Auto Loans in Yonkers (NY)

YonkersIf you need a car loan in Yonkers, you landed in just the right place. We have relationships with lenders and dealers in Yonkers and across New York who want to approve your credit – right now! Here is how the process works:

  1. Take a few minutes to complete our online application.
  2. Check your email for your approval status.
  3. If approved, consult your lender or dealer to finalize your paperwork.
  4. Now you can select the vehicle you want.

There are several principal credit tiers when it comes to auto financing, and we have dealers and lenders that service each of them. That makes us one of the best choices for anyone who needs an auto loan with bad credit in Rochester or Westchester County.

The drawbacks associated with these loans are well-known, and the same no matter who you funds your loan:  high rates of interest, down payment requirements, and a minimum monthly income of around $1200 after taxes. For all these reasons, it’s important to purchase an inexpensive car or truck with easily-affordable payments. If you have below-average credit, you’ll probably be approved by either a subprime lender or a dealer with a special finance department – colloquially known as a bad credit car dealership. These companies do submit payment data to the credit bureaus. This is a prerequisite for reestablishing your credit.

Financing Pre-Approval: How Much?

Of course, the loan amount has a tremendous impact on the vehicle you can buy, so it’s always one of the first questions we’re asked. Below, we’ve detailed how much individuals of different credit ratings can finance, given the average monthly income in Yonkers, $4,354. Don’t forget, these are only estimates.

Credit Income Factor Loan
Excellent Credit 10 $43,540
Decent Credit 9 $39,186
Subprime Credit 8 $34,832
Poor Credit 7 $30,478
Really Bad Credit 6 $30,478

Just because it’s possible to borrow this amount, doesn’t mean you should. A smaller loan is a good idea, because it will put less pressure on you in terms of your monthly budget.

Down Payment: Do I Need One?

We have many lenders in our network who don’t require applicants to offer a down payment. Having said that, supplying a down payment gives you significant advantages:

  • Shortens loan, meaning you pay less in interest.
  • Reduces monthly repayment.
  • Safeguards against negative equity.

Nevertheless, you don’t need a down payment to apply. Simply enter your down payment amount when you submit your application, and we will probably help you find a dealer or lender who can work with your down payment, or lack of one.

No Credit Check Car Dealerships in Yonkers

In Yonkers, buy here pay here dealers now account for a large part of the market, due to the recession. These dealers make credit decisions themselves, instead of outsourcing this to a network of finance companies. They specialize in helping people with problems like bankruptcy or repossession within the last 12 months. We recommend that you avoid these dealerships, instead securing a bad credit auto loan online. Apply today – we have dealers awaiting your application. You could be rolling up to Central Ave in your new ride before you know it!

Yonkers-Specific Financial Profile

An applicant’s credit rating is just part of the equation. Creditors look at your income, history of employment and residence, and history of credit.

Below are some average statistics for residents of Yonkers.

  • Average Salary: $52,252 Per Year
  • Average Monthly Payment: $479 (11% of Income)
  • Ideal Car Payment: $348 to $435 (8%-10% of Income)

Consumer Credit in Yonkers

Curious about the credit ratings of your community as a whole? We have estimated how many Yonkers consumers are in each range of FICO scores.

FICO Score % of Population Residents
300-499 2% 4,535
500-549 5% 11,337
550-599 8% 18,139
600-649 12% 27,209
650-699 15% 34,011
700-749 18% 40,813
750-799 27% 61,219
800-850 13% 29,476

Let us help you find bad credit car loan in Yonkers you need. It’s easy to apply online.