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Auto Loans in Watertown (NY)

Auto financing with poor credit used to be very difficult – until we came into the market and made it easy to get financed by bad credit car dealerships in Watertown. We know full well the problems that Watertown consumers with bad credit struggle with. To get rolling, all you’ve got to do is send us your application, and we will connect you to a car dealer or lender professional who will make every effort to get you the ideal vehicle finance package.

Bad Credit Car Dealers in Watertown, NY

Bad credit has been a growing issue since the recession, and many dealerships now have finance departments that specialize in subprime auto lending. As compared with a buy here pay here dealer, such dealers typically offer:

  • Cheaper APR rates.
  • More manageable down payments.
  • Stricter governmental oversight to protect against unethical lending.
  • Option to improve your credit.

You may not meet the criteria to finance the newest, hottest car on the lot. Here is an example based on an income of $3,385 per month, the average in Watertown:

Credit Rating Income Factor Sum
Great Credit 10 $33,850
Average Credit 9 $30,465
Slow Credit 8 $27,080
Poor Credit 7 $23,695
Very Bad Credit 6 $20,310

These are only estimates. You might qualify to borrow greater than this, or less. Submit an application to have a finance specialist confirm how much you can borrow.

Is a New Vehicle a Good Idea?

Used and new cars each have distinct advantages. Since new cars depreciate so quickly, it’s sometimes a smart idea to let somebody else pay the depreciation, and buy a car that’s one or two years old.

New Car Pre-owned Car
Years Old 0 1
Price $33,850 $25,388
Down Payment $6,770 $2,539
Loan Rate 5.00% 7.50%
Years 5 4
Payment Amount $511.03 $552.46
Interest Paid $3,582 $3,669
Total Investment $37,432 $29,057

Tote The Note Car Lots in Watertown, NY

Dealerships in Watertown that advertise buy here pay here financing have several common characteristics:

  • These dealers grant car loans in-house.
  • They don’t perform credit checks.
  • They want you to pay them each week, often in person.

If you have horrible credit, Watertown in house financing car lots in many cases are the only real way to go. However, the cost of your vehicle will be inflated due to ridiculous rates. As if that weren’t enough, it is unlikely that your credit score will go up since these car lots don’t report back to the credit bureaus.

Managing the Cost for Your Vehicle

The right car, price-wise, will be based on your income and credit. Try and avoid spending greater than 8% of your monthly income on your new payment. For a resident of Watertown earning $3,385 each month, the city average, this would be $271.

Exceptional Credit Fair Credit Bad Credit
Payment $271 $271 $271
Loan Rate 3.50% 7.00% 11.00%
Months 60 60 60
Money Down $3,721 $3,419 $3,114
Interest Paid $1,362 $2,572 $3,793
Total with Interest $19,969 $19,667 $19,362
Purchase Price $18,607 $17,095 $15,569


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