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For most New York consumers, a car loan is necessary to buying any new or used vehicle. For those who have brilliant credit, this is a simple and easy process. For those who have a low credit score, however, it can be complicated. Rather than trekking from one company to another, trying to get approved, you can apply one time online.

Finance companies and dealerships fight to finance your credit, putting you behind the wheel of the financing process.

Car Loan Rates in New York

Most finance companies only show you the lowest rate they have, only available to consumers with excellent credit. In fact, your interest rate varies hugely based on your credit, among a number of other variables. The rates displayed below are only for informational purposes. They’re not advertisements, and your actual rate could be very different.

FICO Rating New Car Pre-owned 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%

You should know what your credit score is. There are all kinds of places to check your credit. Here’s one of the best to do so: link.

Used Auto Loans in New York

It’s true that the rates of interest for a used car or truck are greater than the rates for a new one. Clever buyers, however, typically go for pre-owned cars. Consider the table below, depicting the costs associated with auto loans for brand new versus pre-owned cars and trucks.

Years Old Price Rate Months Payment Interest Total
New $27,800 6.00% 60 $537.45 $4,447 $32,247
1 Year $22,240 7.50% 60 $445.64 $4,499 $26,739
2 Years $18,904 7.50% 60 $378.80 $3,824 $22,728
3 Years $16,068 7.50% 60 $321.98 $3,250 $19,319

Many cars lose roughly 15% of their value every year, so a new car you buy for $27,800 will be worth $22,240 after just one year of ownership. Auto loans for used vehicles come with slightly higher rates of interest, but in many cases, you only need 10% down, and the insurance costs are less expensive.

Poor Credit Auto Loans in New York

Has your credit been hurt by bankruptcy, foreclosure, or other issues like this? Generally speaking, the higher your credit score, the lower your interest rate. A couple of decades ago, there weren’t all that many non-bank loan companies who would supply car loans for consumers with below-average credit. Now many loan companies, as well as some banks and credit unions, have subprime finance departments.

Buy here pay herecar lots are a second option. Of course, your credit isn’t going to be a problem at this type of place, but you will wind up forking over a ton in interest for an outdated car or truck. It’s best to stay away from these car lots whenever possible, getting a car loan on the web. A regular loan company will report your repayment to the credit agencies, which means your credit score will get better as long as you keep making your payments as agreed.

Contact an auto finance professional in your area today.

New York Credit Score Improvement

Are you concerned that your interest is going to be too costly? Fixing any credit report errors can improve your credit score drastically. Many people don’t know that, once a year, you can check your credit report at no cost via

Fixing any errors–a simple and easy process–could bring about major advances in your credit score. If you haven’t got good credit, having a spouse or relative with a favorable credit record cosign your auto loan could lead to a better interest rate.

No Money Down Financing in New York

A good many people don’t realize that you generally need some cash in your bank account to get a car loan. If you have first-class credit, most finance companies will waive the down payment requirement. If your credit is only average, however, a down payment of 10-20% is typically a requirement. Assuming you have below-average credit, there’s only one main solution: track down a car dealer that allows trade-ins, and ask if they’ll consider your old car instead of a down payment.

