Auto Loans in White Plains (NY)

If you want to secure financing in White Plains for a new or used vehicle, we’d be happy to help. Each and every lender has their own approval requirements, so it’s very important to find one willing to work with your credit. Fortunately we work with many lenders and dealers across White Plains and the rest of Westchester County.  The application itself takes less than 3 minutes to complete, and there is no obligation to accept the offer you’re given.

Bad Credit Car Dealers in White Plains

White Plains may bean affluent area, but credit score does not always correlate with income. Many residents of White Plains are dealing with credit problems of one kind or another, especially in the wake of the recession.  Fortunately, we can help you find a car loan in White Plains, even when your credit history is less than perfect. We have lenders who work with low credit scores, and they want to grant you the loan you need. The lenders and dealers in our network do report payments to the credit bureaus, meaning repayment of your loan can translate into healthier (higher) credit scores.

What Will My Interest Rate Be?

Interest rates are determined by a multitude of factors, the most important of which is your credit score.  If you have bad credit, of course, the APR on your loan won’t be as low as someone with a credit score of 700 or higher. Typically, if you have a subprime score, you can expect to pay in excess of 10% APR as a New York resident. For this reason, it’s important to purchase an economical vehicle with easily-affordable payments. Let us get you approved for a bad credit car loan in your area – online! Apply Now!

How Much Am I Eligible to Borrow?

Estimating how much you can borrow is pretty easy. All you have to do is multiply your monthly income by the income factor associated with your credit score. We’ve included such an estimation, based on the average income of White Plains residents: $4,127.

Credit Income Factor Loan
Great Credit 10 $41,270
Decent Credit 9 $37,143
Subprime Credit 8 $33,016
Poor Credit 7 $28,889
Very Bad Credit 6 $28,889

To find out how much you can borrow, multiply how much money you get paid each month by the applicable income factor.

Can You Finance a Car with No Money Down?

Assuming you have a FICO score of 700 or more, then yes: you can typically buy a car without providing a down payment. If you have poor credit, however, your dealer may want you to offer a down payment. The reason is simple: such loans represent a much greater risk for the lending company. Failure to pay is more common, and a down payment makes sure that some percentage of the vehicle’s value is not in jeopardy. That’s not to say dealers don’t ever approve people with no money down.

Simply enter your down payment amount on your application, and our system can probably find you a lender or dealer who can work with you, even though you don’t have a down payment.

Buy Here Pay Here Car Dealers in White Plains

If you’ve experienced a bankruptcy or repossession, you’ve perhaps considered going to an in house financing car lot in White Plains. Dealers like these approve people for financing on site, rather than relying on a list of affiliated lenders. Everything is paid to the dealer directly, and the vehicles are typically less than $10,000.

However, most buy here pay here dealers are unable to help people re-establish their credit. In most cases, you would be more satisfied applying online, so we can find you an auto loan in White Plains that can help your credit.

White Plains Consumer Profile

Many major companies have their headquarters in White Plains, including Combe, ITT, and Xylem.  This has helped the company to weather the harsh economic of recent years quite well, and per capita incomes have stayed quite strong – a good indicator of auto loan approval.  Listed below are average statistics for White Plains residents.

  • Pre-Tax Salary: $4,127 Monthly
  • Average Monthly Payment: $454 (11% of Income)
  • Suggested Car Payment: $330 to $413 (8%-10% of Income)

Here we’ve a breakdown of White Plains’s population by FICO rating. These estimates should give you an idea of where you stand in relation to other consumers in the area.

FICO Score % of Population Residents
300-499 2% 1,529
500-549 5% 3,823
550-599 8% 6,116
600-649 12% 9,174
650-699 15% 11,468
700-749 18% 13,761
750-799 27% 20,642
800-850 13% 9,939