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Auto Loans in Long Island City (NY)

Worried about financing a car in Long Island City, New York, with a bad credit score or no money down? You shouldn’t be. Nobody understands poor credit like us. Benefits we provide involve:

  • Innovative Application Placement Platform
  • Huge Financing Network
  • Extensive Borrower Education

Auto Loan Long Island City New York

Long Island City Car Dealers That Finance Bad Credit

If you’ve got , dealer financing is likely the only option you have, considering that most banks in Long Island City won’t be willing to finance you. There are dealers, however, that can get you the loan you need at at a rate that’s reasonable. As compared with a BHPH dealer, such dealerships offer lower rates and better terms. You may not meet the criteria to finance all the cars in the showroom. Below is an example based on the average per-capita income in Long Island City, $2,226 per month:

Credit Multiplier Loan
Excellent Credit 10 $22,260
Decent Credit 9 $20,034
Slow Credit 8 $17,808
Poor Credit 7 $15,582
Very Bad Credit 6 $13,356

These estimates are by no means absolute. You may qualify to borrow more or less.

A vehicle finance expert will determine how much you can borrow, and at what APR. Go here to apply online.

Is a Brand New Vehicle Your Best Option?

Most consumers can finance either a new or used car, but which should they choose? In some cases, a used car is best. The rates of interest on new cars are low, sure, but used cars will cost you a lot less in the end.

New Car Pre-owned Car
Age New 1 Year Old
Price $22,260 $16,695
Down Payment $4,452 $1,670
APR 5.00% 7.50%
Length 5 years 4 years
Payment $336.06 $363.30
Interest $2,356 $2,413
Total Expenditure $24,616 $19,108

Your Job is Your Credit Dealerships in Long Island City, NY

Long Island City Buy Here Pay Here

Car dealers in Long Island City that advertise buy here pay here financing have certain things in common:

  • These dealers approve car loans in house.
  • They don’t require credit checks.
  • They require weekly or biweekly payments, often in person.

A lot of men and women with really terrible credit believe that an in house financing car lot is the only place that will be willing to finance them, even though the cost of your car or truck will be higher on account of ridiculous annual percentage rates, and it’s likely that your credit rating won’t get better as you pay down the loan. That’s because these car lots have no relationship with the credit agencies. In reality, you are much better off working with a subprime lender or credit union such as Bethpage FCU that is accepting of lower credit scores, yet reports payments to the credit bureaus.

Can This Rebuild Your Credit?

If your credit isn’t ideal, you’ll probably be looking for ways to repair it. Believe it or not, a car loan is one of the simplest ways to build up your credit. Taking out and paying down an installment loan, on time and as agreed, reveals that you are a reliable borrower, which means lower rates and more advantageous terms in the coming years. On the other hand, it’s possible to hurt your credit by letting your payments fall past due. It is impossible to gauge how much your score is going to climb, but month-to-month increases of 5-10% have been reported.

Used Cars in Long Island City for Sale

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