Today, there are plenty of auto loans New Yorkers can take advantage of with rock-bottom APRs, lengthy repayment terms, and generous fee structures based on their personal and financial situations. So whether you are a first-time auto buyer or looking to refinance, the team at ElitePersonalFinance has an auto lender handpicked for you.
Keep reading our Best Car Loans in New York of May 2024 to learn which banks, credit unions, and online lenders we recommend. Each specializes in one or more types of auto loans, including good credit, bad credit, first-time auto loan buyer, refinancing, lease buyouts, and more.
ElitePersonalFinance allows you to compare quotes from multiple lenders. Make a well-informed decision with insights from our top finance experts from ElitePersonalFinance.
Why Trust ElitePersonalFinance Guides?
ElitePersonalFinance is proud to offer extensively researched guides written by some of the top finance experts in the industry. In addition, all our lenders are carefully evaluated with hours and hours spent on researching bank, credit union, and online lender sites putting a fine-toothed comb to APRs, terms, fees/penalties, repayment periods, and other features.
If you have a raving review about a car lender not listed here, the team at ElitePersonalFinance would love to hear about it. Send us an email at info@elitepersonalfinance.com, and we’ll get back to you as soon as possible.
Best Car Loans in New York of May 2024: Key Findings
Credit unions in NY are an excellent source of auto loans, offering loans from $1,000 to $100,000 with rates varying from 5.99% to 35.99%.
NY borrowers with bad credit scores and high DTI ratios can still take out auto loans as high as $50,000 with APRs up to 35.99%.
An excellent source of NY car loans are banks, with Chase offering APRs as low as 3.54% for $4,000+ loans with repayment terms from 4 to 6 years.
Many NY car loan companies require that vehicles adhere to age/mileage criteria (less than 10 years old with less than 120,000 miles on them.
Car loan companies like Carvana require annual gross incomes as low as $4,000, an excellent source for fair to good credit borrowers who may just be entering the workforce.
SuperMoney
Loan Amount:
$1,000 – $100,000
APR:
0% – 36%
Min. Credit Score:
0
Approval:
Same day
Terms:
12 – 84 months
Fees:
Loan origination fees range between $100 and $500.
Late payment fees range between $5 and $50.
Most lenders don’t charge prepayment fees.
Ongoing maintenance fees vary by each lender.
Qualification Criteria:
Be at least 18 years of age.
A maximum D-T-I ratio of 50%.
An annual income of not less than $24,000.
Has less than 5 credit inquiries in the last 6 months.
No bankruptcies reported in the last 12 months.
Has three open credit lines.
Fill out your information through SuperMoney’s online portal.
Average Borrower Profile:
SuperMoney connects borrowers with personalized financial product offers from banks and other lenders.
Financing options are available if you have bad, fair, good, or excellent credit.
One of our favorite legit car loan marketplaces, SuperMoney is a legit choice for bad credit New Yorkers who want to compare multiple secured and unsecured auto loan offers, some with as close to guaranteed approval as you can get.
Unlike direct lenders like banks and credit unions, SuperMoney is a loan comparison site that connects borrowers with an expansive lender network. Loan amounts for auto loans generally start at $2,500 and upwards of $150,000 with APRs as low as 2.19% and maximum loan terms of 84 months. In addition, many lenders promise no origination, prepayment, or late fees.
As SuperMoney is a loan comparison site, qualification criteria lie with each lender. Please visit your lender’s page for more information.
Pros:
Excellent customer service
Loan amounts up to $150,000
APRs as low as 2.19% (good credit)
Easy-to-use interface
Cons:
Not a direct lender
Some lenders charge origination fees of up to 8%
Minimum 600 credit score required for best rates
Strict requirements for loans over $50,000
The Impact of Covid-19:
Since SuperMoney is a loan comparison site, no financial hardship or forbearance programs are offered. For more information on hardship programs, please refer to your lender directly.
Chase – New York, NY
Loan Amount:
Starts at $4,000
APR:
As low as 3.54%
Min. Credit Score:
Undisclosed
Approval:
Up to 7 Days
Terms:
48 – 72 months
Fees:
No application fee.
No prepayment penalties.
