Auto Loans in New Rochelle (NY)

If you need a car loan in New Rochelle, we can help. Our extensive network of Westchester County dealers and lenders is standing by, waiting for your application. Just apply online, and we’ll work to get you approved from a lender or dealer that suits your needs.

What if I Have Credit Problems?

Credit score of 620 or less? That is often considered subprime or poor credit, but our service is uniquely-suited to people with problematic credit. There are several primary credit tiers when it comes to auto financing, and we have companies that support each of them. As you know, bad credit scores result in higher interest rates, but that’s just how the industry works. We can get you approved from a bad credit car dealer in your area – and because we’re compensated by the dealers directly, it’s free! Apply Online!

The table below shows a wide array of loan amounts, derived from a monthly income of $5,143, the average in New Rochelle. These numbers are just estimates. You may be entitled to a different amount. Speak to a vehicle finance specialist for details.

Credit Income Factor Loan
Excellent Credit 10 $51,430
Fair Credit 9 $46,287
Subprime Credit 8 $41,144
Bad Credit 7 $36,001
Very Bad Credit 6 $36,001

To find out how much you can borrow, multiply how much money you get paid each month by the appropriate income factor. As you can see, if you need a car loan with bad credit in New Rochelle, you will be able to borrow slightly less than someone with outstanding credit – obviously this is a logical way for financing to work.

Down payments can be made in cash or via trade-in, and typically cover anything from 5-20% of the vehicle’s sticker price. They are sometimes required of individuals with a less than ideal history of debt payment. When dealing with subprime credit, lenders are worried about the Loan-to-Value Ratio (LTV). Divide the amount you borrow by the wholesale value of the vehicle being financed. This is the LTV.

Amount Financed Vehicle Value Loan-to-Value
$12,000 $15,000 80%
$17,500 $22,000 79%

The credit crunch had a major effect on the average LTV for subprime applicants. Back in 2005, it was close to 100%, and dropped to around 60% in 2010. Today it is climbing as the economy gets better. That isn’t to say dealers don’t ever finance people with no money down.

Simply enter your down payment amount on your application, and our platform can often help you find a lender or dealer who wants to get you behind the wheel, regardless of whether you have a down payment or not.

In House Financing Car Dealers in New Rochelle

Nearly all buy here pay here dealers consider down payments obligatory. Dealers like these finance people that cannot get approved anywhere else because of bad credit. The loan rates are steep, but they typically offer guaranteed approval.

If possible, eschew such dealers in favor of a bad credit car loan online. Submit your application – no minimum credit score necessary.

Credit and Income: New Rochelle

New Rochelle auto loansDid you know that Business Week rated New Rochelle as the #1 city in New York for raising kids?  That’s right, it’s safe, with a strong economy and school system.  Listed below are some average stats for residents of New Rochelle.

  • Pre-Tax Income: $61,716 Annually
  • Average Monthly Payment: $566 (11% of Income)
  • Ideal Car Payment: $411 to $514 (8%-10% of Income)

New Rochelle’s Credit Spectrum

If you have a bad credit score, you’re not alone. This table depicts how many people in New Rochelle are in each credit level.

FICO Score % of Population Residents
300-499 2% 1,611
500-549 5% 4,027
550-599 8% 6,443
600-649 12% 9,664
650-699 15% 12,080
700-749 18% 14,496
750-799 27% 21,744
800-850 13% 10,469