Are you aware that only 25-27% of new cars are bought without financing? Unless you’re one of the few cash buyers, you’re going to need to look for car loans.
But loan merchants in White Plains and across the country have increased their approval requirements; for that reason, your credit ratings must be much better than ever before.
But we can help you get approved. If you submit your application, our advanced data-matching system connects with our network of New York lenders to locate the one which best suits your credit score, income, and location.
As long as you restrict a few different quotes to only 1 – 1.5 months, then all your credit checks should only count as one check on your credit report.
Follow this link to Get Started!
Your Vehicle Budget
The average income among New York consumers is $59,439, and among White Plains residents it’s $49,527. In most cases, we advise that you allocate no more than 10 percent of your gross income on car expenses. Included in this are not only your car payments, but also fuel, insurance, and repairs and maintenance.
Ten percent of New York average income equates to $495. The loan amount this represents depends upon numerous variables:
- Interest Rate
- Length of Term
- Credit Rating
White Plains (NY) Subprime Auto Loans
Did you know 1 in every 12.5 men and women (6,116 people) who live in White Plains, NY, are thought to have fico scores of 550 to 599, while another 5 percent have a credit score between 500 and 549 (3,823 people)?
Why is it so difficult to get a bad credit car loan? Lenders view your credit scores in order to analyze financial risk. The interest you pay is how they stay in business, and the less likelihood there is of you paying off the amount borrowed, the more risk there is of them losing money on the deal.
Apply online for bad credit auto loans in White Plains, NY, and our software goes to work matching your application with a finance company who provides auto loans to individuals who have bad credit.
Click the link to APPLY ONLINE!
No Cosigner Car Loans in White Plains, NY
Getting your loan cosigned isn’t mandatory. Nevertheless, for those who have unfavorable credit ratings, failing to have the auto loan cosigned can prolong the approval process.
But bear in mind: cosigning a car loan is an enormous liability; the co-signer could be legally required to pay off the amount borrowed in the event that the first debtor defaults on their installment payments. Additionally, are you aware that the car loan will show up on the cosigner’s credit report? That is why you should be completely certain that you can and will pay off the loan yourself before expecting another person to cosign.
Buy a Car with No Money Down: Possible?
It depends. There are car dealers in White Plains, NY, that offer cars with zero down payment. More often than not, these end up being a bad idea. Vehicles lose value from the moment you buy them. A payment in advance can prevent you from being upside down on your vehicle. If you need an auto loan with poor credit in White Plains, NY, you may have no choice but to supply a down payment.
Be Wary of White Plains No Credit Check Dealerships
Buy here pay here dealers, which offer in house financing, are springing up in White Plains and across New York. Actually, it’s quite understandable. These types of car lots help people who’ve got very bad credit, as well as folks needing car loans following major credit-related catastrophes, for example:
- Ch. 7 or 13 Bankruptcy
Whereas a bank may automatically decline these applicants, but a buy here pay here or tote the note car lot can offer an auto loan for a used car. But there’s a catch. The rates of interest tend to be excessively high, and the danger of negative equity is quite significant.
If you have truly terrible credit, obtaining an in-house car loan from such a car lot may well be the only alternative. Even so, we can connect you with lending companies that help people with poor credit all the time.