Car Loan New York

There are five major types of car loans available in New York nowadays � New Vehicle loans, Refinance loans, Used Vehicle or Dealer loans, Lease Buyout loans and Private Party Vehicle loans. There are various terms and conditions that are applicable in case of the car loans available in New York.
There are five different loan term periods available in the New York car loan market � 36 months, 66 months, 48 months, 72 months and 60 months. The annual percentage rates of car loans in New York tends to differ as per the time periods of the loans. For the new vehicle loans with term periods of 36 months and less the rate is 6.99%.

In case of the loans with term periods between 37 and 60 months the rate is 7.49% and in case of loans with term periods between 61 to 72 months the rate is 7.99%. There are a variety of car loans that are provided in New York as far as the loan amount is concerned.

However, the minimum amount offered in the car loan market in New York is 7,500 dollars and the maximum offered is 60 thousand dollars. There are two types of applications that are made in the New York car loan market � the individual applications and the joint applications.
The Used Vehicle or Dealer car loans with term periods of 36 months and less the rate is 7.49%. In case of loans with term periods of 37 to 60 months the rate is 7.99% and in case of loans with term periods between 61 to 72 months the rate is 8.39%.

In case of Private Party Vehicle loans with maximum term periods of 36 months the rate is 9.39%. In case of loans with term periods between 37 to 60 months the rate is 9.89% and the rate of loans between 61 to 72 months the rate is 10.39%.

For the Refinance car loans that have a maximum term period of 36 months the rate is 7.59% and for the loans with term periods between 37 and 60 months the rate is 8.09%. In case of loans that have term periods of 61 to 72 months the rate is 8.59%.

For the lease buyout loans that have a term period of 36 months or less the rate is 8.65% and in case of loans with term periods of 37 to 60 months the rate is 9.15%. The rate is 9.65% in case of loans with term periods from 61 to 72 months.

In case of the individual applications only a single person applies for the car loan and it is understood that his name would be enlisted on the title. As far as the joint applications are concerned, there are two people who apply for the loan and both their names are supposed to appear on the title. There are special conditions for the married couple. In case the applicants are married the applicant is not required to include the spouse for purposes of application. There are exclusive credit facilities for the married couples.

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Last Updated on : 1st August 2013