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Auto Loans in White Plains (NY)

Banks and auto finance companies check your credit when deciding whether or not to lend you the funds you need. If your score is low, you may face issues trying to get financed. It’s best to work with a lender or dealer who doesn’t deny every applicant who has poor credit–regrettably, this isn’t uncommon among a lot of lenders. We have built an unmatched network of dealers and finance companies who want to get you into the car of your dreams.

Simply submit your online application. You will be paired with a lending specialist from a dealer or lender in White Plains.

Bad Credit Car Dealers in White Plains, New York

Have you thought about where to buy your new car or truck? For people with damaged credit, private party auto loans are typically out of the question. Odds are you’ll need to buy from a dealership. Thank goodness there are dealerships that cater to poor credit. Since you’re a higher-risk applicant, you can expect more expensive rates of interest and bigger down payments, plus smaller loans. Having said that, it’s far better than not being able to buy a car, and these dealers can help you improve your credit and secure more affordable interest rates in the years to come. Here at Motive Auto Finance, we work with many of these dealerships, and when you apply online, we work hard to pair you with one who wants to accept you for financing.

Lower Interest Rates for White Plains Consumers

Lots of car-buyers are focused on the price of their new car or truck, but rate of interest is as significant.

Consider what you will pay in interest at an interest rate of 11.00% in contrast to 3.50%.

Good Credit Average Credit Bad Credit
Amount Borrowed $37,143 $37,143 $37,143
Rate 3.50% APR 7.00% APR 11.00% APR
Payment Per Month $676 $735 $808
Interest Owed $3,399 $6,986 $11,312

Obviously, it’s critical to secure the least expensive rate your credit allows. Next, we’ll look at the various tools at your disposal.

  • Credit Score: Ensure there are no errors on your credit report. If you find one, contest it.
  • Down Payment: More money down commonly means cheaper interest rates, since the loan to value ratio is lessened.
  • Debt to Income (DTI): Less debt may lead to a decreased rate of interest, so it’s smart to pay off what you can.
  • Shorter-Term Financing: A finance period of 60 months or less could result in a lower rate of interest.
  • Age of Vehicle: Used vehicles are more expensive to finance than new vehicles, though they cost substantially less to begin with.

Buy Here Pay Here Car Dealers in White Plains, NY

White Plains Buy Here Pay Here

Car dealers in White Plains that advertise buy here pay here financing have a few common characteristics:

  • They approve car loans on-site.
  • They don’t require credit checks.
  • They want you to pay them 2-4 times per month, often at the lot.

For folks with really bad credit, White Plains in house financing car lots are sometimes the only way to go. Unfortunately, New York subprime car loans from banks and credit unions typically involve lower rates.

Recommendations for Buying a Car in White Plains

When financing a car, no more than 10% of your monthly income should be dedicated to your car payment. At the same time, it’s not smart to finance for over 60 months. If you follow these suggestions, you will wind up purchasing a car that costs around 50% of your annual income. In White Plains, where the average income is $49,527 per year, this would be $24,762 to spend on a vehicle. All in all, the less you can invest while still obtaining a solid vehicle, the better.

Used Cars for Sale in White Plains, NY


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