Qualification Criteria:
Be at least 18 years of age.
Be a current Chase customers.
New or used vehicle less than ten years old/no more than 120,000 miles.
Excludes some commercial and salvaged titles.
Average Borrower Profile:
Chase doesn’t disclose average personal loan statistics.
Chase is an excellent choice for good credit New Yorkers interested in instant approvals on new car purchase loans (two to three hours).
We appreciate Chase’s well-rounded terms. Rates start at 3.54% for loans starting at $4,000 with repayment terms from 48 to 72 months. There are also no application or prepayment penalties. Kudos for Chase’s blistering fast approval times, taking as little as two hours — a lot better than many lenders on our list!
To qualify, you must be 18 years or older and looking to finance a new or used vehicle less than ten years old with no more than 120,000 miles. Some exclusions include commercial and salvaged titles, as well as a required purchase of your new or used vehicle at a participating Chase dealer.
Pros:
Soft credit check upon pre-qualification
No minimum income requirement
36 and 72 monthly payment terms
No application fee or prepayment penalty
0.25% percentage point discount for Chase private clients
A rating from the Better Business Bureau (BBB)
Cons:
Must purchase a vehicle through one of Chase’s partner dealerships
Excludes commercial and salvaged/branded title vehicles
The Impact of Covid-19:
Chase offers resources for those experiencing financial hardship. Give them a call at 800-432-3117 or visit its FAQ for more information. You have to be an existing Chase member to sign in.
Carvana
Loan Amount:
$1,000 – $100,000
APR:
4.39% -27.90%
Min. Credit Score:
0
Approval:
Same day
Terms:
Up to 84 months
Fees:
Does not charge origination fees.
Charges insufficient funds fees of $35.
Charges late fees of $15.
There are no prepayment fees.
Qualification Criteria:
Be 18 years old and above.
Annual gross income of $4,000.
Have no active bankruptcies.
Average Borrower Profile:
Carvana doesn’t disclose information about the average borrower profile.
Carvana is a legitimate choice for first-time New York used car buyers with no to low credit scores.
Rounding out Carvana’s offerings are used car purchase loans between $1,000 and $100,000, with APRs ranging from 4.39% -27.90%. Plus, it is straightforward to qualify for Carvana first-time auto loan borrowing. On top of no minimum credit score required, you only need to have an annual gross income of $4,000 with no bankruptcies.
Another benefit of Carvana is the ability to cosign on a loan, allowing bad credit New York auto loan borrowers to take advantage of better rates.
Carvana auto loans New York are only applicable when purchasing a new or used vehicle from the Carvana website. Luckily, thousands of cars are in stock with the bonus of free CARFAX vehicle history reports.
We recommend Carvana for bad credit, first-time NY auto loan borrowers that would not mind financing vehicles sold through the platform.
Pros:
No origination fees
Co-signers allowed
$1,000 to $100,000 loan amounts
Same-day funding upon loan close
Easy to change payment due dates
APRs as low as 3.90% for good credit borrowers
Cons:
Higher than average maximum APR (27.90%)
Only applies to the vehicles sold through Carvana
No negotiation with Carvana’s car pricing
The Impact of Covid-19:
Although Carvana does not explicitly state forbearance or hardship programs on its website, it does have an extensive Help section with live chat or text options.
First New York Federal Credit Union – New York, NY
Loan Amount:
Starts at $20,000
APR:
As low as 2.49%
Min. Credit Score:
720
Approval:
1 Day
Terms:
24 to 96 months
Fees:
First payment deferral up to 90 days.
There are no prepayment fees.
Late payment fees.
Qualification Criteria:
Be at least 18 years of age.
Have a credit score of at least 720.
Have a DTI ratio that doesn’t exceed 50%.
Need to be a current First New York Federal Credit Union member.
Average Borrower Profile:
First New York Federal Credit Union doesn’t disclose information about the average borrower profile.
First New York Federal Credit Union is a solid choice for good credit New York borrowers who want to take out a new loan or refinance an existing loan with APRs as low as 2.49% on new vehicles with first payments deferred up to 90 days.
