New York Auto Loans

The New York statewide average for a used car loan is 8.06%; for a new car loan it is 7.44%.

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Auto Lenders & Loan Types in New York (NY)

Those are good benchmarks for any New Yorker shopping for an auto loan. In every part of New York you can find a lenders that are willing to help you find an appropriate loan. Here are some suggested sources:

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• The New York State Credit Union League represents six hundred state credit unions. Their members offer loans for new and used cars. Some also offer auto brokerage and auto leasing.
• Chase Bank provides loans for new and used cars and for refinancing.
• E-Loan offers loans for new cars, used cars, refinancing cars and for lease buyouts.
• Ford Motor Credit Corp. will provide loans for new cars, used cars or leased cars acquired from one of their dealers.
• Sovereign Bank has loans for new cars, used cars and for refinancing loans.

Financing Car Loans in New York (NY)

Loan shoppers with good credit have important leverage. In New York, the lowest loan rate for a new car is 5.25% and for a used car 5.75%. Your loan should be between the low and the average rate.

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If you have bad credit, finding an appropriate loan can still be easy. Every auto dealer has working relationships with loan companies who take high-risk clients. Keep in mind that credit ratings change. Check yours with all the major agencies before applying for a loan.

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New York State Auto Loan Information

If you have any questions about auto loan regulations, or insurance or registration requirements in New York, contact the appropriate agency below.

New York State Banking Department
One State Street
New York, NY 10004-1417

New York State DMV
6 Empire State Plaza
Albany, NY 12228

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