Here at New York Auto Finance, we get our users approved for financing with no fees, hassles, or obligations. More and more dealerships, banks, and other lenders have whole departments committed to online approvals, and we can help you arrange your financing straight from your computer. Here is how our system works:
- Apply for your Ithaca auto loan online.
- Log in to your new account to monitor your approval status.
- Once your application has been placed, work with your finance specialist to complete your documentation.
- Lastly, purchase the vehicle you want from a nearby dealer.
Join the many other Ithaca residents who’ve followed this system to get the car or truck they want! To begin, just submit your credit application.
Ithaca Bad Credit Car Dealers
For people with credit problems, getting approved for financing can be a long and painstaking undertaking – unless they work with us, of course! We take great pains to ease the approval process for people on the lower ends of the credit spectrum. The key is a blend of the following factors:
- Industry-Leading Lender/Dealer Relationships
- Proprietary Application Placement Technologies
We work with dealers and lenders who specialize in bad credit auto loans in Ithaca and greater Tompkins County, and we can match you to just such a creditor through our credit application system. No minimum credit is required, though you will need to have a monthly income of $1500 before taxes to qualify.
Given your credit, your rate of interest might be higher, but that’s to be expected. Here’s the good news: the companies in our network do submit payment data to the credit reporting agencies. That means you can gradually re-establish your credit as you pay off your loan month after month.
The amount you can finance is based on your credit score and income. In the table below, we’ve displayed the maximum loan amount for people of a variety of credit scores, given an income of $1,383 monthly, the average in Ithaca. Please know that these are only estimates.
|Credit||Income Factor||Amount Borrowed|
|Temporary Bad Credit||8||$11,064|
Just because you’re able to borrow a particular amount, doesn’t mean you should. A smaller loan is a good option, because it will lower the risk of defaulting.
Should I Offer a Down Payment?
No down payment? Not a problem. However, supplying a down payment is a smart choice for a number of reasons: it lowers your monthly payment, the amount of interest paid, and risk of being upside down. The ideal down payment would be 20% for a new vehicle, and 10% for a used one.
Still, we understand that down payments take a lot more dedication in this economic climate. Our application placement system will probably be able to find you a dealer or lender who wants your business, regardless of whether or not you can put money down.
In House Financing Dealerships in Ithaca
Keep in mind that buy here pay here dealerships consider down payments mandatory. Dealers like these do their own financing, instead of working with a network of finance companies. Sure, the interest rates are higher than average, but there aren’t many hurdles to getting approved. We recommend that you eschew buy here pay here dealerships, instead securing an auto loan from a bad credit dealership in Ithaca with lower rates and conditions. Apply now – it’s fast and free.
Ithaca Consumer Profile
Home of Cornell University, Ithaca has maintained a strong economy while many other cities in central New York State have suffered. This is largely because the city is not as dependent on manufacturing as many economies in the region. Below are some average statistics for Ithaca residents.
- Average Earnings: $1,383 Monthly
- Average Car Payment: $152 (11% of Income)
- Suggested Monthly Payment: $111 to $138 (8%-10% of Income)
Curious about the credit ratings of your neighbors? We have estimated how many Ithaca consumers are in each range of FICO scores.
|FICO Score||% of Population||Residents|
If you’re in one of the lower tiers, don’t be concerned. We have lenders who help people in each of these credit tiers.