Auto Loans in Suffern (NY)

Why waste your time trekking from one lender to another, trying to get approved? Good credit or bad, we will help you get financed a lot sooner, with fewer headaches. Each bank, dealer, or finance company has their own approval standards, so it’s very important to find one willing to work with your credit. When you apply online, we will find you a finance company given your location, income, credit profile, and other factors.

What About Bad Credit?

Poor credit is rarely an issue. There are three different credit tiers into which bad credit borrowers fall, based on their particular credit score:

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

No matter your score, we have lenders that want to get you into a new car. A down payment, as well as income verification will typically be expected for a bad credit car loan in Suffern, but most of our clients receive their approval right away. Plus, a paid-as-agreed car loan is an excellent way to increase your credit ratings. So let us find you a lender or dealer that finances bad credit. Apply Now!

FICO Rating and Loan Size

Naturally, the loan amount has a tremendous impact on your choice of vehicle, so it’s always one of the first questions we’re asked. The following chart details how much people of various credit ratings can borrow, given the average monthly income in Suffern, $5,177. Please be aware that these are only estimates.

Credit Income Factor Loan Amount
Good Credit 10 $51,770
Average Credit 9 $46,593
Temporary Bad Credit 8 $41,416
Bad Credit 7 $36,239
Terrible Credit 6 $36,239

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

Down payments are payments made at the time that you buy your vehicle. They are normally required of individuals who have a less than ideal history of debt payment. The reason is simple: lending to consumers with less-than-perfect credit is a much riskier proposition, and a down payment makes sure that at least a percentage of the vehicle has already been paid for in advance. Having said that, there are car dealers that offer car loans for people with no down payment.

We help consumers get approved all the time, even with no money down.

In House Financing Car Dealers in Suffern

The majority of buy here pay here car lots do require a down payment, often a sizeable one. Customers who have been unable to secure financing because of seriously bad credit often find themselves at these types of car lots. Everything is paid to the dealership, often weekly, and the vehicles are typically $10,000 or less.

Lamentably, most in house financing dealers are unable to help people re-establish their credit. In most cases, it’s better to apply online through our website, so we can find you a car loan in Suffern with better rates and terms.

Suffern-Specific Credit, Income Numbers

Here are some average statistics for Suffern residents.

  • Average Income: $62,121 Per Year
  • Average Monthly Payment: $569 (11% of Income)
  • Suggested Monthly Payment: $414 to $518 (8%-10% of Income)

Suffern’s Credit Spectrum

Ever wondered about the credit ratings of your friends and neighbors? We’ve calculated how many Suffern consumers are in each credit tier.

FICO Score % of Population Residents
300-499 2% 1,074
500-549 5% 2,685
550-599 8% 4,297
600-649 12% 6,445
650-699 15% 8,056
700-749 18% 9,667
750-799 27% 14,501
800-850 13% 6,982

If your credit puts you in one of the lower tiers, don’t fret. We can still help you get approved.