Auto Loans in Brooklyn (NY)

Need to get approved for financing, the sooner the better? You’ve come to the right place. Every bank, dealer, or finance company has their own approval standards, so it’s important to find one willing to work with your credit. When you apply online, your credit application will enter our cutting-edge placement platform. There we’ll find you a car loan that fits your credit and income.

Brooklyn Bad Credit Dealerships

Poor credit isn’t an issue. There are three individual credit tiers into which “bad credit” applicants fall, based on their particular credit score:

  • Tier 3/C: 580-660
  • Tier 4/D: 520-580
  • Tier 5/F: 250-520

Regardless of your score, we have lenders that want to give you a second chance at financing. If your credit is weak, your interest rate might be higher, but that just comes with the territory. We can find you a bad credit car dealer or lender in Brooklyn who’s willing to approve you for financing – online!

The chart that follows depicts a wide array of loan amounts, based on a monthly income of $2,121, the average in Brooklyn. These amounts are just estimations. You may be eligible for a larger or smaller sum, depending on other factors. Talk to an auto finance specialist for details.

Credit History Income Factor Loan Amount
Good Credit 10 $21,210
Average Credit 9 $19,089
Temporary Bad Credit 8 $16,968
Poor Credit 7 $14,847
Very Bad Credit 6 $14,847

Just because you can borrow such an amount, doesn’t mean you ought to. A smaller loan is recommended, because it will put less strain on you financially.

Zero Down Auto Loans?

We do work with lenders who offer car loans with no down payment, even for people with credit problems. However, providing a down payment is a good idea for a number of reasons: it minimizes your payment per month, the amount of interest paid, and risk of being underwater. Listed below are the suggested down payments for new and used vehicles.

  • Used Vehicle: 10%
  • New Vehicle: 20%

With that being said, you don’t need a down payment to apply. Apply online. We will place your application with a lender willing to give you the loan you need, zero down payment needed.

Buy Here Pay Here Car Dealers in Brooklyn

If you have serious credit problems, then you most likely are familiar with buy here pay here financing. These dealerships approve people for financing directly, instead of relying on a network of lenders. Of course, the rates are inflated, but there are fewer obstacles to approval.

If possible, avoid buy here pay here dealerships in favor of a bad credit car loan we help you arrange. Apply now – it’s fast and free.

Brooklyn Consumer Profile

Credit ratings are just part of the picture. Creditors review your income, history of employment and residence, and individual credit history.

Listed below are some average stats for Brooklyn residents.

  • Average Earnings: $2,121 Monthly
  • Average Monthly Payment: $233 (11% of Income)
  • Ideal Monthly Payment: $170 to $212 (8%-10% of Income)

Ever wondered about the credit ratings of your friends and neighbors? We have estimated how many Brooklyn consumers are in each range of FICO scores.

FICO Score % of Population Residents
300-499 2% 49,307
500-549 5% 123,266
550-599 8% 197,226
600-649 12% 295,839
650-699 15% 369,799
700-749 18% 443,759
750-799 27% 665,638
800-850 13% 320,492

As you can tell, more than 25% of Brooklyn residents have a credit score of less than 649, generally regarded as subprime. If you’re in one of the lower groupings, don’t worry. We can still help you get approved.

Ready to get approved for an auto loan in Brooklyn? Click here to apply online.