CA auto financing is available from banks, credit unions, online financial institutions and auto dealerships. Each choice has positive and negative aspects, so the final decision on where to obtain your loan should be based on your company's financial status and vehicle purchasing needs. Banks and credit unions have loan plans with lower rates, but they are non-negotiable.

Financial institutions usually have higher rates, but are more prone to work with clients that have a bad credit rating and small incomes. Car dealerships regularly work with business owners who have minimal credit and they offer the advantage of managing the entire automobile purchasing process in a single location. They tend to have higher rates than other sources of auto financing in California.

Your company's credit rating, profit margin and available down payment are all factors when deciding on the best method to obtain California automotive financing. There are several things buyers should do prior to requesting a loan:

1. Determine your monthly budget allowance for paying off your car loan in California.

2. Decide if your California auto financing will be used for a new or pre-owned vehicle.

3. Choose which features you most desire in an automobile.

Action Steps
The best contacts and resources to help you get it done

Obtain vehicle financing in California from banks or credit unions

Businesses with good credit can benefit from utilizing a bank or credit union to procure car financing in California. Borrowers will receive a lower rate if they can show they are able to pay a specific price each month. By obtaining California car financing through a credit union or bank, you will already have the funding for a car and will not have to work with their financial staff to get qualified for a loan.

I recommend: Get financing for a single vehicle or company fleet at Wilshire State Bank, the National Bank of California or California Community Credit Union.

Elicit California car loans from auto dealerships

Business owners who turn to the financial department at an auto lot when they are in need of car loans in CA will be able to handle the entire car purchasing process during a single trip. Most car dealerships are able to work with newer companies that have poor credit scores or those that are making their first major purchase. In exchange for this convenience, the recipient of the loan will usually end up with a high interest rate and therefore pay more money in the long term.

I recommend: Get qualified for a loan from auto dealers like Mataga Buick Pontiac GMC Cadillac, Sunnyvale Chevrolet or Champion Dodge.

Utilize online financial institutions for car loans in California

Online finance companies often have higher rates than banks or car dealerships, but they are more willing to work with clients that have a bad credit history or no credit at all. This permits first-time buyers and new business owners to obtain a loan for a car or a fleet of vehicles even if they have been turned down elsewhere. Online lenders also provide the advantage of going through the entire financing process from your office.

I recommend: Deal with online financial institutions like Jeffco Credit Union or Autoloan. Commercial Fleet Financing offers fleet leasing services for businesses.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Check into how much the vehicle you plan to buy is worth and negotiate with the dealer for the best possible price.
• •  Be sure the California vehicle financing policy you are interested in has an affordable monthly rate.
• •  Get the specifics about any agreement for auto financing in CA in writing before you sign any documents.
• •  Put down as much money as possible to lower your monthly payments.
• •  Make payments on your California car loan that are above the minimum invoice to reduce your overall interest charges.