Getting a Car Loan in New York


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Getting a car loan in New York can be tricky if you do not follow the steps in the right order. One thing that you need to be aware of especially is the fact that before you can get a car loan in New York, you will need to show proof of auto insurance. It may seem like putting the cart before the horse, but in New York, you pretty much need the car insured before you can actually buy it. This is because if you purchase a car with a loan, New York law requires the dealer to handle the titling and registration for you. And before you can register your car in New York, you have to have proof of insurance.

Be aware that when the dealer handles all of the necessary steps to getting your registration and titling, many of them will charge you the additional fees above and beyond the amount of your loan. Some will roll these charges into your car loan, and others will allow you to arrange to pay the expenses out of pocket.

Here are some other steps to follow when getting a car loan in New York:

1. Shop around for the best interest rates on your car loan. Dealers usually do not have the best interest rates. You can usually get a better rate from a bank or credit union.

2. If you are responding to a special financing offer in an ad, bring the ad in with you to show the dealer. If you have poor credit, you are not likely to get the advertised rate, but you might be able to negotiate a lower rate than the dealer is initially willing to give you.

3. Don’t pay more for a factory-ordered car than for one already sitting on the premises.

4. If you get a car loan to buy a vehicle from a private seller, be aware of the needed documents you will have to submit to have the car property registered:

  • Proof of insurance (New York State Insurance ID Card)
  • Proof that you own the car
  • Documentation of your identity, and separate documentation of your birthdate
  • Damage and odometer disclosure statements
  • A special form: Form MV-82
  • Enough money to cover all of the fees that will be assessed (title certificate fee, property tax, registration fee, plates, automobile use tax, any transfer fees that may be necessary, sales tax)
  • Proof of sales tax paid, sales tax exemption (if already paid) or the purchase price (so that the DMV can assess how much sales tax you owe.

    Visit New York Lending Center for a list of Recommended New York Auto Loan Companies , whether you are looking for a new or used car loan, or an auto loan refinance.

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