Auto Loans in Troy (NY)

Do you live in Troy or the Capital District? If so, pre-arranging your financing is an effective way to streamline the car-buying process. Applying through us is fast, safe, and effective. Consumers who meet the minimum income guidelines have a 90% chance of getting financed. Simply apply online, and we’ll start working to get you the car loan in Troy you need.

Troy car loanA lot of consumers in Troy and Rensselaer County have expressed concerns about their credit. Mainly, consumers are finding themselves falling into one of the lower tiers on the credit spectrum due to issues like:

  • Late Payments
  • High Debt to Income Ratio
  • Poor Credit Utilization
  • Bankruptcy, Foreclosure,  or Short Sale
  • Vehicle Repossession (Auto, RV, Motorcycle, or Boat)

Fortunately, we have a system in place to help our clients secure a car loan in Troy with bad credit.  With our years of industry experience, we have the relationships and technology necessary to maximize your chances of approval.   There isn’t a minimum credit score to worry about, and we can help borrowers in each of the subprime credit tiers.

A down payment and gross monthly income of $1500 per month is often required for any bad credit car loan in Troy. Fortunately, people who apply through us receive their approval nearly instantly. Don’t delay. Allow us to find you a lender or dealership who finances bad credit – today! Apply Now!

Auto Loan Amounts for Troy Customers

What size loan will you be able to secure? That depends on your income and credit rating. This table details how much people of varying credit ratings can finance, based on the average monthly income in Troy, $2,159. Don’t forget, these are only estimates.

Credit Score Income Factor Sum
Good Credit 10 $21,590
Fair Credit 9 $19,431
Temporary Bad Credit 8 $17,272
Bad Credit 7 $15,113
Terrible Credit 6 $15,113

Simply because it’s possible to borrow such an amount, doesn’t mean you ought to. A smaller loan is recommended, because you’ll be able to pay it off more quickly.

Good credit? If so, you probably won’t need to provide a down payment. Customers with less-than-perfect credit, on the other hand, may not have it that easy. That’s because lenders are focused on the Loan-to-Value Ratio, also known as the LTV. This is the amount borrowed versus the wholesale value of the vehicle.

Loan Amount Vehicle Value Loan-to-Value
$12,000 $15,000 80%
$15,000 $17,500 86%
$20,000 $25,000 80%

Most lenders and dealers who work with bad credit prefer LTV ratios of less than 100%. Because the lender doesn’t have as much invested in the vehicle, they are in a stronger position to recover their losses if borrower defaults – a bona fide risk when financing subprime borrowers. The good thing is that, as the economy improves, more dealers and lenders will be offering auto loans in Troy with no down payment.

Submit your application, and leave the down payment field empty. We’ll do our very best to match you with a lender willing to offer you a loan, no down payment necessary.

Buy Here Pay Here Auto Sales in Troy

In Troy, buy here pay here dealers are growing by leaps and bounds, as a result of the economic crisis. Shoppers who cannot secure financing because of major credit problems like bankruptcy often wind up at dealers like these. Of course, the annual percentage rates are inflated, but there are fewer obstacles to getting approved.

Sadly, most buy here pay here dealerships are unable to help consumers improve their credit. More often than not, it is better to apply online through us, so we can find you an auto loan in Troy that can help improve your credit.

Troy Consumer Profile

If you live in Troy, then you know about Rensselaer Polytechnic Institute – the largest employer in the area, and the basis for a small but fast-growing high-tech center that is helping to revitalize the county’s economy.  Despite this, reductions in manufacturing jobs have served as a continuing challenge for the area, and the trickle-down effect is evident in the per capita income and credit score of the average resident:

  • Average Salary: $25,907 Per Annum
  • Average Car Payment: $237 (11% of Income)
  • Recommended Car Payment: $173 to $216 (8%-10% of Income)

Here we’ve an overview of Troy’s population by FICO rating. These are just estimates, 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% 1,386
500-549 5% 3,464
550-599 8% 5,543
600-649 12% 8,315
650-699 15% 10,393
700-749 18% 12,472
750-799 27% 18,708
800-850 13% 9,008

Fortunately, we can help nearly any applicant who earns $1500 or more per month, no matter what their credit score is.  We also serve customers in the neighboring cities of Albany and Schenectady.