Terms are solid with First New York Federal Credit Union. It offers long-term from 24 to 96 months with a minimum $20,000 loan amount. A 96-month repayment term is longer than most lenders provide, which is good for lower monthly payments. However, if you want to borrow less, consider Consumers Credit Union with its super low $2,000 minimum.
To qualify for a First New York Federal Credit Union loan, you must be a US citizen/ permanent resident, 18 years of age or older with First New York Federal Credit Union membership and a minimum credit score of 720 for the best rates.
Pros:
Rates as low as 2.49% APR
First payment deferral up to 90 days
No prepayment or origination fees
48 to 72-hour loan approval time
Bonds in as little as 24 hours
Easy application process
Cons:
Need to be a First New York Federal Credit Union member
Higher-than-average minimum loan amount ($20,000)
The Impact of Covid-19:
Although First New York Federal Credit Union does not explicitly state financial hardship programs on its website, they have a live chat function and a Member Service Specialist team. You can reach them at 800-734-7375.
Consumers Credit Union
Loan Amount:
$5,000 – $75,000
APR:
5.44% to 21.24%
Min. Credit Score:
660
Approval:
1 Day
Terms:
Up to 84 months
Fees:
Does not charge origination fees.
.25 percentage rate discount for autopay customers.
Late payment fees.
Qualification Criteria:
Be 18 years old and above.
A U.S. citizen or permanent resident with valid SSN.
Minimum 660 credit score.
Average Borrower Profile:
Consumers Credit Union doesn’t disclose information about the average borrower profile.
Consumers Credit Union (CCU) is a solid choice for good credit New Yorkers interested in used car financing or bad credit borrowers who would prefer to onboard a co-signer.
Consider Consumers Credit Union one of the more well-rounded auto loan providers we’ve come across. Loan amounts start at $7,500 with no maximum on APRs from 5.44% to 21.24%, depending on your borrower profile, loan term, and model year. We also like that borrowers can enjoy a .25 percentage rate discount when enrolling in auto-pay, which is a nice perk for something that is second nature to many people.
The only downside to Consumers Credit Union is that its minimum credit score requirement is higher than most auto lenders on our list (660). However, it balances It out by not setting any minimum income requirements.
Pros:
Ability to co-sign
.025 percentage Point discount for auto-pay customers
No minimum income requirement
Soft inquiry with pre-qualification
Approvals in as little as one business day
Same day funding
Cons:
Need to be a member of CCU
A minimum credit score of 620 required
Higher than average minimum loan amount
The Impact of Covid-19:
Fortunately, Consumers Credit Union offers several forbearance and hardship options, including a financial counseling program for eligible members. For more information, call them at (800) 991-2221.
Pentagon Federal Credit Union
Loan Amount:
$500 – $150,000
APR:
1.79% to 17.99%
Min. Credit Score:
610
Approval:
1 – 7 Days
Terms:
2 – 5 Years
Fees:
$5 deposit to open a PenFed account.
Late payment fees.
No loan origination fees.
No application fees.
No prepayment fees.
Qualification Criteria:
Be at least 18 years of age.
Have a credit score of at least 610.
Have no current delinquencies.
Fill out your information through PenFed’s online portal.
Average Borrower Profile:
PenFed doesn’t disclose information about the average borrower profile.
One of the largest credit unions in the country, Pentagon Federal Credit Union (PenFed) is a strong choice for NY’ers that want a lease buyout loan from a direct lender.
We like PenFed for its excellent APR range (1.79% to 17.99%) and loan amounts from $500 to $150,000. In addition, NY borrowers with credit scores of 690 or higher are eligible for the best pre-owned vehicle lease buyout rates, although fair credit NY borrowers can benefit from lease buyout loans as well.
To qualify for a PenFed lease buyout loan, you must open a PenFed account with a $5 deposit. However, this amount is reimbursed by PenFed for auto loan applicants.
Pros:
Fast offers
100% online application process
Loan amount up to $150,000
Excellent APR range (1.79% to 17.99%)
More than 2 million members
Only need a $5 deposit to open a PenFed account
Cons:
Must be a PenFed member
Minimum credit score not disclosed
Best for borrowers with good or excellent credit
The Impact of Covid-19:
PenFed has a dedicated Financial Hardship Center that assists NY borrowers who have experienced hardship, including a regular income for more than six months. To complete a financial hardship application, visit PenFed – Financial Hardship Center.
