Vehicle financing in New York is available from banks, credit unions, online financial institutions and auto dealerships. Each possibility has good and bad features so the decision on where to acquire your loan should be based on your company's financial status and car buying needs. Banks and credit unions provide business loans with low rates, but they are non-negotiable.

Financial institutions have higher rates, but are able to work with companies that have minimal credit lines and small annual profits. Car dealerships commonly work with companies that have bad or no credit. They frequently have higher rates than other sources of car financing in New York, but they offer the benefit of conducting the entire vehicle purchasing process in one location.

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

1. Determine how much you can pay each month for a car loan in New York.

2. Decide if your New York auto financing will be used on a new or previously owned vehicle.

3. Choose the essential features for the automobile.

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

Request car loans in NY from banks or credit unions

Businesses with a good credit rating can benefit from acquiring their NY auto financing from a bank or credit union. Borrowers will receive a lower rate if they are able to show they can afford a set payment each month, but the amount is usually not negotiable. By acquiring car loans in New York from a credit union or bank, you will reduce the amount of time you must spend at a car lot when purchasing a company automobile. You will already have funding for the vehicles you require, so there is no need to negotiate with the financial department at the dealership.

I recommend: Get financing from the Municipal Credit Union or Canandaigua National Bank & Trust. Find the funds you need for a single vehicle or a fleet of cars from New York Community Bank.

Receive New York car loans from automobile dealerships

Businesses that obtain their auto financing in NY at a car dealership are able to complete the entire vehicle purchasing process in one place. Most auto dealers will work with a company that has a bad credit history or is just starting up. In return, car buyers are likely to end up with a high interest rate that causes them to pay more over time.

I recommend: Plaza Toyota, Rallye Chrysler Dodge Jeep and Plaza Scion all provide New York auto financing.

Deal with an online financial institution to get a New York car loan

Online finance companies often have higher rates than banks or car dealerships, but they are able to work with newer businesses that have no established credit and a small profit margin. This allows first-time buyers to receive financing even if they have been turned down elsewhere. Online lenders also offer the advantage of enabling clients to complete the entire credit process from their offices.

I recommend: Deal with online financial institutions like BCU or Signal Financial. BBL Fleet offers fleet leasing services for businesses.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Investigate the value of the automobile you are interested in and negotiate with the sales person for the best price.
• •  Be certain the New York automotive financing you are looking into has a monthly rate you can afford.
• •  Get the details on any New York car financing plan in writing before you sign any documents.
• •  Make the largest down payment possible to lower your monthly payment.
• •  Pay more than the minimum amount monthly to reduce your overall interest charges.