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If you are looking to buy a vehicle, used or new, it’s likely that you will need a loan to secure the required funds. Quite often, car loans are arranged in the dealer’s office, but this can be a very lengthy process. Instead of wasting time at the dealer or finance company, you can apply for your auto loan online.

You can let a local Plattsburgh finance specialist guide you through the approval process. Even better, it’s free to apply.

Auto Loan Rates in Plattsburgh

What will your interest rate be? In point of fact, your interest rate can vary greatly based on your credit, among a variety of other things. The rates displayed below are only for informational purposes. They aren’t advertisements, and your precise rate could deviate widely from what’s displayed below.

Credit Rating 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%

If you do not know what your credit score is, you should. Many loan companies actually use an auto finance-specific credit score not available to buyers, but it’s easy to check your credit score.

Used Car Loans in Plattsburgh

Car makers are most interested in selling brand new vehicles. If wealth-building is important to you, however, you’ll finance a used car. You can finance a low-mileage used car or truck for a small fraction of what it costs to finance a brand new one.

Age Price Rate Months Payment Interest Total Cost
New $31,600 6.00% 60 $610.92 $5,055 $36,655
1 Year $25,280 7.50% 60 $506.56 $5,114 $30,394
2 Years $21,488 7.50% 60 $430.58 $4,347 $25,835
3 Years $18,265 7.50% 60 $365.99 $3,695 $21,959

A second hand car or truck is an excellent option, regardless of whether you’re financing or not. Below are the typical limitations on auto loans for used cars:

  • Car no older than 7-10 years.
  • Mileage no greater than 100,000.
  • Purchased via dealer, not private party.

Poor Credit Car Loans in Plattsburgh

In Plattsburgh and beyond, poor credit is pretty common. Some of us never check our credit ratings, as we’re afraid of how bad they may be. Unfortunately, it really is better to keep an eye on your score. Fortunately, we offer access to loan companies who focus on non-prime credit scenarios.

In Plattsburgh, buy here pay here dealers end up assisting consumers in the lower credit levels The annual percentage rates are very steep, and the cars and trucks are always used.

You will be better off getting financed by a traditional bank, credit union, or loan provider. The interest rates will be less expensive, the terms superior, and you have the opportunity to improve your credit along the way.

Best of all, you can submit your application online.

Decreasing Your Annual Percentage Rate

Aside from opting for a cheaper vehicle, the easiest way to lower your payment amount is by improving your FICO score. First of all, you’ll want to review your credit report for mistakes. You can obtain your credit report cost free here. Generally, it takes 30-60 months to get any discrepancies remedied, after which time you may see an improvement in your credit score. Furnishing an increased down payment or adding a cosigner who has a good credit score could also reduce your annual percentage rate.

Can a Car Loan Improve Your Credit?

An auto loan can boost your credit, as long as it meets the following guidelines:

  • It is not provided by a BHPH dealer.
  • The installments are paid punctually, month after month.

It is important to keep in mind that this is a gradual process. Most lenders offer automatic bill-pay, which is crucial to keeping current on your payments.

Plattsburgh Resources

Credit Unions

Credit UnionStreet addressZipPhone
Adirondack Regional23 Smithfield Blvd12901(518) 562-0221
Cvph Employees75 Beekman St12901(518) 562-7030
Dannemora122 New York Rd12901(518) 563-5667
Dannemora344 Tom Miller Rd12901(518) 825-0323
Gp Community53 Weed St12901(518) 563-1338
Plattsburgh City School District49 Broad St #10112901(518) 561-4510
Plattsburgh City School District49 Broad St12901(518) 561-4510
UfirstPO Box 47312901(518) 324-5700
Ufirst274 Rugar St12901(518) 324-5700
Ufirst101 Broad St12901(518) 324-0619