Auto Loans in Schenectady (NY)

Forget driving from one Schenectady auto loan lender to another, applying for financing. We can get you the loan you need in less time. Our extensive network of New York lenders and dealers is standing by, waiting for your application. When you apply through our online application, the dealers and lenders in our network compete against each other for your business. That means your loan is funded by a company that values you as a client – a company that is already in your corner.

Credit Problems and Considerations

Schenectady auto loansWhat’s your credit score? Is it less than 620? Fortunately, a bad credit score is not a deal-breaker. There’s no minimum FICO score to worry about when you apply with us, and we can help consumers in all of the subprime credit tiers. The reason is our strength of network. We have companies all across Schenectady and Eastern New York who want to approve you for financing at a rate you can afford.  Plus, repaying an auto loan is a good way to boost your credit ratings.  Typically, you will need a meet the following requirements in order to secure a bad credit car loan in Schenectady:

  • Monthly Income:  $1500 at minimum (before taxes).
  • Down Payment:  5-20% may be required (cash or trade).
  • Amount:  maximum amount of 6-8 times monthly income
  • Interest Rate:  10% APR or higher.

So let us find you a dealership who finances bad credit – today!  Simply submit your application, and we’ll get to work for you!  Remember, it’s free to apply, and you are under no obligation to accept the finance terms you’re offered.

Approval Amount and Down Payment

The table that follows depicts how much you can borrow, given a monthly income of $2,602, the average in Schenectady. These figures are just estimates. You may qualify for a different amount. Contact an auto finance specialist for more information.

Credit History Income Factor Loan
Great Credit 10 $26,020
Fair Credit 9 $23,418
Subprime Credit 8 $20,816
Poor Credit 7 $18,214
Really Bad Credit 6 $18,214

To work out how much you can borrow, multiply how much money you get paid on a monthly basis by the corresponding income factor.

Down payments may not be required if you have a credit score of 700 or higher, but they are never a bad idea. Providing a down payment gives you important advantages:

  • Shortens loan, meaning you pay less in interest.
  • Lowers monthly repayment.
  • Minimizes the risks of an underwater loan.

That being said, you don’t need a down payment to submit an application. Submit your application, and enter a zero in the down payment field. We can often match you with a lender or dealer who can finance your purchase, zero down payment needed.

Buy Here Pay Here Car Dealers in Schenectady

If you’ve been through bankruptcy or foreclosure, you have likely considered going to a buy here pay here car lot in Schenectady. Shoppers who cannot secure a loan because of serious credit problems often find themselves at dealers like these. The annual percentage rates are typically expensive, but they often offer guaranteed approval. Having said that, most of these dealers can’t help customers repair their credit. More often than not, it is far better to apply online, so we can find you an auto loan in Schenectady that can help you re-establish your credit. Why spend 36-72 months making your payments on time, and not get the credit score benefits?

Schenectady-Specific Credit, Income Numbers

Credit scores are only part of the picture. Lenders evaluate such things as:

  • Debt to Income Ratio
  • Employment History
  • Payment History

The following are average statistics for Schenectady residents.

  • Gross Salary: $2,602 Monthly
  • Average Car Payment: $286 (11% of Income)
  • Suggested Monthly Payment: $208 to $260 (8%-10% of Income)

Schenectady Population by Credit Score

If you have subprime credit, you aren’t alone. This chart shows how many people in Schenectady are in each credit level.

FICO Score % of Population Residents
300-499 2% 3,142
500-549 5% 7,855
550-599 8% 12,567
600-649 12% 18,851
650-699 15% 23,564
700-749 18% 28,277
750-799 27% 42,415
800-850 13% 20,422