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Auto Loans in Newburgh (NY)

If your credit isn’t the best, getting the loan you need is often the most significant stumbling block when shopping for a new car. We’re here to help. It’s smart to work with a bank or dealer that has your best interests in mind. We work with an extensive network of dealers and lenders who work with a wide range of New York drivers, not just those with credit scores greater than 725. An auto finance manager will be right there to guide you, helping you set up your finance package before you even step foot on the lot. Visit here to contact your finance specialist.

Car Loan Newburgh NY

Bad Credit Car Dealers in Newburgh, NY

Dealers that have sub-prime finance offices are sometimes known as bad credit dealerships. Just like any subprime loan, you can expect:

  • Increased APR rates.
  • Bigger down payments required.
  • Less expensive assets (cars).

However, the rates and terms are more favorable than you would be given at one of Newburgh’s buy here pay here dealers. At Motive Auto Finance, we work with many of these dealerships, and when you submit your application, we can pair you with one who wants to arrange your loan.

Picking a Vehicle: New versus Pre-owned

It gets asked all the time: is a new or used vehicle the best option? Because new cars lose value so quickly, it’s often best if you let somebody else bite the bullet, and buy a car already has some miles under its belt.

New Car Used Car 1 Used Car 2 Used Car 3
Age New 1 year old 2 years old 3 years old
Vehicle Price $15,550 $11,663 $9,330 $7,775
Down Payment $3,110 $1,166 $933 $778
APR 5.00% 7.50% 7.50% 7.50%
Term 60 months 48 months 48 months 48 months
Payment Amount $234.76 $253.79 $203.03 $169.19
Total Interest $1,645 $1,686 $1,348 $1,124
Total Paid $17,195 $13,348 $10,678 $8,899

In House Financing Dealers in Newburgh, NY

Newburgh Buy Here Pay Here

Have you wondered about getting your vehicle through a buy here pay here car dealer in Newburgh? These types of Newburgh in house financing dealerships don’t depend on banks or outside lenders for approval, so they’re able to assist an extensive range of shoppers. If you’ve got really bad credit, Newburgh in house financing car dealers tend to be the only option, even though the interest rates are much higher than a bank loan. In addition, they hardly ever report payments to the credit agencies, which means the consumer’s credit score isn’t likely to improve as a result of the loan.

Budgeting for Your New Car

It’s important that you go with a vehicle that won’t overburden your budget. It’s recommended that you spend, at the most, roughly 8% of your monthly earnings on a car payment. For residents of Newburgh, having an average income of $1,555, this would be $124.

Prime Credit Decent Credit Subprime Credit
Income $1,555 $1,555 $1,555
Payment Amount $124 $124 $124
Loan Rate 3.50% 7.00% 11.00%
Money Down $1,710 $1,571 $1,430
Total Interest $626 $1,182 $1,742
Total with Interest $9,174 $9,035 $8,894
Purchase Price $8,548 $7,853 $7,152

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