Rhode Island automotive financing is available from banks, credit unions, online financial institutions and auto dealerships. Each option has a positive and negative side, so the final decision must be based on your financial status and vehicle purchasing requirements. Banks and credit unions generally have low rate plans available, but they are not negotiable and must be accepted as is.

Financial institutions commonly have higher rates, but are more willing to deal with clients that do not have much credit. Car dealerships frequently work with new businesses that have not established strong credit lines and they offer the advantage of finalizing the entire auto purchasing process in one location. They do, however, tend have higher rates than other sources of automotive financing in Rhode Island.

Your company's credit status, profit margin and down payment are factors when deciding the best venue to seek out vehicle financing in Rhode Island. There are a few things you should do before requesting a loan:

1. Determine how much you can pay per month for a car loan in Rhode Island.

2. Decide if your Rhode Island auto financing will go toward new or used automobiles.

3. Pick the features your vehicle must have.

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

Obtain car loans in Rhode Island from banks or credit unions

Businesses with good credit may benefit from turning to a bank or credit union when in need of auto financing in RI. Borrowers will receive a lower rate if they can prove they are able to pay a set amount each month, but this payment is usually at a non-negotiable rate. By acquiring automotive financing through a bank, you will reduce the length of time spent at a car dealership when making the final purchase. When you already have the money to pay for a company automobile you will not have to go through their credit department to complete a sales transaction.

I recommend: Get financing from Domestic Bank or Sovereign Bank. Find the funds you need for a single vehicle or a fleet of cars from the Pawtucket Credit Union.

Request car financing in Rhode Island from an auto dealership

Receiving Rhode Island auto financing from the same location where you purchase the automobile is a convenience, because it allows you to complete the entire process at one time. Auto dealerships are often more willing than banks to work with business owners who have lower credit scores as well as with companies that are making their first major purchase. In exchange for the convenience, you may be faced with higher interest rates and end up paying more in the long run.

I recommend: Work with auto dealers such as Scott Volkswagen or Bristol Toyota Scion.

Browse online financial institutions for Rhode Island car loans

Online finance companies usually have higher rates than banks or auto dealers, but they are more likely to deal with businesses that have bad credit or none at all. This gives business owners with poor credit ratings a chance to obtain a loan and purchase a company vehicle. Online lenders also provide the advantage of working out the financing details without leaving your office.

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

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Investigate how much the car you want is actually worth and negotiate with the dealership to get the best price for your company.
• •  Be sure the Rhode Island auto financing you choose has an affordable monthly payment.
• •  Get all the details of the RI auto financing plan you choose in writing before signing any documents.
• •  Put down as much money as possible to reduce your monthly payments.
• •  Pay more than the minimum monthly fee to lessen your interest charges.