Digital Federal Credit Union
Loan Amount:
$2,500 – $500,000
APR:
3.74% – 13.24%
Min. Credit Score:
Undisclosed
Approval:
Up to 7 Days
Terms:
12 – 60 months
Fees:
Origination fees apply.
Late payment fees apply.
No early termination penalties.
0.25 percentage point discount for autopay customers.
Qualification Criteria:
You must become a Digital Federal Credit Union member.
Fill out your information through Digital Federal Credit Union’s online portal.
Average Borrower Profile:
Digital Federal Credit Union doesn’t disclose average personal loan statistics.
Digital Federal Credit Union is a solid choice for good credit New Yorkers who would like to borrow more money owed on a current loan (cash back auto refinance loan) with no minimum income requirements.
We like Digital Federal Credit Union for its wide loan amount range ($2,500 to $500,000). APRs are also generous at 3.74% to 13.24%. Its 13.2% APR is one of the lowest max APRs we’ve reviewed. Kudos for a 0.25 percentage point discount for direct deposit in auto-pay customers.
Eligibility requirements for Digital Federal Credit Union are one of the loosest we’ve ever seen with a credit union. It requires no minimum credit score and a higher-than-average maximum debt-to-income ratio of 60%.
Pros:
No origination or prepayment penalties
Loan amounts from $2,500 to $500,000
Same-day approvals and funding upon loan close
A maximum debt-to-income ratio of 60%
No minimum income requirement
Only requires a minimum $5 balance
Cons:
Must be a DCU member
Minimum required credit score not disclosed
The Impact of Covid-19:
Digital Federal Credit Union has several Financial relief programs available for NY borrowers experiencing financial hardship. They also offer several educational resources through the BALANCE Financial Fitness Program, which is free to DCU members. For more information on DCU’s financial relief programs, visit DCU – Financial Relief Programs.
Bank of America
Loan Amount:
$7,500 – $100,000
APR:
5.19% – 6.19%
Min. Credit Score:
Not disclosed
Approval:
1 – 7 days
Terms:
60 months
Fees:
Late payment fee against the daily interest charge after the grace period is over.
Doesn’t charge insufficient funds fees
There are no loan origination fees.
There are no prepayment fees
Qualification Criteria:
Be 18 years old and above.
Be able to contract legally in auto financing in NY.
A U.S. citizen or a resident alien.
Average Borrower Profile:
Bank of America doesn’t disclose information about the average borrower profile.
Bank of America is an excellent choice for existing Bank of America customers looking to take advantage of its preferred Rewards program for percentage point reductions, with or without a cosigner.
Rounding out Bank of America’s terms is a minimum loan amount of $7,500 with repayment terms up to 60 months. Plus, its maximum vehicle age and vehicle mileage qualifications are fair (10 years and 125,000 miles, respectively)
Another benefit of Bank of America is that it allows co-borrowers, which allows NY borrowers with social credit scores to take advantage of lower interest rates. However, they do not allow co-signers.
To qualify, you must be an existing Bank of America customer with a minimum deposit balance of $20,000 to take advantage of auto loan rate discounts. In addition, there is no disclosed annual gross income, debt-to-income ratio, or credit score requirement.
Pros:
Repayment terms up to 60 months
No prepayment penalties
Co-borrowers allowed
Eligible for percentage point reductions up to 0.50 (for existing Preferred Rewards customers)
Generous ten-year/125,000-mile vehicle age and mileage requirement
Cons:
Maximum loan amount not disclosed
Required deposits of $20,000+ to qualify for percentage point reductions
The Impact of Covid-19:
Fortunately, Bank of America allows for several financial hardship options. Call them at 1 800-215-6195 Monday through Friday from 8 a.m. to 8 p.m. ET.
Best Car Loan Rates for Good Credit in New York of May 2024
The best car loan APRs run as low as 1.79% on loan amounts up to $150,000 (PenFed)
Here are our picks for the best car loan rates for good credit of May 2024:
PenFed Credit Union
Chase
Bank of America
Capital One
Consumers Credit Union
Digital Federal Credit Union
To see a complete list of our recommended car loan rates for good credit, please visit our Marketplace.
