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Auto Loans in Niagara Falls (NY)

A car, truck, or SUV is one of the biggest assets in your life, so it’s essential to work with a lending professional to arrange your loan. As opposed to waiting until you’re in the dealership’s finance office, we allow you to get approved for financing in advance. We match you with a finance expert who can guide you step by step.

Car Loans Niagara Falls NY

Niagara Falls Car Dealerships for Bad Credit

Dealers that have sub-prime finance offices are usually known as bad credit dealerships. In any subprime lending arrangement, you can expect:

  • Steeper APR rates.
  • Larger down payment requirements.
  • Smaller sized loan amounts.

But keep in mind, it’s a lot better than any alternative, and if you make your payments on time and in full, you can boost your credit score by the time you pay off your loan. We work with many of these dealerships, and they want to get you the car you want. Just go here to apply online.

Is a Brand New Vehicle the Right Choice?

It’s a standard question: new or used car? A brand new vehicle is worth only 80% of its retail value after the first year of ownership, and after 3 years, 50%. That’s why you can usually get more car when you buy used.

New Car Used Car 1 Used Car 2 Used Car 3
Age New 1 year old 2 years old 3 years old
Price $17,910 $13,433 $10,746 $8,955
Down Payment $3,582 $1,343 $1,075 $896
Interest Rate 5.00% 7.50% 7.50% 7.50%
Months 60 48 48 48
Payment Amount $270.39 $292.30 $233.84 $194.87
Total Interest $1,895 $1,941 $1,553 $1,294
Total Paid $19,805 $15,374 $12,299 $10,249

Buy Here Pay Here Dealers in Niagara Falls, New York

The buy here pay here industry would like you to believe that you can’t get financed anywhere else, yet this generally isn’t the way it is. They seldom look at your credit, meaning your credit problems ought not be an impediment, but you will end up paying a lot for this. Most often, higher-mileage vehicles are the only models for sale, and dealers may expect you to have an ignition interlock placed in your vehicle. Repossession is frequent, and the finance fees border on predatory. There is a reason why these dealerships have a sullied reputation. Let us place you with dealer finance professional who can get you financed, even if you’ve had to file bankruptcy.

Credit Considerations for Niagara Falls Consumers

If you’ve got damaged credit, you are likely to be interested in ways to boost it. Believe it or not, an auto loan is one of the simplest ways to re-establish your credit. Your history of debt payments is an important factor in the FICO scoring formula, and an auto loan means 2-6 years of payments.

Payments made late, meanwhile, can hurt your credit score, and in a big way! Of course, the advantages of a better score are tremendous:

  • Decreased APRs.
  • Decreased insurance costs.
  • Less need for large down payments.
  • Fewer security deposits required in the future.

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