Online Tips & Advice to Save You Money

We have to start by saying to never go car shopping without knowing your credit score. You can get a free credit report here and you can line up your credit score to expected interest rates here.

You will find that bad credit car loan rates can run as high as 16 percent, but don’t freak out because it’s not as bad as it sounds. We call it the bad credit tax — the idea that you have to pay off one high interest note to prove to banks that you’re back on track so you’ll never have to pay such rates again. The way to minimize the impact is with a short loan (three years) and a quality used car amount ($7,000 to $10,000). On such a loan, your cost is about $1 a day higher (an amount you can blow on coffee) and really, on a monthly budget, is there that much difference between a $250 and $280 payment?

You’ll also discover while shopping around that cars are better built and lasting longer than ever, and that there are outstanding cars in this price range. You’ll even find luxury cars that after a few years drop into this price range — and will still have fewer problems than some newer, more cheaply built cars.

Our online New York car loan application can help you get in on a great time to be buying a car.