Auto Loans in Babylon (NY)

Would you like to pre-arrange your financing? You’ve come to the right place. We’ve been in the auto finance business for years, long enough to develop a class-leading network of dealers and lenders, many of whom offer online approvals. Just apply online, and we’ll work to get you the loan you need.

Babylon Car Loans for Bad Credit

If you’ve got problematic credit, we can help. In fact, Special Finance is our specialty. We have lenders who accept low credit, and they want to approve you to finance the vehicle you want. A down payment and monthly income of $1500 per month may be considered necessary for any bad credit car loan in Babylon, but most applicants receive their approval the same day they apply. If you have subprime credit, you’ll probably be approved by a lender or dealer in Babylon that specializes in subprime credit. These companies submit payment information to the credit agencies, which is great if you want to restore your credit.

Auto Loan Pre-Approval: How Much?

The table below depicts how much you can borrow, derived from a monthly income of $4,028, the average in Babylon. These sums are simply approximations. You may be entitled to a greater or lesser amount, depending on other factors. Talk with an auto finance agent to learn more.

Credit History Income Factor Sum
Good Credit 10 $40,280
Decent Credit 9 $36,252
Subprime Credit 8 $32,224
Poor Credit 7 $28,196
Very Bad Credit 6 $28,196

As we stated previously, the numbers above are estimations. For an accurate quote, please submit your application.

Babylon Car Loans, No Money Down?

We have many lenders in our network who offer financing with zero money down, even for people with credit problems. However, providing a down payment affords you significant benefits:

  • Reduces the length of the loan, meaning you pay less in interest.
  • Lessens payment amount.
  • Safeguards against negative equity.

Still, we understand that down payments are hard to come by in today’s economic climate. We help people get approved each and every day, even with no money down.

No Credit Check Car Dealerships in Babylon

This type of financing is otherwise known as tote the note, your job is your credit, in house or no credit check financing. These dealers do their own financing, rather than relying on a network of finance companies. The annual percentage rates are typically high, but they typically offer guaranteed approval.

If possible, steer clear of these dealers in favor of a bad credit auto loan arranged through us. Submit your application – no minimum credit score required.

Credit and Income: Babylon

Lenders are worried about much more than just your FICO score. Loan companies consider such things as:

  • Income
  • Job Stability
  • Payment History

Here are average statistics for Babylon residents.

  • Average Income: $48,330 Per Annum
  • Average Car Payment: $443 (11% of Income)
  • Recommended Car Payment: $322 to $403 (8%-10% of Income)

Babylon’s Credit Spectrum

If you have subprime credit, you aren’t the only one. This table depicts how many people in Babylon are in each credit tier.

FICO Score % of Population Residents
300-499 2% 1,429
500-549 5% 3,571
550-599 8% 5,714
600-649 12% 8,571
650-699 15% 10,714
700-749 18% 12,857
750-799 27% 19,285
800-850 13% 9,285