Auto Loans in Newburgh (NY)

Income, credit, down payment – getting a car loan can be a confusing process, but we’ll help you every step of the way. We’ve been in the automotive industry since 2009, developing a deep network of dealers and lenders who can approve you for a car loan – online! The actual application is easy to understand, and there’s no fee or obligation.

Newburgh Bad Credit Car Dealers

If you have subprime credit, we can help. Indeed, subprime financing is a significant part of what we do. There are three different credit tiers into which “bad credit” applicants fall, based on their particular credit score:

  • Tier 3/C: 580-660
  • Tier 4/D: 520-580
  • Tier 5/F: 250-520

No matter which tier you’re in, there are lenders that want your business. Yes, bad credit scores result in increased interest rates, but that’s just how the lending industry works. We can get you approved for financing by a bad credit car dealership in your area – today!

Car Loan Amounts for Newburgh Residents

It goes without saying, the amount borrowed more or less determines your choice of vehicle, so it’s always one of the first questions we’re asked. In the table below, we’ve displayed how much individuals of different credit ratings can borrow, based on an income of $1,555 per month, the average in Newburgh. Don’t forget, these are only estimations.

Credit History Income Factor Loan
Good Credit 10 $15,550
Average Credit 9 $13,995
Slow Credit 8 $12,440
Poor Credit 7 $10,885
Very Bad Credit 6 $10,885

Remember, these are simply estimations. For an accurate quote, please submit your application.

No Down Payment Deals?

Buyers with good credit can usually get financed with no down payment. However, it’s a bit trickier for people with below-average credit. At this stage, the Loan-to-Value ratio becomes important. This is the loan amount in relation to the wholesale value of the vehicle.

Amount Borrowed Vehicle Value LTV
$7500 $10,000 75%
$12,000 $15,000 80%
$17,500 $22,000 79%
$20,000 $25,000 80%
$20,000 $30,000 67%

Bad credit car dealers in Newburgh and across the state often target an LTV of around 70%. The good news is that, as the auto market rebounds, more and more dealers and lenders should be able to approve car loans in Newburgh with no down payment.

Simply indicate your down payment amount when you submit your application, and our system will probably find you a lender or dealer who’s willing to work with your down payment, or lack thereof.

In House Financing Dealerships in Newburgh

Perhaps you’ve wondered about car lots in Newburgh promoting buy here pay here services? Consumers who cannot get approved for financing because of major credit problems like bankruptcy often end up at dealerships like these. They finance people with issues like open bankruptcy or repossession within the last 12 months.

Lamentably, most in house financing dealers are unable to help consumers repair their credit. More often than not, you would be happier applying online, so we can find you a car loan in Newburgh that has better rates and terms.

Newburgh-Specific Income, Credit Statistics

Listed here are average statistics for residents of Newburgh.

  • Pre-Tax Income: $1,555 Monthly
  • Average Car Payment: $171 (11% of Income)
  • Recommended Monthly Payment: $124 to $156 (8%-10% of Income)

Consumer Credit in Newburgh

Here we have an overview of Newburgh’s population by FICO rating. These are just estimations, but they should give you a general idea of where you stand in relation to other consumers in your community.

FICO Score % of Population Residents
300-499 2% 1,492
500-549 5% 3,730
550-599 8% 5,968
600-649 12% 8,952
650-699 15% 11,190
700-749 18% 13,428
750-799 27% 20,141
800-850 13% 9,698

Regardless of where you find yourself in this table, we’re here to help. We work with consumers of all credit scores and income levels. That’s our primary goal.