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Auto Loans in Bay Shore (NY)

Lenders will look at your credit score when deciding if they should finance you. Folks with credit problems may face issues trying to get financed. It’s crucial that you find a dealer or lender who caters to your level of credit, whatever it may be. We have developed a wide-ranging network of dealers and lenders who want to fund your purchase, no matter credit history.

All you have to do is apply online, and we’ll do our best to match you with a company who can lend you the funds you need.

Auto Loan Bay Shore NY

Bay Shore Car Dealerships That Approve Bad Credit

Have you considered where to buy your new car? For people with less-than-perfect credit, private party auto loans are usually out of the question. Instead you’ll have to buy your car from a local Bay Shore dealership. Thank heavens there are dealerships that finance bad credit. Contrary to buy here pay here dealers, these types of dealers offer:

  • Reasonable rates of interest.
  • More reasonable down payments.
  • Lower mileage vehicles.

Your credit and income dictates how much car you can get financed. Here we have an example based on the average per-capita income in Bay Shore, $4,677 per month:

Minimum Credit Score Multiplier Amount
700 10 $46,770
625 9 $42,093
575 8 $37,416
525 7 $32,739
300 6 $28,062

These are simply estimations. You might not get to finance this much, based on factors such as your existing debt, housing payment, and type of income.

Submit an application to learn how much you can borrow.

Should You Buy Your Vehicle New or Used?

The majority of shoppers are able to finance a new or used vehicle, but which should they opt for? A new car is worth just 80% of its original value after the first year of ownership, and 50% after 36 months. That’s the reason why you can often get more car by buying used.

New Car Pre-owned Car
Age New 3 Years Old
Price $46,770 $23,385
Down Payment $9,354 $2,339
Interest Rate 5.00% 7.50%
Months 60 48
Payment Amount $706.09 $508.88
Interest $4,949 $3,380
Total Amount Paid $51,719 $26,765

Bay Shore Buy Here Pay Here Dealers

Considering heading to a buy here pay here dealer for a car that could be financed? Usually, there are considerably better alternatives. These dealers will approve pretty much anyone, no matter their credit, but you will find issues.

Alas, you can look forward to high loan rates, big down payments, and high mileage vehicles that are too expensive in light of their level of wear and tear. For this reason, these dealerships have a sullied reputation. We can match you with dealer finance professional who can get you the funds you need, even if you’ve had to file bankruptcy.

Which Cars Are Best For Bay Shore Consumers

The lot will be jam packed with cars and trucks that you are able to purchase, but probably shouldn’t. To leave yourself in the strongest position money-wise, spend, at most, around 8% of your income each month on your new payment. For a consumer making $4,677 per month, the Bay Shore average, this would be $374.

Great Credit Okay Credit Poor Credit
Income Per Month $4,677 $4,677 $4,677
Car Payment $374 $374 $374
Loan Rate 3.50% 7.00% 11.00%
Down Payment $5,142 $4,724 $4,302
Loan $20,568 $18,896 $17,209
Total Interest $1,882 $3,554 $5,241
Price with Interest $27,591 $27,174 $26,752
Vehicle Price $25,709 $23,620 $21,511

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