Best Car Loan Rates for Bad Credit in New York of May 2024
The best refinancing car loans for good credit in NY typically require minimum credit scores of 620 to enjoy APRs as low as 1.49% on loans up to $100,000 (SuperMoney and Lending Tree).
Here are our picks for the best car loans for refinancing for good credit in New York of May 2024:
SuperMoney
Lending Tree
Capital One
Carvana
To see a complete list of our recommended car loan rates for bad credit, please visit our Marketplace.
Best Car Loans for Refinance for Good Credit in New York of May 2024
Unfortunately, bad credit borrowers in NY will reach nowhere near the APRs good credit borrowers get (as low as 1.99%). We highly recommend boosting your credit score past 620, taking out a secured loan or enlisting the help of a co-signer or a co-borrowers to take advantage of better rates.
Here are our picks for the best car loan rates for bad credit in New York of May 2024:
SuperMoney
Lending Tree
PenFed Credit Union
Chase
Bank of America
Consumers Credit Union
To see a complete list of our recommended car loans for refinancing for good credit, please visit our Marketplace.
Best Car Loans for Refinance for Bad Credit in New York of May 2024
The best refinancing car loans for bad credit in NY are good for loans up to $100,000 with low APRs (think 1.49%)
Here are our picks for the best car loans for refinancing for bad credit in New York of May 2024:
Lending Tree
Capital One
SuperMoney
To see a complete list of our recommended car loans for refinancing for bad credit, please visit our Marketplace.
Best Auto Loans for First-Time Buyers in New York of May 2024
Although first-time buyers may have some difficulty finding a low APR and favorable fee loan, there are some options available. However, you should expect higher interest rates in the 21% to 27% range (Carvana and My Auto Loan) on loan amounts up to $100,000.
Here are our picks for the best auto loans for first-time buyers in New York of May 2024:
Carvana
Digital Federal Credit Union
Carmax
Vroom
My Auto Loan
To see a complete list of our recommended auto loans for first-time buyers, please visit our Marketplace.
Best Banks for Auto Loans in New York of May 2024
The best banks for auto loans New York offer excellent APRs and terms for NY borrowers with 620+ credit scores (even higher for 710+). For example, Wells Fargo is good for 3.88% to 19.51% APRs for up to 72 months, whereas Bank of America can offer 2.39% APRs on loans up to 60 months.
Here are our picks for the best banks for auto loans New York of May 2024:
Chase
Bank of America
Wells Fargo
To see a complete list of our recommended banks for auto loans in NY, please visit our Marketplace.
Best Credit Unions for Auto Loans in New York of May 2024
Here are our picks for the best credit unions for auto loans New York of May 2024:
Consumers Credit Union
Digital Federal Credit Union
Pentagon Federal Credit Union
First New York Federal Credit Union
To see a complete list of our recommended credit unions for auto loans, please visit our Marketplace.
Best Used Car Loans in New York of May 2024
The best used car loans in NY offer excellent rates (think 5.44% to 21.24% from lending companies like Consumers Credit Union on loans starting at $7,500. Not bad for only needing a minimum 600 credit score. Others like Carvana offer those with credit scores as low as 450 elevated rates (27.90%). Not the best rates, but a quick refinancing with another car loan company after a few months of consecutive on-time payments could put you back on the right track.
Here are our picks for the best used car loans in New York of May 2024:
MyAutoLoan
Digital Federal Credit Union
Pentagon Federal Credit Union
Consumers Credit Union
Bank of America
To see a complete list of our recommended used car loans, please visit our Marketplace.
All About Car Loans in New York
Here are the pros and cons of taking out auto loans New York.
Pros
Generous Loan Amounts. Fortunately, all of our recommended auto loan and refinance lenders offer enough money to cover the average cost of a new vehicle (~$41,000).
Excellent APRs. New Yorkers with subprime or prime credit scores in the 661 to 850 range can expect to pay average new vehicle APRs as low as 2.96% and an average used vehicle APRs as low as 3.68%.
Lengthy Repayment Terms. The best New York auto lenders generally offer long-term from two to seven years, creating monthly budgeting flexibility.
