Auto Loans in Binghamton (NY)

At New York Auto Finance, we take great pride in getting our clients approved for financing with zero fees, headaches, and obligations. Our services cover the car-buying spectrum:

  • New or Used Vehicles
  • Good or Bad Credit
  • Various Down Payment Amounts

We have relationships with lenders and dealers across Binghamton and Broome County – let us get you approved from a dealer or lender that suits your needs.  Our industry-leading network of finance specialists is standing by, waiting for your application. Just apply online – you could be rolling up to Oakdale Mall in a new vehicle in no time flat!

Bad Credit Car Dealerships in Binghamton

Worried that your credit score will be a problem? It is, without a doubt, the most significant factor in establishing your interest rate and approval. During the recession, many lenders effectively cut off the credit taps, only lending to those “prime” consumers – those with interest rates of 700 and higher. Fortunately, that trend has been reversing, and we work with with many dealers and lenders who approve bad credit auto loans for Binghamton residents on a regular basis. The minimum requirements for such loans are quite attainable:

  • 18 years of age
  • New York resident
  • $1500 / month income

Additionally, pay stubs and drivers license may be required for income and identity verification. Some lenders do require down payments, typically in the range of 5-20% of the financed vehicle’s purchase price. Lastly, full coverage insurance may be required. Once you apply online, you can speak with a finance specialist to learn more about these specific terms and conditions.

Auto Loan Amounts for Binghamton Residents

Your approved loan amount is largely determined by your income and credit history. In the table that follows, we’ve detailed how much applicants of differing credit ratings can borrow, based on the average monthly income in Binghamton, $2,183. Remember, these are only estimates.

Credit Income Factor Loan
Great Credit 10 $21,830
Fair Credit 9 $19,647
Slow Credit 8 $17,464
Poor Credit 7 $15,281
Very Bad Credit 6 $15,281

Simply because you can borrow this amount, doesn’t mean it’s a good idea. A smaller loan is advised, because it will be less of a budgetary burden.

Binghamton Car Loans, No Down Payment?

Don’t have a down payment? No problem. However, a down payment is a smart choice for a number of reasons: it reduces your payment amount, interest, and risk of negative equity. These are the ideal down payments for new and pre-owned vehicles.

  • Pre-Owned Vehicle: 10%
  • New Vehicle: 20%

With that said, you no longer need a down payment to submit an application. We help people get into a new car all the time, despite issues with their credit and down payment.

In-House Financing in Binghamton?

In Binghamton, buy here pay here dealers now account for a significant portion of the market, largely due to the economic crisis. Dealers like these make credit decisions themselves, instead of relying on a list of affiliated lenders. Of course, the interest rates are high, but there aren’t many obstacles to approval. We recommend that you steer clear of these dealerships, instead securing an auto loan from a bad credit car dealership in Binghamton that offers cheaper fees. Apply now – no minimum credit score necessary.

Binghamton-Specific Income, Credit Statistics

Binghamton has close ties with the defense industry. That connection, along with the many jobs offered by Binghamton University, has helped the city to survive the down economy much better than some other cities of New York.

Listed below are some average stats for residents of Binghamton.

  • Gross Salary: $26,199 Annually
  • Average Monthly Payment: $240 (11% of Income)
  • Ideal Monthly Payment: $175 to $218 (8%-10% of Income)

Next we have an overview of Binghamton’s population by credit score. These are just estimates, but they should give you an idea of where you stand in relation to other consumers in the area.

FICO Score % of Population Residents
300-499 2% 1,530
500-549 5% 3,826
550-599 8% 6,121
600-649 12% 9,182
650-699 15% 11,477
700-749 18% 13,772
750-799 27% 20,659
800-850 13% 9,947

No matter what your credit score is, we can help. We help credit-seekers of all credit scores and income levels. That’s our mission.