Auto Loans in Mount Vernon (NY)

If you’re interested in financing a new or used vehicle in Mount Vernon, we’d be happy to help. The benefits of our platform are numerous:

  • Comprehensive Lender Network
  • Secure Online Application
  • No Fees or Obligations
  • All Credit Tiers Approved
  • Approval Status Tracked Online

We have extensive relationships with dealers and lenders in Mount Vernon and across Westchester County, giving us the best chance of getting you the loan you need at a competitive rate. Here is how our system works:

  1. Take a couple of minutes to complete our loan application.
  2. Keep track of the status of your application through our approval center.
  3. Speak with your finance specialist about your rate of interest and conditions.
  4. Sign your agreement.
  5. Finally, purchase the car you want from a nearby dealer.

Sound simple? It really is!  To get started, just submit your credit application.

What if I Have Credit Problems?

Have you got a FICO score of 620 or less? If so, you will be needing what’s known among consumers as a bad credit auto loan. Mount Vernon, fortunately, has dealers or lenders whose specialty it is to fund such loans. Of course, we can help you not only find these companies, but expedite your approval as well. We have helped consumers with credit issues ranging from simple late credit card payments to full-blown bankruptcy.

Most lenders do require that you earn at least $375 per week (before taxes), in order to be approved. Also, keep in mind that your rate of interest won’t be as low as someone with a credit score of 700 plus. An APR of 12-15% is common for consumers with “bad credit.” This is pretty high, which only affirms our recommendation that you purchase a practical, inexpensive, reliable vehicle. Ideally, your monthly payment will account for no more than 5-10% of your monthly income. Let us help you find a bad credit car dealer or lender in Mount Vernon who’s willing to approve you for a loan – online!

Credit Score and Size of Loan

It’s easy to estimate the amount you can borrow. Simply multiply your monthly income by the income factor that corresponds to your credit score. We’ve included an example, based on Mount Vernon’s average per capita income: $2,820.

Credit Income Factor Loan Amount
Good Credit 10 $28,200
Fair Credit 9 $25,380
Subprime Credit 8 $22,560
Poor Credit 7 $19,740
Really Bad Credit 6 $19,740

Of course, these are just estimations. For a definitive quote, you must submit your application.

Down payments can be offered in cash or via trade-in, and typically are priced between 5-20% of the vehicle’s price. They tend to be required of borrowers with a substandard history of debt payment. The reason is simple: such loans are much more of a risk for the lender. Failure to pay is much more likely, and a down payment makes sure that some percentage of the vehicle’s value is not at risk. With that being said, there are car dealers who offer financing for people with no down payment.

Submit your application. We’ll strive to match you with a lender who can offer you a loan, no down payment required.

In House Financing Dealers in Mount Vernon

If you are thinking about working with a buy here pay here car lot in Mount Vernon due to bankruptcy or repossession, think again. There are a number of disadvantages. Firstly, a down payment will probably be required. These dealerships do their own financing, rather than working with banks or lenders. Payments are made to the dealer directly, and the vehicles they sell are typically $10,000 or less. Sadly, most of these dealerships cannot help buyers rebuild their credit. Normally, it is better to apply online, so we can find you a car loan in Mount Vernon that can help improve your credit.

Credit and Income: Mount Vernon

Mount Vernon’s Southside manufacturing center has helped the city recover from the recession, but a lot of consumers are still feeling the burden of the harsh economic climate. Here are average stats for residents of Mount Vernon.

  • Average Earnings: $2,820 Per Month
  • Average Monthly Payment: $310 (11% of Income)
  • Ideal Monthly Payment: $226 to $282 (8%-10% of Income)

Mount Vernon Consumers by Credit Tier

If you’ve got a bad credit score, you’re not the only one. This table shows how many people in Mount Vernon are in each credit tier.

FICO Score % of Population Residents
300-499 2% 1,367
500-549 5% 3,417
550-599 8% 5,467
600-649 12% 8,200
650-699 15% 10,250
700-749 18% 12,300
750-799 27% 18,450
800-850 13% 8,883