Car Financing Options in Bronx, New York

Posted Tuesday, Feb 21, 2023

One of life's biggest milestones is buying a car. For a long time, this milestone was only achievable by those with huge amounts of money to buy their dream car. However, there are many financing options that you can now use to get your dream car without worrying about how much cash you have in your pocket.

San Auto Dealers offers quick loan approvals and car financing options for used cars, including sedans, coupes, SUVs, and more. As a top-used car dealer, we want our customers in the Bronx, NY, to have access to financial opportunities regardless of their credit history. Below are the several car financing options you can get from San Auto Dealers.

Bad Credit / No Credit Financing Options

One of the biggest hurdles to getting a loan for your car is the requirement for excellent credit. However, we understand that building up reputable credit can be difficult. Therefore, we offer bad credit, or no credit financing options to our customers in the Bronx.

A credit score gives insight into your ability to make payments. However, to maintain a good credit score, you must ensure the timeliness of payments, maintain a balance, and pay your account off in full at the end of every month. Moreover, a credit score takes into account your employment history and income.

With a single financial situation, your credit history can fall and hinder your chances of getting a car loan. Typically, a credit score ranges from 300 to 850, with 850 being a perfect score and 300 being a poor score. You will need a score of around 620 to get a car loan with lower interest rates.

A no-credit or low-credit car loan allows you to purchase your car without a good score. The biggest advantage of no credit-card financing options is that you can acquire a car with no down payment. This means you can get a car without having ready cash as long as you can prove your ability to repay the loan.

Low Down Payment

Down payments are essential to helping you get a car on a lease. The down payment is an assurance that you are paying some of the money up front and will take the rest in installments. Paying down payments helps you secure a loan and get a better price and lower increments.

In the past, it was common for people to pay a 20% downpayment when leasing a car. While there is no rule stating that you must pay a 20% down payment, it can help with your payments. However, not everyone readily has the finances to pay such a huge amount.

San Auto Dealers offers low down payment financing options that can help you lease your dream car without worrying about how much money you have in your pocket. You can pay anywhere from 9% or below to lease your car.

Credit Unions

A car loan can seem daunting, especially with high-interest rates and hidden fees that can make you pay much more than you initially thought you would. However, credit union car loans offer reliable car financing options.

Credit union car loans are personal loans that can help you in an emergency or when you need quick funds. Moreover, these loans offer low-interest rates free of any hidden fees. Unlike most car financing options, credit union car loans allow you to own the car from the get-go.

Typically, credit union interest rates can be as low as one to three percent or as high as eight percent. Although these loans do not have any grand applications, they are a good choice for car financing options as they offer quick financing.

Trade-Ins

If you are already a car owner but want to upgrade, trade-ins can offer great financing options for you. As the name suggests, a trade-in involves trading your old car for a new one with additional payments.

While a trade-in cannot help you completely supplement the cost of the new car, you can significantly lower the price. For example, if you buy a $20,000 car and trade your old car worth $7000 to San Auto Dealers, the net price of the new car falls to $13000.

However, everything is up for negotiation. You can negotiate a higher price for your trade-in or gain an incentive over an interest rate. A trade-in is a perfect choice to get rid of the old and bring in the new without any added burden on your old car.

You can rest assured that you will get the right value for your old car. Trade-ins not only give you the option to sell your old car but also offer other advantages to help your negotiating power during a deal.

Prime Credit Lending

If you have a good credit score, typically around 660, you can qualify for a prime credit loan. One of the best financing options for prime borrowers is a prime credit loan, which has a lower interest rate on your loan, and you can get a higher loan than other borrowers.

Prime borrowers usually get these benefits because of the low risk of lending them money. With a good credit score, you can prove that you are a reliable borrower who can make payments. Therefore, the lenders are not as varied as those giving you money to finance a car. These borrowers are highly sought out by lenders due to their credibility and can often negotiate a higher payment with the lowest interest rates.

Apply For Auto Financing Options in the Bronx, New York

Are you looking for your dream car in the Bronx, New York? San Auto Dealer has a range of vehicles and can help you get the keys to your dream car, be it a sports car, a hatchback, or an SUV. Visit our wide range of quality used car inventory to find your next car.

Worried about financing your car? Don’t be. With a range of financing options available, we pride ourselves in our ability to help our customers get access to their dream car without worrying about their pockets.

Call us today at (718) 299-7100 to discuss your financing options for your next car.