Auto financing in Kentucky is available from banks, credit unions, online financial institutions and auto dealerships. Each option comes with pros and cons, so the decision on where to obtain your loan should be based on your company's financial situation and auto buying needs. Banks and credit unions have loan plans with low rates, but they are not negotiable.

Financial institutions often have higher rates, but they are usually able to work with businesses that have newly established credit and a small annual profit. Car dealerships frequently work with companies that have minimal lines of credit and offer the benefit of conducting the entire automobile purchasing process in one location. They often have higher rates than other sources of auto financing in KY.

Your businesses' credit rating, profit margin and available down payment are all factors when deciding where to obtain automotive financing in Kentucky. There are a few things should do before you apply for a loan:

1. Determine how much you can pay per month for your car loan in Kentucky.

2. Decide if your Kentucky automotive financing will be used on a new or previously owned vehicle.

3. Choose the features you must have in an automobile.

Action Steps
The best contacts and resources to help you get it done

Obtain car financing in Kentucky from banks or credit unions

Business owners with a good credit history may benefit from getting their car loans in Kentucky from a bank or credit union. Borrowers can receive a lower rate if they are able to prove they can pay a specific amount each month. By acquiring Kentucky auto financing from a credit union or bank, there will be no need to work with the financial consultants at the auto dealership.

I recommend: Work with the professionals at The Bank of Kentucky or Farmers National Bank. Obtain a loan for a single vehicle or a fleet of cars from the Greater Kentucky Credit Union.

Receive Kentucky car loans from automobile dealerships

Businesses that obtain their KY auto financing from the car dealership are able to handle the entire vehicle purchasing process in a single trip. Most dealerships can work with a company that has a bad credit history or one that has never made a major purchase. In exchange for this advantage, car buyers generally end up with a high interest rate that causes them to pay more over time.

I recommend: Work with auto dealers like Valentine Honda, Jack Kain Ford or Bob Hook Chevrolet.

Utilize online financial institutions for car loans in KY

Online finance companies regularly have higher rates than banks or auto dealerships, but they are more willing to deal with newer businesses that have not established much credit or developed a large profit margin. This permits first-time buyers to receive financing even if they have been turned down elsewhere. Online lenders also offer the benefit of allowing customers to go through the entire credit process from their work place.

I recommend: Deal with online financial institutions like Auto Credit Express or FMFCU. Midway Fleet Leasing offers fleet leasing services for businesses.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Find out how much the vehicle you want is worth, and negotiate with the sales person for the best possible deal.
• •  Be certain the Kentucky auto financing policy you are looking into has an affordable monthly rate.
• •  Have the details for any Kentucky car loan put in writing before signing any documents.
• •  Make the largest down payment you can to lower your monthly payments.
• •  Pay more than the minimum amount on your Kentucky vehicle financing invoice to reduce your overall interest charges.