What’s the difference between loans for new and used cars?
Auto loan interest rates for new cars tend to be lower than those for used cars. One main reason a used car usually has a higher interest rate is that it’s typically more difficult for a lender to predict the resale value (or deprecation) of a used car (compared to a new car). To view today’s auto loan rates, click here.
What qualifies a vehicle for a new vs. used auto loan rate?
Bethpage considers a vehicle new when it is:
- A current model year vehicle with fewer than 5,000 miles.
- A previous model year vehicle with fewer than 5,000 miles.
Bethpage considers a vehicle used when it is:
Do I need a co-borrower / can I have a co-borrower?
You may apply for a Bethpage auto loan with or without a co-borrower. If approved, a co-borrower is as responsible as you are for repaying the loan.
How long will it take to get my loan?
The length of time it will take to finalize your loan is largely dependent on how quickly you send the documents/conditions to us. Bethpage will process your application as soon as it is complete.
Is there a pre-payment penalty?
No. At Bethpage, you can pay off your auto loan ahead of schedule without any penalty.
What is the oldest used car Bethpage will do a loan on?
Bethpage offers auto loans on pre-owned vehicles up to 9 model years old. Bethpage also offers auto loans on “Classic” vehicles that are 25 years and older.
How can refinancing help me to lower my monthly payment?
By obtaining a lower auto loan interest rate and/or extending the terms of the loan (e.g., from 3 years to 5 years), refinancing can help you to pay less each month.
How much will I save by refinancing?
To estimate how much money a new rate or term could save you, use Bethpage’s Vehicle Payment Calculator. You can also speak with one of our friendly, knowledgeable Auto Loan Specialists by calling 1-800-628-7070 or by visiting your local branch.
How long will it take to get my loan?
The length of time it will take to finalize your loan is largely dependent on how quickly you send the documents/conditions to us. Bethpage will process your application as soon as it is complete.
Does Bethpage do lease buyouts with leases from other companies?
Yes, Bethpage will buy out your lease with other companies, except Nissan, Ford and Infiniti.
Where do I get a lease buyout letter?
To obtain a lease buyout letter, you should contact your leasing company. We suggest that you confirm the process of ending your lease with them.
Is sales tax included in the buyout?
A lease buyout is a vehicle purchase, so you must pay your state’s sales tax on the car. Usually the sales tax is included in the lease buyout letter. When financing through Bethpage, we will need to know if you are rolling the sales tax into the loan or paying the sales tax on your own. If you are paying the sales tax on your own, we’d need a copy of the official payment of sales tax.
What’s the rate?
The interest rate for a lease buyout is the same as if you were looking to finance a new or used car that you weren’t already leasing. To view today’s auto loan rates, click here.
What’s the term?
Bethpage offers fixed rate loans for terms up to 96 months on new vehicles and up to 84 months on pre-owned vehicles. For more details, click here.
How long will it take to get my loan?
The length of time it will take to finalize your loan is largely dependent on how quickly you send the documents/conditions to us. Bethpage will process your application as soon as it is complete.