Auto Loans in Long Island City (NY)

Would you like to get approved for financing before you ever step foot on the dealer lot? We can help. Every lender has their own approval standards, so it’s important to find one that matches your needs. Just submit your application, and we’ll work to get you approved from a lender or dealer that suits your needs.

Bad Credit Car Dealerships in Long Island City

Subprime financing is our primary focus. We have dealers and lenders who accept FICO scores of 620 and less, and they would love to grant you your Long Island City auto loan. If your credit score is low, your rate of interest might be higher, but that just comes with the territory. You’ll probably be approved by a bad credit dealership or subprime auto lender. These companies will report your debt repayment to the credit agencies, which is imperative if you want to improve your credit.

Car Loan Amounts for Long Island City Residents

It’s easy to estimate the amount you can borrow. Just multiply your monthly income by the income factor that corresponds to the state of your credit. We’ve included a sample, based on Long Island City’s average per capita income, $2,226.

Credit Rating Income Factor Amount Borrowed
Excellent Credit 10 $22,260
Average Credit 9 $20,034
Temporary Bad Credit 8 $17,808
Poor Credit 7 $15,582
Terrible Credit 6 $15,582

To see how much you can borrow, multiply how much money you earn on a monthly basis by the applicable income factor.

Down payments can be paid in cash or trade equity, and typically are priced between 5-20% of the vehicle’s sticker price. They tend to be required of consumers with a substandard history of debt repayment. The reason is simple: lending to consumers with problematic credit is a much riskier process, and a down payment ensures that at least a percentage of the vehicle has already been paid for in advance. That isn’t to say that dealers don’t ever finance people with no down payment.

Our approval platform will probably be able to find you a dealer or lender who can accept you, even though you don’t have a down payment.

In House Financing Car Dealers in Long Island City

You’ve probably seen car lots in Long Island City that advertise buy here pay here services? These dealers work with people who wouldn’t be approved anywhere else due to poor credit. The annual percentage rates are especially steep, but acceptance is often guaranteed.

Unfortunately, most of these dealers aren’t able to help people re-establish their credit. More often than not, it is advisable to apply online, so we can find you an auto loan in Long Island City that can help your credit.

Long Island City-Specific Income, Credit Statistics

Here are some average statistics for Long Island City residents.

  • Gross Earnings: $2,226 Per Month
  • Average Car Payment: $245 (11% of Income)
  • Ideal Car Payment: $178 to $223 (8%-10% of Income)

Long Island City Population by Credit Score

Ever wondered about the credit ratings of your friends and neighbors? We have calculated how many Long Island City residents are in each range of FICO scores.

FICO Score % of Population Residents
300-499 2% 4,419
500-549 5% 11,048
550-599 8% 17,677
600-649 12% 26,515
650-699 15% 33,144
700-749 18% 39,773
750-799 27% 59,659
800-850 13% 28,725

Don’t worry if you’re credit isn’t perfect, we can help virtually any consumer, as long as they have an income of $1500 per month or more, no matter what their credit score is.

In case you’re ready, we can help you get the Long Island City bad credit car loan you need. It’s easy to apply online.