California Bank & Trust, often called CB&T, is a financial institution that operates out of San Diego, California. Founded in 1998, this institution opened after three older banks merged resources and assets. It now has just over 100 locations in and around the Los Angeles area, but it also operates branches in Oakland and Irvine. California Bank & Trust offers auto loans for those who need help paying for a new or used vehicle.
What Borrowers Need to Apply
Borrowers applying for an auto loan from California Bank & Trust need to provide the bank with his or her date of birth and social security number as well as the same information from any co-signer who will also appear on the loan documents. CB&T uses that information to run a credit check and determine if the applicant is worthy of a loan. The bank also asks for a phone number, home address and the borrower’s gross monthly income. Borrowers must also list any jobs held in the last two years, including the phone numbers and addresses of each employer. Those who lived somewhere else in the last two years must list any addresses they lived at within that period.
How to Apply for a CB&T Auto Loan?
CB&T offers three options for those who want to apply for an auto loan. They can visit a local branch in California and meet with a loan officer. They can call TeleLoan and apply for a loan over the phone too. These services allow borrowers to find out if they qualify in just a few minutes.
The third option is only available to those who already bank with California Bank & Trust. Those prospective borrowers can log into the online system with their existing accounts and click on the Services button or tab at the top of the page. They then select the Apply Now option and enter all the information required. The online system is a more convenient way to apply for an auto loan and gives borrowers a fast response.
CB&T allows borrowers to apply for the total amount they need to pay for the cost of a vehicle and any associated fees. While there is no minimum loan amount an individual can apply for, the financial institution does have a maximum amount that prevents borrowers from applying for a loan of more than $250,000.
What Interest Does California Bank & Trust Charge?
The standard interest rate charged on auto loans taken out from California Bank & Trust is 4.1%. This same percentage applies to loans for both new and used vehicles. This same rate also applies to both larger and smaller loans. Those with an excellent credit score of 800 or higher may qualify for a lower interest rate of 3% or less, but CB&T can charge more than 7% interest on borrowers with a lower credit score.
How Long Do CB&T Loans Last?
CB&T uses a fixed interest rate, which means that the interest rate will never change over the course of the loan. It does, however, offer three different payment lengths. Borrowers can apply for a three, four or five year loan. Though longer loans will leave borrowers paying more in interest, these loans also reduce their monthly payments.
Discounts for CB&T Customers
Those banking with CB&T qualify for an automatic discount. They must set up automatic payments, which the company with withdraw from the account on the same date each month. CB&T gives those customers a 0.25% discount that can help them pay off their loans faster. California Bank & Trust also offers loans for recreational vehicles that come with similar terms.