Auto Loans in Massapequa (NY)

We understand that getting approved for a car loan can be a headache. That’s why we developed our system for online credit acceptance. We work with lenders and dealers in Massapequa and across New York who want to approve your credit – this week! Here is how our system works:

  1. Take a few minutes to submit our loan application.
  2. Sign in to our members’ area to check your placement status.
  3. When Next, speak with your lender or dealer to complete your documentation.
  4. Go buy the car you want from a dealer in the area.

Join the many other Massapequa residents who’ve allowed us to find them the loan they need!

Apply Online!

FICO Scores of 600 or Less

Less-than-perfect credit can be a hurdle when trying to finance a car, but not when you submit an application through us. A lot of major dealerships now have complete sales teams specifically for “special finance.” Such establishments are sometimes called bad credit dealerships. Needless to say, we have quite a lot of them in our network. It is true that poor credit scores result in increased interest rates, but that just comes with the territory. Let us find you a dealer in Massapequa who’s willing to accept your credit – and because we’re reimbursed by the dealers directly, it’s free! Apply Online!

How Much Am I Eligible to Borrow?

The chart below shows a range of loan amounts, derived from a monthly income of $6,393, the average in Massapequa. These numbers are merely approximations. You may be entitled to a different amount. Speak to a vehicle finance specialist to learn more.

Credit Rating Income Factor Amount Borrowed
Good Credit 10 $63,930
Fair Credit 9 $57,537
Temporary Bad Credit 8 $51,144
Bad Credit 7 $44,751
Very Bad Credit 6 $44,751

To calculate your own loan amount, multiply your monthly income by the most suitable income factor.

No Down Payment?

Down payments can be paid in cash or trade equity, and typically are priced between 5-20% of the vehicle’s sticker price. They are frequently required of individuals with a disappointing history of debt payment. When dealing with subprime credit, lenders are concerned with the Loan-to-Value Ratio, often known as the LTV. Divide the loan amount by the wholesale value of the car or truck. This is the LTV.

Loan Amount Vehicle Value Loan-to-Value
$12,000 $15,000 80%
$15,000 $20,000 75%

The lower the LTV, the less risk for the lender. That’s not to say that dealers don’t ever finance people who don’t have a down payment.

We help our clients get financed each and every day, even with credit and down payment issues. Get approved now!

Massapequa Buy Here Pay Here Dealers

This sort of financing is sometimes known as:

  • We Finance
  • Rent to Own
  • We Tote The Note
  • Your Job is Your Credit

Shoppers who have been unable to secure financing because of serious credit problems often end up at these types of car lots. Without a doubt, the rates are higher than average, but there are few hurdles to approval.

Lamentably, most in house financing car lots cannot help consumers rebuild their credit. Normally, it is best to apply online, so we can find you an auto loan in Massapequa with lower rates and better terms.

Massapequa-Specific Financial Profile

The following are average stats for residents of Massapequa.

  • Gross Income: $6,393 Per Month
  • Average Car Payment: $703 (11% of Income)
  • Recommended Monthly Payment: $511 to $639 (8%-10% of Income)

Massapequa’s Credit Spectrum

Curious about the credit scores of your neighbors? We have estimated how many Massapequa residents fall into each credit tier.

FICO Score % of Population Residents
300-499 2% 1,099
500-549 5% 2,747
550-599 8% 4,395
600-649 12% 6,592
650-699 15% 8,240
700-749 18% 9,888
750-799 27% 14,832
800-850 13% 7,141