Auto Loans in East Elmhurst (NY)

Having your loan pre-approved simplifies the car-buying process, and we can help. We have relationships with dealers and lenders in East Elmhurst who want to get you in the driver’s seat of a new vehicle – right now! Here is how it all works:

  1. Apply online.
  2. Log in to your new account to monitor your approval status.
  3. Speak with your lender about your interest rate and terms.
  4. Sign your agreement.
  5. Finally, purchase your vehicle.

Join the many other East Elmhurst residents who’ve turned to us for the loan they need!

East Elmhurst Bad Credit Car Dealers

Our system is the perfect option for consumers with low credit scores. There are three individual credit tiers considered subprime:

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

Regardless of your score, there are lenders who want to finance your loan. Most loan companies require borrowers with credit problems to earn at least $1500 monthly; however, most applicants receive their approval the same day they apply. Let us find you a dealer in East Elmhurst who’s willing to accept your credit – today!

It goes without saying, the amount you borrow more or less determines the type of vehicle you can buy, so it’s always a primary concern. The following table shows loan amounts for people of various credit tiers, given an income of $2,343 monthly, which is the average in East Elmhurst. Please be aware that these are only estimations.

Credit Income Factor Loan
Great Credit 10 $23,430
Average Credit 9 $21,087
Subprime Credit 8 $18,744
Poor Credit 7 $16,401
Really Bad Credit 6 $16,401

To figure out how much you can borrow, multiply your monthly income by the corresponding income factor.

No Down Payment Deals?

Down payments are payments made at the time that you purchase your vehicle. They are normally required of people with a poor history of debt repayment. At this point, the Loan-to-Value ratio becomes important. Divide the amount you borrow by the wholesale value of the car or truck. This is the LTV.

Amount Financed Vehicle Value LTV
$7500 $10,000 75%
$10,000 $15,000 67%
$15,000 $20,000 75%
$17,500 $22,000 79%
$20,000 $30,000 67%

Bad credit dealerships in East Elmhurst and across the state try to keep the LTV ratio from climbing too high, typically staying in the range of about 70%. That being said, there are companies who offer auto loans with no down payment.

Simply indicate your down payment amount on your application, and our platform can probably find you a lender or dealer who can accept your down payment, or lack of one.

Buy Here Pay Here Car Lots in East Elmhurst

Buy here pay here auto sales in East Elmhurst have become the last resort for many borrowers, largely as a result of the credit crunch. Customers who cannot secure a loan due to serious credit problems often turn to these types of car lots. They approve people with problems like bankruptcy or repossession on their record.

It’s usually best to eschew these dealerships, going instead with a bad credit car loan online. Apply online – there is no fee or commitment.

East Elmhurst-Specific Income, Credit Statistics

Lenders are concerned with much more than just your FICO score. Lenders evaluate such things as:

  • Income
  • Employment History
  • History of Credit

Listed below are average statistics for residents of East Elmhurst.

  • Gross Earnings: $2,343 Monthly
  • Average Monthly Payment: $258 (11% of Income)
  • Recommended Car Payment: $187 to $234 (8%-10% of Income)

East Elmhurst Population by Credit Score

Poor credit. It’s quite pervasive in East Elmhurst and across the state of New York. The chart below depicts the estimated number of East Elmhurst consumers at each credit tier.

FICO Score % of Population Residents
300-499 2% 1,585
500-549 5% 3,963
550-599 8% 6,340
600-649 12% 9,510
650-699 15% 11,888
700-749 18% 14,265
750-799 27% 21,398
800-850 13% 10,303