Cons
High Depreciation Rates. New vehicles are some of the highest depreciating assets around. For example, a new Mercedes Benz E-Class with a starting MSRP of $54,950 has an average one-year depreciation rate of 15% and an average 5-year depreciation rate of 69%.
A 69% depreciation rate means that your E-Class will only be valued at $17,034.50 after five years, meaning your loan payments will exceed the value of your vehicle.
Mileage Limits. For New Yorkers to take out an auto loan, lenders may require mileage limits of no more than 30,000 miles. One strategy is to negotiate your mileage limit directly with your lender to avoid penalties.
Increasing Liability. Most lenders require full coverage, including comprehensive and collision coverage over a state minimum insurance policy, to preserve your vehicle’s residual value. However, full coverage insurance policies generally cause hundreds of dollars more a year than state minimum liability with first-party benefits, so you have to be mindful of this additional cost.
First-Time Car Buyers. First-time car buyers can expect auto loans New York in the 27% APR range. According to Experian Information Solutions, subprime NY auto loan borrowers with 501 to 600 credit scores pay an average of 9.75% APR on a new vehicle and an average of 16.85% APR on a used car.
With good credit NY borrowers enjoying average APRs of 4.03% on new vehicles and 5.53% on used vehicles, first-time car buyers get the short end of the stick.
Interest Adds Up With Longer Term Loans. Although longer loan terms equal lower monthly payments, expect to pay more in interest over your entire repayment term, putting you at increased risk of depreciation and paying more in loan payments than your vehicle is worth.
What Are New York’s Auto Loan Laws?
To protect the rights of car buyers in NY, the state has pretty strict regulations when it comes to auto loans New York terms and interest rates. In NY, lenders who charge interest rates above 16% are in violation of usury laws, which require them to forgo the right to collect any payment and relinquish vehicles to the borrower. In addition, predatory loans like payday and auto title loans are illegal in the state. Although these types of loans do not extend loan amounts anywhere that of a standard car loan, it’s a testament to the state’s enforcement of consumer protections.
If you suspect of being the victim of an illegal loan, there are many avenues you can take. You can file complaints with the NYC Department of Consumer Affairs, the NYS Department of Financial Services, and the NYS Attorney’s General’s Office. You may also call 311.
How Do I Find The Best Car Loan in New York?
Here are our top recommendations for bad credit and good credit borrowers to choose the best auto loan in NY.
Determine Your Credit Score. The first step in finding the best auto loans in New York is to learn your credit score.Annualcreditreport.com is a great place to start.
Understand What Rates You Qualify For. According to Experian State of the Automotive Finance Market Q2 2022, here is a breakdown of average interest rates for new car loans and used car loans by credit score:
Shop Around. Once you understand the auto loans New York rates you qualify for, shop around. Compare offers from Banks, credit unions, and online lenders while assessing APRs, repayment terms, fees, and miscellaneous Parts such as credit counseling and debt protection programs.
We highly recommend using an auto loan calculator, where you can calculate your car loans NY payments based on total price, repayment term, sales tax rate, down payment, and other variables that will provide you with an estimated monthly payment.
How Do I Qualify For The Best Car Loan in New York?
Here are the steps you can take to qualify for the best car loan in New York, regardless of whether you are a first-time or recurring auto buyer.
Project Future Debt-to-Income Ratios. Before checking credit scores in shopping around, determine your affordability. Calculate monthly auto loan payments, add additional expenses (e.g., mortgage and student loans), and calculate your future debt-to-income ratio. Aim for a DTI in the 40% range, even if some lenders (like our recommended Digital Federal Credit Union) allow DTIs up to 60%)
Check Your Credit Scores. Once you have calculated your future debt-to-income ratio on car loans New York, it’s time to optimize your credit score. The first step is to check your credit score from the three major reporting credit bureaus – TransUnion, Equifax, and Experian. Be sure to check each credit report for errors. A single mistake can drop your score by as much as 50 points.
If there is an opportunity for you to boost your credit score before applying for a car loan in NY, do so. Pay off your balances, bringing late payments current, lowering your credit utilization ratio, and limiting any hard inquiries to prepare.
