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If you’re buying a new vehicle, it’s likely that you’ll need a loan. Whether you are approved for financing depends on an array of factors, such as your credit, salary, where you live, job security, down payment, and loan to value ratio. Countless financial experts advocate lining up your auto loan before going to the dealer lot, which provides several advantages:

  • Fewer hours spent at the dealer lot.
  • Cheaper annual percentage rate.
  • Improved bargaining leverage.

A finance professional can lead you through the process, ensuring you get the car loan package you need from a company near you.

Auto Loan Rates in New York

Please keep in mind that the rates below are not advertisements, but estimates at the time of publication. Your precise interest rate could vary significantly from the interest rates right here.

Credit Score New Car Used Car
Excellent 3.3% 3.5%
Good 4.6% 4.9%
Average 6.6% 6.9%
Subprime 9.2% 9.4%
Bad 13.3% 14.0%
Very Bad 14.2% 15.5%

Used Car Financing in New York

A brand new vehicle is attractive, no doubt. Steeper interest rates for pre-owned cars, however, are contrasted by cheaper down payments, monthly installments, and insurance costs. Check out the chart below, which illustrates the various costs of auto loans for new versus pre-owned vehicles.

Age Price APR Months Payment Interest Total
New $20,750 6.00% 60 $401.16 $3,319 $24,069
1 Year $16,600 7.50% 60 $332.63 $3,358 $19,958
2 Years $14,110 7.50% 60 $282.74 $2,854 $16,964
3 Years $11,994 7.50% 60 $240.33 $2,426 $14,420

In only a year of driving, the $20,750 new car is worth only $16,600, and only $11,994 after 36 months. Most finance companies will help you finance a pre-owned car that’s up to eight years old, and some have a mileage cap of 100K miles.

Bad Credit Auto Loans in New York

Have you got a credit rating in the mid to low 600s? If you’ve got a FICO score of 700 or higher, you shouldn’t have any problem securing a car loan, but approval and interest rate both become hassles at the lower tiers of the credit spectrum. Fortunately, there are loan providers who cater to individuals with credit problems. Lots of shoppers with less-than-perfect credit end up at one of New York’s buy here pay here car dealers. These retailers grant financing internally, with no credit check. The negatives are sizeable, such as extravagant rates and lots of conditions. Instead, it’s a good idea to apply for financing on the web. The rates should be lower, the terms better, and you have the chance to bring up your credit score along the way.

Go here to apply online.

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