Auto Loans in Rochester (NY)

Don’t go driving from bank to bank, applying for financing. We can help you get approved in less time, with fewer hassles along the way. We’ve been in the automotive industry since 2009, developing an industry-leading network of lenders and dealers who can approve you for a car loan in Rochester – online! The application itself is entirely web-based, and many shoppers are approved within 24 hours.

Bad Credit Car Dealerships in Rochester

RochesterIncome, credit, down payment.  These are three most important factors when you finance a vehicle. Below-average credit can certainly make things challenging. However, there are companies – both lenders and dealers who work with such lenders – who help people get approved for auto loans with bad credit. In fact, we have lenders and dealers in our network who are experts in bad credit financing. Apply Now!

Of course, there are a few things to expect with any bad credit auto loan:

  • Higher Interest Rates – 10-20% APR, depending on your credit score and vehicle.
  • Down Payment Requirement – 10-20% of vehicle purchase price, typically.
  • Limited Borrowing Amount – 6-7 times your monthly income, typically.
  • Shorter Lending Terms Preferred – 60 months or less.

Let’s look into loan amounts in more depth. The following table shows loan amounts for people of various credit tiers, based on an income of $1,750 monthly, which is the average for Rochester residents. Don’t forget, these are only estimations.

Credit Score Income Factor Loan
Excellent Credit 10 $17,500
Average Credit 9 $15,750
Temporary Bad Credit 8 $14,000
Poor Credit 7 $12,250
Really Bad Credit 6 $12,250

To calculate how much you can borrow, multiply your pre-tax monthly income by the applicable income factor. As you can see, most bad credit car loans in Rochester are only for 6-8 times the consumers monthly, pre-tax income. This minimizes risk both for borrower and lender, and ensures that the loan is within the consumer’s means.

Rochester Car Loans, No Down Payment?

Depending on your credit, you may be able to get financed anyway. That said, a down payment affords you considerable advantages:

  • Shortens loan, meaning less paid in interest.
  • Reduces monthly payment.
  • Protects you against the risks of an upside down loan.

No down payment? Apply online, and leave the down payment field empty. We’ll do our very best to place your application with a lender willing to provide you with a loan, zero down payment necessary.

No Credit Check Dealers in Rochester

Buy here pay here dealerships in Rochester now comprise a significant portion of the market, largely thanks to the economic downturn. Customers who have been unable to secure financing because of major credit problems like bankruptcy often find themselves at these types of dealerships. Of course, the rates are higher than average, but there aren’t many hurdles to credit acceptance. If possible, eschew these kinds of car lots in favor of an auto loan from a bad credit dealership in Rochester that can help you re-establish your credit. Apply today – it takes less than 3 minutes.

Rochester Consumer Profile

Rochester, alternatively known as The Flour City or The Flower City, is home to a number of large companies, which has helped it boast the second largest economy in the state outside of the NYC metro area. The following are average stats for residents of Rochester.

  • Gross Income: $1,750 Monthly
  • Average Monthly Payment: $193 (11% of Income)
  • Recommended Monthly Payment: $140 to $175 (8%-10% of Income)

Consumer Credit in Rochester

Poor credit is pretty common nowadays in Rochester and across New York. The chart below shows the estimated number of Rochester residents at each level of the credit spectrum.

FICO Score % of Population Residents
300-499 2% 9,772
500-549 5% 24,430
550-599 8% 39,088
600-649 12% 58,632
650-699 15% 73,290
700-749 18% 87,948
750-799 27% 131,923
800-850 13% 63,518

No matter what your credit score is, we can help. We work with borrowers of all credit scores and income levels. That’s what we do.