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Are you interested in buying a new vehicle in Schenectady, and need to secure an auto loan? For people with superb credit, this is a simple and easy process. For people with less-than-perfect credit, however, it can be a real hassle. We make it possible to obtain an auto loan online, at an economical interest rate, even when your credit isn’t perfect. Lending companies and dealerships will compete to fund your loan, putting you in the driver’s seat of the financing process.

Auto Loan Rates in Schenectady

Most lenders don’t provide loan rates based on credit score. Instead, they tell you the most affordable rate available. In point of fact, your interest rate varies widely based on your FICO score, not to mention a range of other variables. The rates displayed below are only for informational purposes. These aren’t advertisements, and your exact rate could deviate vastly from what’s seen below.

FICO Score 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 need to know what your credit rating is. We suggest going here.

Used Car Loans in Schenectady

A brand new car is attractive, without a doubt. Intelligent buyers, however, always purchase pre-owned cars. The numbers speak on their own.

Years Old Price APR Months Payment Interest Total Cost
New $17,100 6.00% 60 $330.59 $2,735 $19,835
1 Year $13,680 7.50% 60 $274.12 $2,767 $16,447
2 Years $11,628 7.50% 60 $233.00 $2,352 $13,980
3 Years $9,884 7.50% 60 $198.05 $1,999 $11,883

Basically, the car purchased new for $17,100 will only be worth $9,884 after three years of ownership. Companies charge higher interest rates for pre-owned cars, but in most situations, you only need 10% down, and the insurance costs are cheaper.

Bad Credit Car Loans in Schenectady

Below-average credit makes it challenging to finance a car, but it isn’t out of the question. Essentially, lenders examine your credit ratings in order to determine whether or not you will make your payments on time. In decades past, you might be turned away at various banks or dealers before you were approved for financing.

A lot of consumers find themselves resorting to buy here pay here car lots in Schenectady, most of which don’t do credit checks. Yes, your credit will not be a concern, but you will end up having to pay a lot in interest for an older vehicle.

Instead, our recommendation is that you secure your loan on the web. This is the way most people get approved, and it’s much more economical in the long term.

Go here to apply online.

No Down Payment Financing in Schenectady

Usually, you’ll still need a good bit of cash to get approved, as a down payment of 10-20% is often a requirement. Generally, the following two conditions must be met to obtain zero down financing:

  • The vehicle is new.
  • The individual has an extremely good FICO score.

If you haven’t got very good credit, it is better to save for a down payment, or you could find yourself paying an inflated interest rate. Then again, when you apply online, there are many brokers and car dealers that do offer 100% financing, even for buyers who don’t have optimal credit.

Schenectady Resources

Credit Unions

Credit UnionLocationZip CodeTelephone
Capital Communications582 Balltown Rd12309(518) 458-2195
City Of Schenectady Employees105 Jay St12305(518) 346-3007
First New York2072 Curry Rd12303(518) 393-1326
First New York1445 The Plaza12308(518) 393-1326
First New York19 Glenridge Rd12302(518) 384-1572
First New York1879 Altamont Ave12303(518) 881-1980
First New York1776 Union St12309(518) 393-1325
Health Employees600 Mcclellan St12309(518) 382-2285
Health Employees1101 Nott St12308(518) 243-4093
Mohawk Progressive1760 State St12304(518) 372-0828
Price Chopper Employees404 Princetown Rd12306(518) 355-8280
Price Chopper Employees461 Nott St12308(518) 379-2134
Schenectady County Employees388 Broadway12305(518) 374-3830
State Employees290 Saratoga Rd12302(518) 452-8234
State Employees3200 Balltown Rd12304(518) 452-8234
State Employees920 Albany St12307(518) 452-8234
State Employees469 State St12305(518) 452-8234
Sunmark1616 Broadway12306(518) 382-0605
Sunmark251 Saratoga Rd12302(518) 382-0605
SunmarkGE Building 33 Branch12345(518) 382-0605
Sunmark3078 Guilderland Ave12306(518) 382-0605