In Oakland, California, auto loans have become much tougher to find. No doubt, plenty of banking institutions have stiffened up their loan requirements, but there are loan providers who can work with you; we can help you find them. Applying is a snap, and many times, there is zero money down required.
The city’s average monthly income is $1,699, while the average credit score is 672. Remember, these are only average numbers. You don’t have to make more than $1500 a month to be eligible for car loans in Oakland, CA.
Nearly all car loan lenders require that you hold a consistent job with $1500 income a month, and the amount you spend on existing debts, inclusive of your auto loan, must not surpass 50% of your earnings. For car shoppers in Oakland, CA, this equates to $850, on average. Even in the event you can’t fulfill the aforementioned requirements, there is a good chance you will be able to meet the criteria in one of the following ways:
- Provide Someone to Co-sign
- Provide a Larger Down Payment
- Opt for Your Job is Your Credit Auto Loans.
Do you know how much you can afford to spend a month for your new car? Okay, it is best to commit only 18 to 20% of your monthly wages for car payments, gas, and repairs. If you were to earn $1,699 each month, this comes out to $306-$340 each month. Spending more than this will jeopardize your financial circumstances. With gas prices on the rise, it’s best to choose a low cost car that offers good gas mileage. Typically, securing a used car auto loan in Oakland, CA is a good option. Used cars and trucks are much less expensive to buy and to insure, and they lose value a lot less quickly than new cars and trucks.
Auto Financing with Bad Credit in Oakland, CA: Tips
Here’s some steps you can take to increase your chances of meeting any lender’s standards.
- Supply More Money Down.
- Get a Co-buyer.
- If This Isn’t Enough, Get an Auto Loan at a Buy Here Pay Here Car Dealership.
Getting a Car Without Credit Check in Oakland, CA
A lot of CA buy here pay here dealers allow you to buy a car without any credit check. Unfortunately, this reduces your chances of bettering your credit scores.
These car lots are often labeled: Tote the Note, Your Job is Your Credit, or in house financing car lots in Oakland, California.
Such auto loans tend to be granted without any credit check.
Sadly, they are not without a few potential shortcomings:
- Exorbitant Rates
- Predatory Lending Practices
- Sizeable Down Payments
- High Mileage Used Cars and Trucks
Be sure you research any CA in house financing dealership online. Make sure you track down a friend or relative who has obtained a vehicle from them recently, and ask if they would recommend them.
Oakland (CA) Dealerships That May Offer Car Loans
- Auto Salon Europe, 600 16th St, 94612
- A Ok Tires & Wheels, 1050 98th Ave, 94603
- Auto Depot, 4171 Broadway, 94611
- 2000 Auto Imports, 5200 International Boulevard, 94601
- Automania, 2930 Glascock Street, 94601
- 510 Motors, 2418 Broadway, 94612
- Cal Glass, 6405 Shattuck Avenue, 94609
- Cars Unlimited, 2647 International Boulevard, 94601
- Volkswagen of Oakland, 2740 Broadway, 923
- Downtown Toyota of Oakland, 4145 Broadway, 94920
- Mercedes Benz PRE OWNED Center of Oakland, 2964 Broadway, 94920
- Half Price Autos, 3053 International Blvd, 94701
- Mazda of Oakland, 2560 Webster St, 94080
- Mercedes-Benz of Oakland, 2915 Broadway, 923
- Downtown Subaru, 4133 Broadway, 94920