you directly either by phone or email, sometimes both. They will provide you with an interest rate quote, as well as all-important information pertaining to the terms of your loan, your vehicle options, and your down payment requirement (if applicable).
- You will be under no obligation to accept this offer. If you do accept it, you’ll simply need to complete your auto financing paperwork. This typically involves furnishing a few documents, such as proof income, insurance, and a valid drivers license. After that, you’ll be able to choose your vehicle from an area car lot. If you would like to work with a different company, you can re-apply – we never match you to the same lender twice.
Ready to get started? Click this link to submit your secure application.
California Consumers At A Glance
Credit and income are the two most important factors in any loan approval, as you probably know. For that reason, we thought it would be instructive to take a look at the average consumer’s annual income and credit score.
- Average CA Income: $50,538 Per Annum
- Average CA FICO Score: 672
- Total Autos Registered: 29,835,440
Standard Approval Requirements
Many of the companies with whom we work do not have minimum credit score requirements. However, they do have income requirements. Most require that you make at least $1500 income per month. Importantly, this is pre-tax income. Additionally, many of them use your debt-to-income ratio (DTI) to determine whether your finances can handle the extra debt. Typically your total monthly debt, inclusive of your new loan, should not exceed fifty percent of your income. For consumers who live in California, this equates to $2,106, on average.
Don’t meet these requirements? You may still be able to qualify as long as you:
- Provide a Co-buyer. Also known as a co-signer, this is an individual who agrees to assume responsibility for repayment if you default. Because this is such a major responsibility, it’s recommended that your co-signer be a family member: parent, sibling, or spouse.
- Provide More Money Down. The bigger your down payment, the better your chances of approval. It’s as simple as that. Putting 20% down is ideal, and this was standard for many years. However, many lenders will accept 10-15%.
- Go with In-House (“Buy Here Pay Here”) Financing (information here). This is typically the last resort. Because these dealers often don’t report customer payments to the credit bureaus, you will have no potential to improve your credit through timely repayment. However, for the income-strapped, credit-challenged consumer, this is often the only means of getting into a car.
You should devote no more than 18 to 20% of your regular monthly income for installment payments, gas, and upkeep. For your typical California car owner, this means $758-$842 a month. Shelling out more than this will jeopardize your financial future. With gas prices rising, you should choose a reasonable car with excellent fuel economy. Typically, obtaining a used auto loan in California is smart. Used cars are less costly to finance and to insure. And in addition, they depreciate a lot less quickly than new vehicles. Please click here for cheap cars in California.