Auto Loans in Smithtown (NY)

Having your loan pre-approved allows you to simplify the car-buying process. We have relationships with lenders and dealers in Smithtown and across New York who want to approve your credit – right now! The application itself is a snap, and it asks less information than you might expect.

Poor credit? No problem. We help you to find a lender who wants to approve you for financing, even if your credit history is less than perfect. There are six main credit tiers in the auto finance industry, and we work with dealers and lenders that accept applicants in each of them. Yes, bad credit scores mean increased rates of interest, but that’s just how the lending industry works. Plus, a paid-as-agreed car loan can help increase your credit ratings. So let us find you a lender or dealer who funds loans for people in Smithtown with subprime credit.

How Much Can I Finance?

How big of a loan will you be able to obtain? That will be determined by how much established income you have, along with where you stand in terms of credit. The following table displays how much applicants of varying credit scores can borrow, based on an income of $6,531 monthly, the average for Smithtown residents. Remember, these are only estimations.

Credit History Income Factor Sum
Good Credit 10 $65,310
Average Credit 9 $58,779
Subprime Credit 8 $52,248
Poor Credit 7 $45,717
Terrible Credit 6 $45,717

To figure out your own loan amount, multiply your pre-tax monthly income by the most suitable income factor.

Do I Have to Offer a Down Payment?

We can assist you in finding dealers who approve people in Smithtown who don’t have a down payment. However, a down payment is recommended for a number of reasons: it lowers your monthly payment, total interest, and risk of being upside down. These are the ideal down payments for new and pre-owned vehicles.

  • Pre-Owned Vehicle: 10%
  • New Vehicle: 20%

That being said, you don’t need a down payment to apply. Simply indicate your down payment amount on your application, and we can probably help you find a lender or dealer who’s willing to work with your down payment, or lack of one.

Smithtown Buy Here Pay Here Dealers

Buy here pay here financing is otherwise known as your job is your credit, tote the note, no credit check, or in house financing. These dealerships finance people that have been turned down by other banks. They approve people with issues like bankruptcy, foreclosure, or repossession on their record.

Having said that, most of these dealers cannot help people re-establish their credit. More often than not, it’s better to apply online, so we can find you a car loan in Smithtown that has lower rates and better terms.

Smithtown Consumer Profile

The following are average stats for Smithtown residents.

  • Gross Salary: $78,373 Annually
  • Average Car Payment: $718 (11% of Income)
  • Recommended Monthly Payment: $522 to $653 (8%-10% of Income)

Smithtown Population by Credit Score

Poor credit. It’s pretty pervasive in Smithtown and across the state of New York. The table below depicts the estimated number of Smithtown residents at each level of the credit spectrum.

FICO Score % of Population Residents
300-499 2% 1,033
500-549 5% 2,582
550-599 8% 4,130
600-649 12% 6,196
650-699 15% 7,745
700-749 18% 9,293
750-799 27% 13,940
800-850 13% 6,712