Auto Loans in Jamaica (NY)

Pre-arranging your financing simplifies the car-buying process. We have a deep network of dealers and lenders, many of whom are standing by, ready to fund your loan. When you apply online, the dealers and lenders in our network compete for your business.

Less-than-perfect credit is often a hurdle when trying to finance a car, but not with us. A lot of larger lenders and dealers now have whole departments specializing in something known as “special finance.” These are commonly called Jamaica bad credit dealerships, and we work with a wide array of them. A down payment, as well as income verification will often be considered necessary for any bad credit car loan in Jamaica, but most people who apply through us receive their approval nearly instantly. If you have bad credit, you’ll probably be matched with a bad credit car dealer or auto lender. In most cases, they submit payment information to the credit bureaus. This is imperative if you want to improve your credit.

Auto Loan Amounts for Jamaica Residents

It’s easy to estimate the amount you can borrow. All you have to do is multiply your monthly income by the income factor associated with the state of your credit. We’ve included an example, based on Jamaica’s average per capita income: $3,136.

Credit Rating Income Factor Sum
Good Credit 10 $31,360
Decent Credit 9 $28,224
Slow Credit 8 $25,088
Poor Credit 7 $21,952
Really Bad Credit 6 $21,952

Simply because you can borrow a particular amount, doesn’t mean it’s a good idea. A smaller loan is highly recommended, because it will put less stress on you from a financial standpoint.

Financing a Car with No Down Payment

Down payments refer to payments made the day you sign for your vehicle. They are normally required of individuals who have a poor history of debt payment. The reason is simple: lending to consumers with bad credit is a much riskier proposition, and a down payment ensures that at least a percentage of the vehicle’s value is not at stake. What’s promising is, as the automotive market rebounds, more lenders and dealers should be able to approve car loans in Jamaica with no money down.

We help people get financed all the time, despite issues with their credit and down payment.

Buy Here Pay Here Car Dealers in Jamaica

If you’ve got serious credit problems, chances are you are at least aware of buy here pay here financing. These dealerships work with people who wouldn’t be approved any place else due to bad credit. Of course, the annual percentage rates are higher than average, but there are few obstacles to getting approved.

We recommend that you avoid such dealerships in favor of a bad credit auto loan online. Apply now – let us get you approved.

Jamaica Consumer Profile

Here are some average statistics for residents of Jamaica.

  • Average Salary: $3,136 Monthly
  • Average Car Payment: $345 (11% of Income)
  • Recommended Monthly Payment: $251 to $314 (8%-10% of Income)

Curious about the credit ratings of your community as a whole? We have estimated how many Jamaica consumers fall into each range of FICO scores.

FICO Score % of Population Residents
300-499 2% 14,750
500-549 5% 36,874
550-599 8% 58,999
600-649 12% 88,499
650-699 15% 110,623
700-749 18% 132,748
750-799 27% 199,122
800-850 13% 95,874