Bad Credit Car Financing in El Cajon, CA

Have you seen a vehicle you like but not sure if you can get the financing?

At El Cajon Mitsubishi, we'll do whatever it takes to get you into one of our cars, no matter what your credit is like. From repossession to bankruptcy to low scores, we've got your back, and we have a 99.7% loan approval rating to prove it. If you're dealing with one of these issues, we have some great options for you to consider.

Never fear! The El Cajon Mitsubishi Loan Center handles all types of credit issues, including bankruptcy, repossessions, divorce, poor credit, 1st time buyers, etc. We have a 99.7% approval rating for our clientele.

If you have a low credit score, we'll work with local lenders to get you the best low-interest and low-payment loans we can to make the costs affordable. You can also apply for a high-risk loan, which has a high interest rate but gives a boost to your credit score every time you make a payment on time. This is a good option if you're in a good financial position to make payments and you need to get your score back up.

You can apply on line using our credit application form or email us through our website. Your current employment is your credit source! We can help you get into a vehicle!

There are a few ways you can get in touch with us to get pre-approved for a loan, streamlining your buying process and saving time. Send us an email through our website, or give us a call at (866) 621-0894 to get pre-approved and we'll get back to you as quickly as possible. You can also fill out our online Special Financing Form and we will get back to you promptly for any assistance you may require.

We are at your service, so call us or email us to get you into your vehicle TODAY!

CREDIT SCORE FAQS

Credit scores are an important part of financing any big purchase, including buying a car. They can also cause confusion, which is why we've put together a list of frequently asked questions we get about credit scores. If you have any other questions about financing a new or used car or the importance of credit scores, feel free to contact us at El Cajon Mitsubishi. We'll help you get the financing you need and deserve to find the car of your dreams!

What is a credit report and why is it important?

A credit report pools your performance with all of your creditors into a single score. It is important because your report essentially tells a potential creditor how likely you are to pay them back for a loan.​

How can I establish good credit?

A lot of people establish good credit by initially getting a credit card with a modest limit. Make a few purchases every month and be sure to pay them off before your due date. Before you know it, you might decide to get another card or apply for a car loan.

How can I maintain a good credit score?

Pay all of your bills on time. Make sure that the balances on any of your credit cards stay low so that you can pay them off every billing cycle. Don't try to obtain credit if you don't need it. This could prove too irresistible and you may overextend yourself.

How do I fix a low score?

First things first, do all of the things you would do if you were maintaining a good score. At the same time, negotiate with those holding your outstanding accounts and arrange payment plans.

If my score is low, can I still get a loan?

If you struggle with your credit score, you are not alone. While it is not ideal, it is also not the end of the world. You can often work with creditors to find workable solutions.

AUTO FINANCE DICTIONARY

Setting out on the journey to buy or lease a new car can be a daunting task by itself, before you figure in all the fancy lingo dealerships use when negotiating things like contracts and monthly payments. If you're new to the whole thing, it might feel like buying or leasing a car involves learning an entirely new foreign language. Honestly, though, the terminology isn't all that difficult once you have the grasp of a few basic terms. Here's a quick, fundamental overview.

• Annual Percentage Rate (APR): The yearly interest rate, usually expressed as a percentage, that you accumulate on the loan you take out when you buy a new car.
• Acquisition Fee:An additional upfront cost used by dealerships to cover processing fees.
• Capitalization Cost: The current total cost of a car, which is used to calculated the monthly payments owed on a leased vehicle. This is also frequently abbreviated to "cap cost."
• Cap Cost Reduction: The amount of money you pay upfront when leasing a vehicle. The more cash you put down at the beginning, the lower your monthly payments will be.

• Depreciation: The difference between the cap cost and the residual value. This will be the total amount you pay on a leased vehicle, including the cap cost reduction and the monthly payments.
• Down Payment: The money you pay for a newly purchased vehicle upfront, which will reduce the amount owed on monthly payments when you take out a loan.
• Lease Term: The amount of time, negotiated by contract and usually lasting 12 to 24 months, that you are granted ownership of a leased vehicle.
• Manufacturer's Suggested Retail Price (MSRP): This is the base sticker price of a vehicle, and often only used by dealerships as a guideline.
• Monthly Payment: The amount of money you will pay once a month towards the negotiated total cost of your vehicle, whether leased or bought on a loan.
• Quoted Dealer Price: This may or may not be the same as the MSRP. The actual retail cost of the vehicle.
• Residual Value: A prediction of what a leased vehicle will be worth after your lease term has ended. This is used to calculate the total cost of the vehicle over the lease term and your monthly payments.