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Auto Loans in Syracuse (NY)

Interested in a new or used car? Like most Americans, you probably will need a car loan to afford the car you want. We help buyers in Syracuse and all over New York, helping them get in touch with a bank, dealer, or finance company who can offer them reasonable rates for financing. We put you in touch with a lending professional who will guide you each step of the way.

Syracuse Car Lots for Bad Credit

If you are looking for a car dealer that is receptive to people with bad credit, look no further. When compared with a buy here pay here car lot, such dealers provide:

  • Lower interest rates, along with smaller down payments.
  • Better lending terms.
  • Opportunity to build up your credit.

Your income and credit determines which cars you’re eligible to finance. Here is an example based on the average per-person income in Syracuse, $1,531 per month:

Minimum Credit Score Income Factor Amount
700 10 $15,310
625 9 $13,779
575 8 $12,248
525 7 $10,717
300 6 $9,186

These amounts are by no means absolute. You may not be qualified to finance this much, depending on your other debts and credit record.

A dedicated lending specialist will determine how much you’re eligible to borrow, and at what APR. To get going, all you have to do is submit your application.

Syracuse Auto Finance Rates: Reducing Them

If you’ve financed a car before, then you know rate of interest is equally as vital as price is, particularly if you want to spend less in the end.

Believe it or not, a better interest rate could save you thousands of dollars, as shown in the table that follows.

Good Credit Mid-Range Credit Poor Credit
Loan $13,779 $13,779 $13,779
Interest Rate 3.50% APR 7.00% APR 11.00% APR
Payment $251 $273 $300
Total Interest $1,261 $2,591 $4,196

Fortunately, your APR rate can be reduced in a range of ways.

  • Credit Profile: Pull a copy of your credit report at this site, then be sure to correct any mistake you see.
  • Loan-to-Value: More money down ordinarily leads to cheaper annual percentage rates, given that the loan to value ratio isn’t as high.
  • Debt to Income (DTI): Toting less debt can mean a cheaper rate, so it’s smart to pay off as much as you can.
  • 36-60 Month Loan: Longer loans are regarded as higher risk investments, so opting for a shorter loan could be to your benefit.
  • Type of Vehicle: It costs less to finance a new or nearly new vehicle–if you don’t pay a higher purchase price.

Buy Here Pay Here (BHPH) Dealers in Syracuse, NY

Car dealers in Syracuse that offer on-the-lot financing differ from traditional dealerships in some key ways. They…

  1. Grant auto loans on site.
  2. Don’t require credit checks.
  3. Ask for weekly or twice-monthly payments, often in person.

Sometimes folks with really horrible credit feel like an in house financing car lot is the only place that will take their credit. Unfortunately, the cost of your car or truck will be higher as a result of outrageous loan rates, and it is likely that your credit score won’t get better as you pay back the loan. This is because these dealers rarely report back to Equifax, Experian, and Transunion.

How Much You Ought to Pay for a Car

You may find that you’re qualified to finance a more expensive vehicle than is prudent. The following chart reveals how much the Syracuse consumer ought to spend based on a monthly income of $1,531, a car payment that amounts to 8% of this income ($122), and a repayment term of 5 years.

Great Credit Decent Credit Subprime Credit
Income $1,531 $1,531 $1,531
Monthly Payment $122 $122 $122
Loan Rate 3.50% 7.00% 11.00%
Money Down $1,683 $1,546 $1,408
Total Interest $616 $1,163 $1,716
Total Paid $9,032 $8,895 $8,757
Car Price $8,416 $7,732 $7,042


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