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Auto Loans in Paterson (NJ)

Cars are expensive these days, so it is essential to work with a dealer you have confidence in. For years, we’ve been establishing a network of dealers and lenders across the state of New Jersey, and we have some of the highest success rates in the industry. You will enjoy the convenience of working with a devoted financing specialist to answer your questions and set up your loan.

Car Loans Paterson NJ

Paterson Car Dealerships for Bad Credit

Don’t let credit keep you from buying your new car. We work with dealers in Paterson that want to get you in the driver’s seat, regardless of what your credit score is. In any non-prime lending scenario, expect:

  • Rates of interest that are steeper.
  • Down payments that are more substantial.
  • Payment terms that are shorter.

On the plus side, remember you are getting a car, of course, but also the chance to increase your credit score. We have a great number of dealers in our network, and you can get pre-approved by submitting your application.

New or Pre-owned: What’s the Right Choice?

Used and new cars each have distinct benefits. Oftentimes, a used car is the better choice. The interest rates on new cars are more affordable, sure, but pre-owned cars cost a lot less in the end.

New Car Used Car 1 Used Car 2 Used Car 3
Age New 1 year old 2 years old 3 years old
Price $19,890 $14,918 $11,934 $9,945
Down Payment $3,978 $1,492 $1,193 $995
Interest Rate 5.00% 7.50% 7.50% 7.50%
Months 60 48 48 48
Payment $300.28 $324.62 $259.70 $216.41
Finance Fees $2,105 $2,156 $1,725 $1,437
Total Outlay $21,995 $17,074 $13,659 $11,382

In House Financing Dealers in Paterson, NJ

Paterson Buy Here Pay Here

Maybe you’ve considered getting financed at a buy here pay here dealer in Paterson? Such Paterson bad credit dealerships provide car loans themselves, typically without checking the consumer’s credit. Since they don’t rely on a traditional bank or investment company for financing, they can service a broad array of applicants. A lot of men and women with really bad credit feel that a buy here pay here car lot is the only establishment that will finance them, despite the fact that the loan rates are more expensive than you’d get from a dealership that does indirect lending. Additionally, they don’t usually report payments to the credit agencies, which means your credit score isn’t likely to improve even if they pay off the loan on time.

Getting the Ideal Loan

It really is easy to purchase a more expensive car than you really need. Check out the following estimates, which reveal how much car the average Paterson consumer can afford based on a monthly income of $1,989, a car payment that amounts to 8% of this income ($159), and a term of 60 months.

Good Credit Fair Credit Bad Credit
Monthly Income $1,989 $1,989 $1,989
Payment Amount $159 $159 $159
APR 3.50% 7.00% 11.00%
Money Down $2,187 $2,009 $1,830
Interest Paid $800 $1,511 $2,229
Price with Interest $11,734 $11,556 $11,377
Sticker Price $10,934 $10,045 $9,148

Zipcode Make Model Minimum Price Maximum Price Condition
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