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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 annualcreditreport.com.

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

Credit UnionStreet addressZip CodeTelephone
1199 Seiu310 West 43rd Street 2nd Floor10036(212) 957-1055
1199 Seiu310 West 43rd Street10036(212) 957-1055
65 Family11 East 4th Street 4th Fl10003(212) 228-0269
Abyssinian Baptist Church132 Ordell Clark Place10030(212) 862-5959
Actor Federal Credit Union208 Varick10014(212) 645-0491
Actors165 West 46th St.10036(212) 869-8926
Actors322 West 48th St.10036(212) 245-4802
Actors Federal Credit Union136 West 3rd10012(212) 228-6748
Actors Federal Credit Union401 Park South Lbby10016(212) 213-5062
Actors Federal Credit Union729 2nd10016(212) 682-8593
All Souls88 St. Nicholas Avenue10026(212) 864-5052
All Souls Federal Credit Union88 Saint Nicholas Avenue10026(212) 864-5052
American Broadcast Employees125 West End Ave.10023(212) 456-5344
American Broadcast Employees115W 18TH St.10011(212) 633-5489
Amnh Employees15 WEST 77 STREET10024(212) 769-5117
Bootstrap (C/O Commonwealth Of Pr)135 W 50 Street Floor 22 c/o PRID10020(212) 333-0357
Bootstrap (C/O Commonwealth Of Pr)135 W 50 Street Floor 2210020(212) 333-0357
Church Of The Master81 Moringside Avenue10027(212) 666-3367
Church Of The Master Federal Credit Union86 Morningside Avenue10027(212) 666-3367
Consulate General Of Republic Of Haiti271 Madison Avenue10016(212) 697-9767
Consumers425 GRAND STREET10002(212) 677-2520
East Coast Venture Capital Corp30 East 2910016(212) 686-1515
Education Affiliates25 W 43 St Rm 31110036(212) 302-1954
El Barrio156 EAST 117 STREET10035(212) 410-1465
Elektra124 West 30 Street Rm 21110001(212) 868-7128
Elektra Federal Credit Union124 West 30 Street 6 Avenue10001(212) 868-7128
Empire Br 36 Natl Assoc Of Le Carr347 West 41st Street Suite 10110036(212) 714-9899
Empirt 2073961 10th Ave Rm. 23410034(212) 942-5750
Empirt 2073961 10th Ave10034(212) 942-5750
Entertainment Industries550 Madison Ave 555/910022(908) 282-9881
Epic Records550 Madison Avenue10022(212) 833-8000
Fidelis448 WEST 152ND STREET10031(212) 234-4121
Financial151 w 34th street10001(305) 577-1328
Grace Congregational Church310 W 139th Street10030(212) 694-4263
Grand Central Terminal Employees15 Vanderbilt Ave D-4110017(212) 697-5367
Greater Metro423 East 23rd Street10012(212) 689-2991
Justice26 Federal Plaza10278(703) 480-5300
Justice290 Broadway 10th Floor10007(703) 480-5300
Lomto180 Riverside Blvd10069(212) 947-3380
Lower East Side Peoples37 AVENUE B10009(212) 529-8197
Lower East Side Peoples2052 ADAM CLAYTON POWELL10027(212) 222-0328
Mcgraw Hill1221 6th Avenue10020(800) 226-6428
Mcgraw Hill2 Penn Plaza10121(800) 226-6428
Mcgraw Hill55 Water Street10041(800) 226-6428
Montauk111 WEST 26TH STREET10001(212) 989-5200
Mount Olivet Federal Credit Union201 Malcolm X Boulevard10027(212) 666-5966
Municipal22 CORTLANDT STREET10007(212) 238-3300
Municipal435 E 70th St10021(212) 416-7150
Municipal2 Lafayette St10007(212) 416-7110
N Y Metro Postal Federal Credit Union350 West 31st Street10001(212) 564-1227
N.U.L.120 Wall Street10005(212) 558-5362
Nbc (N.Y.) Employees30 Rockefeller Plaza10112(212) 664-3970
Neighborhood Trust4211 BROADWAY10033(212) 740-0900
New York Metro350 W. 31st Street10001(212) 279-8334
New York State Employees80 wall st ste 31510005(212) 233-4570
New York Times Employees620 Eighth Avenue 28th Floor10018(212) 354-0351
New York University14 WASHINGTON PLACE10003(212) 995-3171
North Fork Bank231 Grand Street10013(212) 431-4100
Penn South Cooperative321 Eighth Ave10001(212) 675-3200
Progressive131 W 33rd St Ste 70010001(212) 695-8900
Progressive Credit Union370 7th Avenue10001(212) 695-8900
Quorum309 West 49th Street10019(212) 237-7198
Quorum120 Park Avenue10017(718) 584-9000
Radio Television And Communication225 West 34Th Street Suite 111810122(212) 502-8933
Radio Television And Communication225 West 34Th Street10122(212) 502-8933
Saks Fifth Avenue Enterprises12 East 49th Street10017(212) 940-5225
Self Reliance Ny108 Second Avenue10003(212) 473-7310
Skyline Federal Credit Union32 Avenue Of The Americas10013(212) 226-4566
Southern Baptist Church Of New York12 West 108th Street10025(212) 316-6409
St Martins Federal Credit Union230 Malcolm X Boulevard10027(212) 722-0734
St. Marks49-55 Edgecombe10030(212) 491-2924
St. Martins230 Malcolm X Blvd10027(212) 722-0734
St. Philips Church204 W 134th st10030(212) 862-4940
St. Vincents Employees153 WEST 11TH STREET10011(212) 604-7671
St. Vincents Employees116 W 23rd ST Ste 50010011(212) 604-7671
Transfiguration Manhattan74 West 126th Street10027(212) 722-0601
Transit Authority Division B3961 10Th Ave Room 23010034(212) 942-1448
U S Court House Sdny233 Broadway10007(212) 349-0406
Ukrainian NationalP O BOX 160 COOPER STATION10276(212) 533-2980
Ukrainian National215 Second Avenue10003(212) 533-2980
Union CongregationalP.O. Box 313 Lincoln Station10037(212) 281-2662
Union Congregational58 West 138th Street10037(212) 281-2662
Union Settlement237 East 104th Street 1st Floor10029(212) 828-6061
Union Settlement237 East 104th Street10029(212) 828-6061
United Nations2 United Nations Plz Fl 310017(347) 686-6000
United Nations380 Madison Ave Fl 2010017(347) 686-6000
Unitehere275 SEVENTH AVE10001(212) 730-7500
University Settlement184 Eldridge St10002(212) 674-9120
University Settlement121 Avenue of the Americas10013(212) 941-9090
Usalliance200 Vesey St World Financial Center10285(800) 431-2754
Usalliance350 W 31St St10001(800) 431-2754