Auto Loans in Buffalo (NY)

We understand that auto financing can be a hassle, and we’re here to help. Each and every lender has their own approval criteria, so it’s very important to find one that matches your needs. Fortunately, we make the process quick and easy. Here is how our system works:

  1. Apply online.
  2. Check the status of your application through our approval center.
  3. Next, speak with your finance specialist to finalize your documentation.
  4. Go buy the car or truck you want from a Buffalo dealership.

Join the many other Buffalo residents who can thank us for their new car!

Bad Credit Dealerships in Buffalo

BuffaloBad credit? Not to worry. We help consumers with low credit scores every day. Many larger dealerships in Buffalo and across the state now have whole departments dedicated to helping finance people with bad credit. The economic has been rough on the residents of Western New York, and they realize that nearly a quarter of the region’s population is struggling with credit scores classified as subprime.

What are the drawbacks to bad credit auto loans? Buffalo residents with credit scores of 620 or lower can expect interest rates in the neighborhood of at least 10% APR, as well as down payment requirements of 10-20% purchase price. A take-home income of $1200 is generally required. Fortunately, people who apply through us are approved within minutes. Let us help you secure the loan you need – today! Applying is easy, fast, and hassle-free. Simply submit your online credit application.

Is a Down Payment Always Required?

Down payments refer to payments made at the time that you buy your vehicle. They are normally required of people who have a poor history of debt repayment. This is because loans to such consumers are much more risky for the lending company. Non-payment is more common, and a down payment helps to ensure that at least a percentage of the loan has been secured.

Don’t have a down payment? If you have a credit score of 700+, it may be possible to find an auto loan in Buffalo with no down payment required. However, a down payment has its advantages:

  • Lowers the amount financed (and therefore total interest paid).
  • Counteracts depreciation (and therefore negative equity).
  • Increases odds of approval (especially important if you have bad credit).

Credit Score and Amount Borrowed

Obviously, the loan amount more or less dictates your choice of vehicle, so it’s always top of mind for consumers. In the chart that follows, we’ve quoted how much people of varying credit ratings can finance, given the average monthly income in Buffalo, $1,574. Remember, these are only estimations.

Credit Rating Income Factor Loan Amount
Excellent Credit 10 $15,740
Average Credit 9 $14,166
Temporary Bad Credit 8 $12,592
Bad Credit 7 $11,018
Very Bad Credit 6 $11,018

Keep in mind, these are estimates. For a detailed quote, you must submit your application.

No Credit Check Dealerships in Buffalo

Buy here pay here financing is otherwise known as tote the note, your job is your credit, in house or no credit check financing. Consumers who cannot get approved for a loan due to seriously bad credit often resort to these types of car lots. They approve people with issues like bankruptcy or repossession in the last 12 months.

However, most in house financing dealerships are unable to help buyers re-establish their credit. Often, it is advisable to apply online through us, so we can find you an auto loan in Buffalo with lower rates and better terms.

Buffalo-Specific Income, Credit Statistics

Buffalo, despite being the home of M&T Bank and a growing center for bioscience research, was hit pretty hard by the recession.  Fortunately, the consistent retail traffic from Canadian consumers coming across the border to shop helped certain sectors stay afloat. Still, the company ranks as one of the worst cities in terms of economic equality (or lack thereof), which basically means there is a very wide gap between the rich and poor.  Here are average stats for residents of Buffalo.

  • Pre-Tax Salary: $1,574 Monthly
  • Average Monthly Payment: $173 (11% of Income)
  • Ideal Car Payment: $126 to $157 (8%-10% of Income)

Buffalo’s Credit Spectrum

Next we’ve broken down Buffalo’s population by credit score. These are just estimations, but they should give you an idea of where you stand.

FICO Score % of Population Residents
300-499 2% 11,973
500-549 5% 29,932
550-599 8% 47,891
600-649 12% 71,837
650-699 15% 89,796
700-749 18% 107,755
750-799 27% 161,633
800-850 13% 77,823