Auto Loans in New York (NY)

Pre-arranging your financing is one of the best ways to streamline the car-buying process, and we can help. Every lender has their own approval criteria, so it’s very important to find one that matches your needs. Apply online, and our lenders compete to fund your loan.

New York Bad Credit Car Dealerships

A bad credit score can be a roadblock to financing, but not when you apply through us.

As a matter of fact, we have lenders and dealers in our network who service each different credit tier. To be sure, your APR won’t be as low as someone with a FICO score of 700 or higher, meaning it’s important to purchase an economical vehicle with affordable monthly payments. And, keep in mind, making regular payments on an auto loan will improve your credit score. So let us find you a lender or dealer who finances bad credit. It’s simple. Simply submit your application online.

Auto Loan Pre-Approval: What Size Loan?

Things like credit and income influence how much you’re eligible to borrow. In the table below, we’ve detailed loan amounts for people of various credit scores, based on an income of $1,228 a month, the average in New York. Please bear in mind that these are only estimations.

Credit Income Factor Sum
Good Credit 10 $12,280
Average Credit 9 $11,052
Subprime Credit 8 $9,824
Poor Credit 7 $8,596
Really Bad Credit 6 $8,596

Just because you can borrow this amount, doesn’t mean you ought to. A smaller loan is advisable, because you will pay less interest, and your payment will be smaller.

Good credit? Then you might not need to provide a down payment. However, it’s somewhat harder for applicants with low credit scores. Obviously, such loans pose a greater risk to the loan company. Going into default is much more likely, and a down payment ensures that at least a percentage of the vehicle’s value is not in jeopardy. Don’t have a down payment? We’ve been able to get quite a few borrowers the loan they need without a down payment.

Our approval platform can probably help you find a lender or dealer who wants to get you behind the wheel, whether you have a down payment or not.

Buy Here Pay Here Dealers in New York

If you have really bad credit, then you probably are at least aware of buy here pay here car lots. Dealers like these do on-the-lot financing, instead of working with third-party finance companies. Of course, the annual percentage rates are high, but there are a lot fewer hurdles to credit acceptance.

We recommend that you steer clear of such car lots, going instead with a car loan from a bad credit dealer in New York offering interest rates that aren’t so high. Apply online – it takes less than 3 minutes.

Credit and Income: New York

Dealers and finance companies are worried about a lot more than just your FICO rating. Loan companies evaluate the following:

  • Income
  • Job Stability
  • History of Payments

Listed below are average stats for New York residents.

  • Pre-Tax Income: $14,739 Per Annum
  • Average Monthly Payment: $135 (11% of Income)
  • Recommended Monthly Payment: $98 to $123 (8%-10% of Income)

If you’ve got poor credit, you’re not alone. This chart depicts how many people in New York are in each credit level.

FICO Score % of Population Residents
300-499 2% 30,586
500-549 5% 76,466
550-599 8% 122,346
600-649 12% 183,518
650-699 15% 229,398
700-749 18% 275,278
750-799 27% 412,916
800-850 13% 198,812

Your credit score will have a significant effect on your annual percentage rate. However, provided that you have the income, we can usually find a lender or dealer for you, even when you have subprime credit.

When you’re ready, we can help you secure the New York bad credit auto loan you need. It’s easy to apply online.