Auto Loans in Albany (NY)

Do you live in New York’s capital city of Albany? If so, we can help you secure the auto loan you need. We’ve been assisting consumers in the Capital Region of upstate New York for years. Think of us as your trusted consultant for all of your auto finance questions. We have an extensive network of dealers and lenders standing by, waiting for your application. The actual application is entirely web-based, and it asks less information than our competitors. We value your privacy, and all data transmission are protected by high levels of SSL encryption. When you apply, we place your application with a lender or dealer willing to fund your loan. It really takes the hassle out of the financing process, and helps you streamline the entire car-buying process.

Used Vehicles, or Only New?

We can help you secure a car loan for a new or used vehicle, depending on your needs and budget. In Albany, auto finance rates for pre-owned vehicles are typically 0.5%-1% higher than those for new vehicles. However, new vehicles cost more than their late model counterparts, and they are subject to a steeper rate of initial depreciation. Typically you can finance a vehicle up to 7-8 years old, with 80,000-100,000 miles – although this varies by lender.

What about Bad Credit Auto Loans in Albany?

Yes, we do help with those. In fact, our service is of particular benefit for anyone with a credit score of 620 or lower. This is typically the threshold under which credit is deemed “bad.” Fortunately, a large number of large lenders and dealers in upstate New York now have whole departments devoted to something known as “special finance.” These may be simply referred to as bad credit dealerships in Albany – a common colloquialism – and of course we work with a great many of them in one capacity or another. Here are the main considerations if you need one of these loans:

  • Budget Conservatively:  as far as monthly payment, it is best to dedicate no more than 5-8% of your monthly income (before taxes) to paying off your car. This is especially important if you have bad credit, because…
  • Interest Rates are Higher:  this is an unavoidable consequence of having less-than-stellar credit. You can expect an APR of 10%, at minimum, if you have subprime credit. People with truly bad credit could be charged up to twice that much.
  • Down Payments are Smart:  putting down 10-20% of your vehicle’s purchase price upfront may sound like a huge outlay, but it will result in the best financing terms.

If you’ve got good credit, then yes: you can typically get an auto loan without providing a down payment. Of course, it’s a bit more complicated for people with low credit scores. When dealing with subprime credit, lenders are concerned with the Loan-to-Value Ratio, or LTV. Divide the amount of the loan by the wholesale value of the car or truck. This is the LTV.

Loan Amount Vehicle Value LTV
$10,000 $15,000 67%
$15,000 $17,500 86%
$15,000 $20,000 75%
$17,500 $22,000 79%
$20,000 $25,000 80%

Most lenders and dealers who work with bad credit prefer LTV ratios of less than 100%. Because the lender doesn’t have as much tied up in the vehicle, they are in a stronger position if the vehicle has to be repossessed – a serious risk when lending to subprime borrowers. The good news is that, as the economy improves, more dealers and lenders will be approving car loans with zero down. Simply enter your down payment amount on your application, and our system can often help you find a dealer or lender who wants to fund your loan, whether you have a down payment or not.

Apply Online!

The table below shows various loan amounts, given a monthly income of $598, the average in Albany. These figures are only approximations. You may qualify for a different amount. Speak to a vehicle finance agent to find out more.

Credit Income Factor Amount Borrowed
Great Credit 10 $5,980
Fair Credit 9 $5,382
Slow Credit 8 $4,784
Bad Credit 7 $4,186
Really Bad Credit 6 $4,186

Remember, the amounts listed above are estimations. For a definitive quote, please submit your application.

Buy Here Pay Here Car Dealers in Albany

If you’re considering working with a buy here pay here dealer in Albany, thanks to credit problems, then keep in mind that a down payment will probably be required. These dealers specialize in helping people that cannot get approved by a traditional lender. The annual percentage rates are always steep, but acceptance will likely be guaranteed. We recommend that you steer clear of buy here pay here dealers and opt for a bad credit auto loan online. Apply online – it’s fast and free.

Albany Consumer Profile

AlbanyBelieve it or not, more than a quarter of Albany residents have some type of government job. Lenders love this, actually, because government jobs offer a great deal of security and stability. After all, it’s not often that the government missed payroll or lays off workers – common issues in private enterprise. Listed here are average statistics for Albany residents.

  • Average Income: $7,175 Annually
  • Average Car Payment: $66 (11% of Income)
  • Suggested Monthly Payment: $48 to $60 (8%-10% of Income)

If you’ve got poor credit, you aren’t alone. This chart shows how many people in Albany are in each credit level.

FICO Score % of Population Residents
300-499 2% 2,915
500-549 5% 7,287
550-599 8% 11,660
600-649 12% 17,490
650-699 15% 21,862
700-749 18% 26,235
750-799 27% 39,352
800-850 13% 18,947

Your FICO score will primarily determine your interest rate, but if you have the income, we can usually find a lender or dealer for you, even if you need an auto loan in Albany with bad credit.  We can also help residents anywhere in the Capital District, including Troy and Schenectady.