If you’re in New York and looking for the best car financing options, you may feel like you’ve hit a dead end or given up on dealerships altogether. However, there are still excellent financing programs available to you. The key is to find options that offer low-interest rates and consider your ability to repay the loan rather than the size of the loan. Here are some guidelines to help you narrow down your choices:
1. Consider your credit score, as lenders use a different scale to assess risk.
2. Determine how much you want to borrow, ensuring that you don’t borrow more than you can comfortably afford.
3. Shop around to find the best deal.
Leasing is also a good option if you don’t want to keep a vehicle for more than a year.
Here are some of the best car financing options in New York:
Bank of America:
BOA offers competitive rates, discounts on used and new cars, and minimum finance arrangements of $7,500 with repayment periods of up to 72 months. The APR for a used car is 2.99%, while a new car’s APR starts at 2.89%. BOA Preferred Rewards customers receive a discount of 0.5% on the APR.
LightStream:
If you have an excellent credit score, LightStream offers a diverse range of financing options, including financing for old and new cars, special car finance, classic cars, lease buyouts, and more. You can finance any car purchase, including an acquisition from a private seller, with an APR starting at 2.49% for amounts between $5,000 and $100,000 repayable between 24 and 84 months.
Capital One:
Capital One offers loans for authorized dealers with a minimum amount of $4,000. You can get all the information on qualifying models through their online Capital One Auto Navigator. However, Capital One’s downside is its limitations on the dealers on its panel, which can limit your car choices.
Carvana:
Carvana is an online dealer that lets you select a car of your choice and prequalifies your application. You have 45 days to choose your vehicle. While Carvana doesn’t put much emphasis on your credit score, you must have an annual income of at least $4,000 and no recent bankruptcy proceedings. Financing periods range from 36 to 72 months, and the application process is entirely online.
myAutoLoan:
myAutoLoan connects you to different car financing offers through its platform, allowing you to compare options and select the best offers with low interest and flexible repayments that suit your needs. To qualify, you need a minimum credit score of 575, and your preferred car should not be more than ten years old, with mileage not exceeding 125,000 miles. The loan is repayable in periods ranging from 24 to 72 months.
Remember that financing comes with a cost, and you won’t own the car outright until you’ve made all payments. Many dealerships base their financing on your loan rate, not the lowest rate available. It’s essential to shop around to ensure you get the best deal.