Shop Around. Shopping around for car loans New York means evaluating a minimum of 3 lenders. Diversify your lender mix by looking into banks, credit unions, and online lenders.
How do I Refinance An Auto Loan In New York?
Refinancing an auto loan allows NY borrowers with good credit and bad credit to take advantage of lower interest rates and more favorable repayment terms.
Here are the steps you can take to refinance an auto loan in New York.
Assess Your Situation. Review your existing fee and penalty situation on a car loan in NY. Does your current loan have prepayment fees? What about title transfer fees? Another important consideration is the value of your vehicle. Expect difficulties with new loan approvals if your loan amount is higher than your vehicle’s market value.
Gather Documentation. Once you have entered your existing financial situation, collect all necessary documentation, including a Social Security card, proof of income, insurance, vehicle information, name of your lender, and current auto loan balance.
Pre-Qualification. Before submitting a formal application, shop around and pre-qualify with at least three auto refinance lenders. Diversify your credit mix from our recommended NY banks, credit unions, and online lenders with APRs as low as 2.96% for new vehicles and 3.68% for used cars. All APRs for auto refinance loans are subject to change based on your income, credit score, and debt-to-income ratio.
Application. After shopping, it’s time to complete loan applications. After completing loan applications and being approved, your new lender will pay off your old lender. Be sure that your old auto refinances lender is paid off before making the first payment on your new auto refinance loan.
How Do We Pick these Lenders?
Our recommendations for the best car loans New York are made after several hours of meticulous research, comparing more than 50 Banks, credit unions, and online lenders. Our criteria factor in APRs, approval times, repayment terms, fees, and various perks such as credit counseling and hardship protection.
The team at ElitePersonalFinance is happy to provide unbiased reviews on the top lenders in New York. We’d love to hear from you if you have any feedback or suggestions. Send us an email at info@elitepersonalfinance.com, and we will respond within the next several business days.
Frequently Asked Questions
Can I get an auto loan with a low credit score?
Fortunately, New Yorkers with low credit scores can apply for auto loans New York. However, you should expect to pay higher interest rates and fees. For perspective, subprime NY borrowers with a credit score between 500 and 12 600 can expect to pay an average APR of 9.75 on new vehicles and 16.85 on used cars (Experian Information Solutions.)
Two highly recommended bad credit Auto Lenders are Consumers Credit Union and Carvana, which require a minimum credit score of 620 and 450, respectively. Both offer loan amounts up to $100,000.
Remember, NY bad credit borrowers can also apply for a bad credit auto loan with a co-signer to take advantage of lower interest rates. Consider refinancing if you anticipate higher credit scores or an improved financial situation. Just be sure to have at least six months of on-time payments.
Is 2024 a good year to buy a car in NY?
Regrettably, rising inflation and persistent supply chain problems caused by the pandemic has continued to take its toll on the average cost of new vehicles throughout the country and in NY. According to Kelley Blue Book, the average price for a new vehicle was $43,072 and more than $66,000 for electric vehicles.
What bank is best for car loans in New York?
In our opinion, the best banks for car loans in NY are Chase, Bank of America and Wells Fargo. ALl three offer excellent APRs and favorable repayment terms for first-time or recurring car buyers with good to excellent credit scores.
What’s the minimum credit score for a car loan in NY?
For the best rates, we recommend a 620+ credit score. Those with 660 credit scores can enjoy 5.44% APRs from Consumers Credit Union. Even PenFed is good for 2.14% – 17.99% APRs with a 610 credit score.
Conclusion
All in all, our top recommended car loans in New York cover all auto loan types specific to new and pre-owned vehicles, as well as refinancing, cash-out refinancing, lease buyout, first-time, and bad credit borrowing. Thanks for trusting in ElitePersonalFinance and our team of experts to help you make the right choice for a New York-based auto lender.
Ray Prince is a finance writer for Elite Personal Finance. He specializes in writing long-form content and product descriptions for websites across multiple industries, including automotive and consumer technology. His work appears on sites such as Freeway Insurance, Auto Guide, Turn5, and Compare.com, with past and current roles as a digital operations manager at Pandora Media and iHeartMedia.
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