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Auto Loans in Schenectady (NY)

A low credit score. It is a hassle. Despite the fact that many lenders are declining applicants with unfavorable credit scores, we have many dealers and finance companies in our network who offer car loans for people with bad credit in Schenectady on a daily basis.

To get started, simply submit your application online. We will match you with a car dealership or lender that can pre-approve you for a car loan.

Schenectady Car Dealers for Bad Credit

In this day and age, many dealerships have finance departments dedicated to special financing. In any sub-prime financing scenario, expect:

  • Interest rates that are higher.
  • Down payments that are larger.
  • Loans that are smaller.

Having said that, they will get your loan funded through lenders that submit information to the credit bureaus, which is a requirement if you’re hoping to re-establish your credit. At Motive Auto Finance, we work with many such dealerships, and they want to get you the car you want. Just go here to submit your application.

No Down Payment Auto Loans in Schenectady?

A down payment may be a challenge, but for people with credit problems, it’s sometimes a necessity. A down payment will reduce your loan-to-value ratio, which is the amount financed in relation to the cost of the vehicle. The result is:

  • Cheaper annual percentage rate.
  • Less paid in total interest.
  • Less of a problem with negative equity.

Despite the fact that there are no money down car deals in Schenectady, we normally endorse down payments, especially for those with below-average credit.

Buy Here Pay Here (BHPH) Car Dealers in Schenectady, NY

In House Financing Car Dealerships in Schenectady New York
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Dealerships in Schenectady that approve people for financing on-the-lot are distinct from traditional dealerships in certain significant ways:

  • They offer auto loans in house.
  • They don’t perform credit checks.
  • They require weekly or biweekly payments, often at the lot.

Often men and women with really horrible credit feel that a buy here pay here car lot is the only real place that will finance them. But bear in mind, the cost of your car or truck will be inflated as a result of ridiculous loan rates, plus it is less likely that your FICO rating will go up since these dealers have no relationship with the credit bureaus.

Picking a New Car

Make sure you don’t purchase a car that strains your budget. Take a look at the scenarios that follow, revealing how much car the average Schenectady consumer can afford based on an income of $2,602 a month, a payment of $208, and a term of 5 years.

Excellent Credit Decent Credit Poor Credit
Income $2,602 $2,602 $2,602
Monthly Installment $208 $208 $208
Interest Rate 3.50% 7.00% 11.00%
Money Down $2,861 $2,628 $2,393
Loan $11,443 $10,512 $9,574
Interest Paid $1,047 $1,977 $2,916
Total with Interest $15,350 $15,118 $14,883
Purchase Price $14,303 $13,141 $11,967


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