New York Resources

Credit Unions


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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Street address,Zip Code,Telephone” data=”1199 Seiu,310 West 43rd Street 2nd Floor,10036,(212) 957-1055,1199 Seiu,310 West 43rd Street,10036,(212) 957-1055,65 Family,11 East 4th Street 4th Fl,10003,(212) 228-0269,Abyssinian Baptist Church,132 Ordell Clark Place,10030,(212) 862-5959,Actor Federal Credit Union,208 Varick,10014,(212) 645-0491,Actors,165 West 46th St.,10036,(212) 869-8926,Actors,322 West 48th St.,10036,(212) 245-4802,Actors Federal Credit Union,136 West 3rd,10012,(212) 228-6748,Actors Federal Credit Union,401 Park South Lbby,10016,(212) 213-5062,Actors Federal Credit Union,729 2nd,10016,(212) 682-8593,All Souls,88 St. Nicholas Avenue,10026,(212) 864-5052,All Souls Federal Credit Union,88 Saint Nicholas Avenue,10026,(212) 864-5052,American Broadcast Employees,125 West End Ave.,10023,(212) 456-5344,American Broadcast Employees,115W 18TH St.,10011,(212) 633-5489,Amnh Employees,15 WEST 77 STREET,10024,(212) 769-5117,Bootstrap (C/O Commonwealth Of Pr),135 W 50 Street Floor 22 c/o PRID,10020,(212) 333-0357,Bootstrap (C/O Commonwealth Of Pr),135 W 50 Street Floor 22,10020,(212) 333-0357,Church Of The Master,81 Moringside Avenue,10027,(212) 666-3367,Church Of The Master Federal Credit Union,86 Morningside Avenue,10027,(212) 666-3367,Consulate General Of Republic Of Haiti,271 Madison Avenue,10016,(212) 697-9767,Consumers,425 GRAND STREET,10002,(212) 677-2520,East Coast Venture Capital Corp,30 East 29,10016,(212) 686-1515,Education Affiliates,25 W 43 St Rm 311,10036,(212) 302-1954,El Barrio,156 EAST 117 STREET,10035,(212) 410-1465,Elektra,124 West 30 Street Rm 211,10001,(212) 868-7128,Elektra Federal Credit Union,124 West 30 Street 6 Avenue,10001,(212) 868-7128,Empire Br 36 Natl Assoc Of Le Carr,347 West 41st Street Suite 101,10036,(212) 714-9899,Empirt 207,3961 10th Ave Rm. 234,10034,(212) 942-5750,Empirt 207,3961 10th Ave,10034,(212) 942-5750,Entertainment Industries,550 Madison Ave 555/9,10022,(908) 282-9881,Epic Records,550 Madison Avenue,10022,(212) 833-8000,Fidelis,448 WEST 152ND STREET,10031,(212) 234-4121,Financial,151 w 34th street,10001,(305) 577-1328,Grace Congregational Church,310 W 139th Street,10030,(212) 694-4263,Grand Central Terminal Employees,15 Vanderbilt Ave D-41,10017,(212) 697-5367,Greater Metro,423 East 23rd Street,10012,(212) 689-2991,Justice,26 Federal Plaza,10278,(703) 480-5300,Justice,290 Broadway 10th Floor,10007,(703) 480-5300,Lomto,180 Riverside Blvd,10069,(212) 947-3380,Lower East Side Peoples,37 AVENUE B,10009,(212) 529-8197,Lower East Side Peoples,2052 ADAM CLAYTON POWELL,10027,(212) 222-0328,Mcgraw Hill,1221 6th Avenue,10020,(800) 226-6428,Mcgraw Hill,2 Penn Plaza,10121,(800) 226-6428,Mcgraw Hill,55 Water Street,10041,(800) 226-6428,Montauk,111 WEST 26TH STREET,10001,(212) 989-5200,Mount Olivet Federal Credit Union,201 Malcolm X Boulevard,10027,(212) 666-5966,Municipal,22 CORTLANDT STREET,10007,(212) 238-3300,Municipal,435 E 70th St,10021,(212) 416-7150,Municipal,2 Lafayette St,10007,(212) 416-7110,N Y Metro Postal Federal Credit Union,350 West 31st Street,10001,(212) 564-1227,N.U.L.,120 Wall Street,10005,(212) 558-5362,Nbc (N.Y.) Employees,30 Rockefeller Plaza,10112,(212) 664-3970,Neighborhood Trust,4211 BROADWAY,10033,(212) 740-0900,New York Metro,350 W. 31st Street,10001,(212) 279-8334,New York State Employees,80 wall st ste 315,10005,(212) 233-4570,New York Times Employees,620 Eighth Avenue 28th Floor,10018,(212) 354-0351,New York University,14 WASHINGTON PLACE,10003,(212) 995-3171,North Fork Bank,231 Grand Street,10013,(212) 431-4100,Penn South Cooperative,321 Eighth Ave,10001,(212) 675-3200,Progressive,131 W 33rd St Ste 700,10001,(212) 695-8900,Progressive Credit Union,370 7th Avenue,10001,(212) 695-8900,Quorum,309 West 49th Street,10019,(212) 237-7198,Quorum,120 Park Avenue,10017,(718) 584-9000,Radio Television And Communication,225 West 34Th Street Suite 1118,10122,(212) 502-8933,Radio Television And Communication,225 West 34Th Street,10122,(212) 502-8933,Saks Fifth Avenue Enterprises,12 East 49th Street,10017,(212) 940-5225,Self Reliance Ny,108 Second Avenue,10003,(212) 473-7310,Skyline Federal Credit Union,32 Avenue Of The Americas,10013,(212) 226-4566,Southern Baptist Church Of New York,12 West 108th Street,10025,(212) 316-6409,St Martins Federal Credit Union,230 Malcolm X Boulevard,10027,(212) 722-0734,St. Marks,49-55 Edgecombe,10030,(212) 491-2924,St. Martins,230 Malcolm X Blvd,10027,(212) 722-0734,St. Philips Church,204 W 134th st,10030,(212) 862-4940,St. Vincents Employees,153 WEST 11TH STREET,10011,(212) 604-7671,St. Vincents Employees,116 W 23rd ST Ste 500,10011,(212) 604-7671,Transfiguration Manhattan,74 West 126th Street,10027,(212) 722-0601,Transit Authority Division B,3961 10Th Ave Room 230,10034,(212) 942-1448,U S Court House Sdny,233 Broadway,10007,(212) 349-0406,Ukrainian National,P O BOX 160 COOPER STATION,10276,(212) 533-2980,Ukrainian National,215 Second Avenue,10003,(212) 533-2980,Union Congregational,P.O. Box 313 Lincoln Station,10037,(212) 281-2662,Union Congregational,58 West 138th Street,10037,(212) 281-2662,Union Settlement,237 East 104th Street 1st Floor,10029,(212) 828-6061,Union Settlement,237 East 104th Street,10029,(212) 828-6061,United Nations,2 United Nations Plz Fl 3,10017,(347) 686-6000,United Nations,380 Madison Ave Fl 20,10017,(347) 686-6000,Unitehere,275 SEVENTH AVE,10001,(212) 730-7500,University Settlement,184 Eldridge St,10002,(212) 674-9120,University Settlement,121 Avenue of the Americas,10013,(212) 941-9090,Usalliance,200 Vesey St World Financial Center,10285,(800) 431-2754,Usalliance,350 W 31St St,10001,(800) 431-2754″][/tboot_table]