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Find the Best Auto Loan Companies in Buffalo, NY

Vehicle loans are available in Buffalo from banks, credit unions and auto finance specialists, along with dealerships. With so many options available, you should take the time to look for the lowest interest rates and fees and a term length that fits your financial situation. The Buffalo News has partnered with ConsumerAffairs to create this guide by comparing loan offers and local popularity of 50 businesses and choosing eight favorites from the top car financing companies in Buffalo.

Companies pay ConsumerAffairs to be accredited, and The Buffalo News and/or ConsumerAffairs may receive compensation when you click a link, call a number or fill out a form on this site.

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Compare Buffalo Car Financing Companies

Comparing auto loans in Buffalo

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Before accepting a loan offer, shop around for multiple quotes from various lenders, including banks, credit unions, dealers and auto finance specialists. Understand the different types of car loans so you know what to expect. Secured simple interest loans are the most common auto loans, typically offered by dealers, credit unions and banks. Other types include unsecured, car refinance and lease buyout. For each type of loan you consider, look for the lowest interest rate available. Choose a term length with payments that fit your budget. Make sure you know all the associated fees, which are included in the annual percentage rate (APR) of the loan.

  • Interest rate: Interest rate is the amount the lender charges you to borrow money. Lenders determine your car loan interest rate based on your credit score and other factors. Interest rates on car loans at the time of publishing range from anywhere from 1% to 18% or more, depending on many variables.
  • Term length: Term length refers to the amount of time you have to pay off the loan. Typical term lengths for secured simple interest loans and car refinancing are 24 to 84 months. Unsecured loans generally have shorter term lengths — 12 to 36 months — with higher interest rates. A longer term length lowers monthly payments, but you pay more over time; a shorter term length allows you to pay off the loan more quickly and save money on interest.
  • Down payment: Your car loan down payment is the amount you pay upfront, either to the dealer or directly to the lender. A large down payment will mean a smaller loan. Simple interest loans from banks and credit unions typically offer 100% financing for qualified customers, so a down payment might not be required. For borrowers with lower credit scores, the down payment required will depend on the loan amount and vehicle price.
  • Taxes and fees: Auto loan taxes and fees are added to the amount you pay. Taxes include sales tax on the vehicle. Typical fees include document fee, financing or funding fee, and title and registration fee. Banks and credit unions usually roll the fees into the loan, while other lenders might require you to pay taxes and fees upfront.

Using the information you find about loan interest rate and term length, decide what down payment you can afford and plug the numbers into a loan calculator to find your monthly payment. You can play around with different scenarios to see how interest rate and term length affect the total cost of the loan.

For example, consider a 2018 Honda Accord that sells for $22,895. If you make a down payment of $5,000, with a 60-month term length at 4% your monthly payment will be $330 and the total cost of the loan will be $19,800. With the same down payment and term length at 7%, your monthly payment will be $355 and total cost will be $21,300.

Interest rate, term length and down payment make a big difference in the overall cost you pay for a loan. Shop around for multiple offers and run the numbers for each to find the best rates and lowest-cost loan for your situation.

How to get a car loan in Buffalo

Many lenders accept car loan applications online, or you can apply in person at banks and dealerships. For most auto loan applications, you will need your Social Security number, proof of income, proof of residence and current driver’s license. If you plan to drive away in your new car you will need proof of insurance before leaving the dealer.

The lender will check your credit to determine if you qualify, but it’s recommended you review a copy of your credit report so you know it's accurate. Lenders will primarily consider credit score and income when deciding to offer you an auto loan. For customers concerned about low credit scores, auto finance specialists can help you find vehicle loans designed for your financial circumstances.

After you qualify for and accept a vehicle loan, you might be required to pay taxes and fees upfront. Some lenders allow you to roll these costs into the loan. Most car loans do not require additional collateral because the vehicle itself secures the loan. But if you are taking out a secured loan from a lender that is not a dealer or bank, you might be required to put up other property as collateral. Home equity, a savings account or another vehicle you own can be used to secure an auto loan.

Buffalo car loan FAQ

Can I finance a used car?

Financing is available for used cars. Some lenders have a limit on the age of the vehicle eligible for a car loan.

What happens when you pay off a car loan early?

When you pay off a car loan early, some lenders have no prepayment penalty. That means you can pay off the principal balance with no additional money due and save money on the interest you would have paid. Other lenders charge a penalty for paying the loan off early.

What is the average monthly car payment in Buffalo?

According to AutoWise, New York residents pay an average of $338 monthly for used cars and $540 per month on new car auto loans.

Can I apply for a car loan before going to the dealer?

Yes, you can apply for a car loan before visiting the dealer. Banks, credit unions and some auto financing specialists will give you a loan offer that you can take to the dealer.

How long should you finance a car?

While auto loan term lengths range up to 84 months in some cases, you should not finance a car for such a long time that what you owe on your loan is significantly more than the car is worth.

Buffalo car loan company information

Accredited Partner

Auto Approve

Auto Approve specializes in car refinancing loans, partnering with banks, credit unions and finance specialists to find you the best rate. A customer service representative will walk you through the options and help you complete all the paperwork for your refinancing. Customers get a free quote online. There is no application fee and no out-of-pocket cost to refinance. Auto Approve’s terms range from 12 to 84 months.

Auto Approve Learn More (866) 563-8595

Auto Credit Express

Auto Credit Express works with any credit situation. The company specializes in connecting customers with lenders and dealers that accept low credit scores. Auto loans range from $5,000 to $45,000, with affordable down payments and monthly payments for any budget. The company requires no consumer fees. It offers no-money-down, $500-down, military financing and guaranteed auto financing loans. Auto Credit Express offers loans with terms up to 72 months.

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GoodNeighbors Credit Union

GoodNeighbors Credit Union offers new and used vehicle loans with term lengths from 36 to 84 months. Rates start at 3% APR. Car refinancing and boat and RV loans are also available. Apply online or in person at a branch in Buffalo. GoodNeighbors Credit Union has two locations, including one in Depew and one at 251 Grant St., Buffalo, NY 14213.

GoodNeighbors Credit Union

Riverside Federal Credit Union

Riverside Federal Credit Union provides new and used vehicle loans, along with boat, RV and motorcycle financing. The company also offers car refinancing. Rates start at 2.99%, with terms from 36 to 84 months. The credit union does not charge prepayment penalties if you want to pay off your loan early. Customers can apply online or visit a Riverside Federal Credit Union branch in Getzville or at 2853 Delaware Ave., Kenmore, NY 14217.

Riverside Federal Credit Union

BankonBuffalo

BankonBuffalo offers auto loans on new and used vehicles. Customers who have the monthly loan payments automatically deducted from a BankonBuffalo checking account get a reduced interest rate. Apply in person at one of BankonBuffalo’s 10 locations, including one at 535 Washington St., Ste. 101, Buffalo, NY 14203.

BankonBuffalo

Buffalo Metropolitan Federal Credit Union

Buffalo Metropolitan Federal Credit Union offers auto financing on new and used vehicles. You must open an account to access loan services. Credit union members can get preapproved online before shopping at a dealer. Car loan rates start at 1.99% for new or refinanced vehicles and 3.74% for used vehicles. The company also offers financing for boats, motorcycles, snowmobiles and water scooters. Buffalo Metropolitan Federal Credit Union operates at 62 S. Elmwood Ave., Buffalo, NY 14202.

Buffalo Metropolitan Federal Credit Union

The Summit Federal Credit Union

The Summit Federal Credit Union partners with area car dealers to offer auto loans. You can also apply directly at the credit union online or at a branch. Terms range from 36 to 84 months, with rates starting at 3%. Existing customers can save on interest when opting for automatic payments from a checking account. Visit The Summit Federal Credit Union for more information at 2290 Delaware Ave., Buffalo, NY 14216.

The Summit Federal Credit Union

EmpireONE Federal Credit Union

EmpireONE Federal Credit Union provides car loan options for new and used vehicles, along with auto refinancing. Qualified customers can finance up to 100% of the purchase price on new cars. Terms range from 60 to 84 months. Rates start at 2.25% on new car loans and 3.25% on used cars. The company provides boat, ATV, water scooter and snowmobile loans. Use the online loan calculator on the company’s website to figure out your monthly payment. Customers can apply online or at EmpireONE Federal Credit Union’s branch at 3020 Orchard Park Road, West Seneca, NY 14224.

EmpireONE Federal Credit Union