1. Home
  2. Car Loans

Best Car Loans in Buffalo, NY

Nov. 19, 2019, 10:57 p.m.

Having a car in Buffalo is a necessity unless you live and work near an NFTA stop. Even then, the limited schedule and lengthy waits aren’t practical if you want to have a late dinner in the Chippewa Entertainment District. Our partners at ConsumerAffairs researched the best car loan companies in Buffalo to help you get on the road quickly.

Everyone deserves to make thoughtful, informed purchase decisions. The local guides provided on this website are free for consumers. WKBW may receive compensation from our partners. Learn more.

Powered by
×
#1
RECOMMENDED
LightStream

Loans for practically anything!

#1 MOST POPULAR
LightStream
LightStream
Features
  • Deposits funds directly to your account
  • Same-day funding available
  • Visit website for service
  • Available in Buffalo
Read More
Location
Services available in
Buffalo, NY
#2
Auto Approve
Auto Approve
Features
  • Online loan calculator
  • Application approval in minutes
  • Individual loan consultants
  • Available in Buffalo
Read More
Location
Services available in
Buffalo, NY
(844) 946-7334
#3
LendingTree
LendingTree
Features
  • Compare rates from multiple lenders
  • Read lender reviews from other consumers
  • Available in Buffalo
  • Use the online auto loan calculator
Read More
Location
Services available in
Buffalo, NY
(800) 555-8733
#4
myAutoloan.com
myAutoloan.com
Features
  • Interest rate calculator available online
  • Online payment calculator
  • Available in Buffalo
  • Lenders that fit your needs
Read More
Location
Services available in
Buffalo, NY
(214) 540-3350
#5
Capital One
Capital One
Features
  • Auto loan calculators available
  • Available in Buffalo
  • Over 12,000 eligible dealers
  • Check the status of your loan online
Read More
Location
Services available in
Buffalo, NY
(877) 383-4802
State Employees Federal Credit Union
State Employees Federal Credit Union
Features
  • M-W: 8am - 4:30pm
  • Th-F: 8am - 5pm
  • Closed Sat and Sun
  • sefcu.com/new-car-loan
Location
598 Main St.
Buffalo, NY 14202
(800) 727-3328
M&T Bank Corporation
M&T Bank Corporation
Features
  • M-Th: 9am - 4pm
  • F: 9am - 5pm
  • Closed Sat and Sun
  • mtb.com/mortgages-loans/auto-loans
Location
1 Fountain Pl.
Buffalo, NY 14203
(716) 848-3303
Bank of America
Bank of America
Features
  • M-Th: 9am - 4pm
  • F: 9am - 5pm
  • Closed Sun
  • bankofamerica.com
Location
1989 South Park Ave.
Buffalo, NY 14220
(716) 822-0755
New York Auto Finance
New York Auto Finance
Features
  • Hours unavailable
  • nyautofinance.com
Location
300 International Dr., Ste. 100
Buffalo, NY 14221
(716) 261-2748
Evans Bank
Evans Bank
Features
  • M-F: 9am - 5pm
  • Sat: 9am - 1pm
  • Closed Sun
  • evansbank.com
Location
925 Elmwood Ave.
Buffalo, NY 14222
(716) 882-7788
Morton Lane Federal Credit Union
Morton Lane Federal Credit Union
Features
  • M-W: 8am - 5pm
  • Th: 8am - 3:30pm
  • F: 8am - 5pm
  • Closed Sat and Sun
  • mortonlanedirect.com
Location
388 Englewood Ave.
Buffalo, NY 14223
(716) 837-2007
All Credit Car Loans
All Credit Car Loans
Features
  • Hours unavailable
  • allcreditcarloans.co/new-york/buffalo
Location
Online services only, Serves residents in
Buffalo, NY
(877) 427-7779

How to get an auto loan in Buffalo

skyline

While many Buffalo residents will start their search by looking at available cars, it’s often better to be secure a car loan before shopping. You can be pre-approved for a loan from banks, credit unions and online lenders. Getting a pre-approved loan has many benefits, including:

  • Sets a budget: Having your loan in place lets you know how much you can afford and helps you refine your search for a car. Setting a budget is also useful when negotiating the price of a vehicle and prevents you from being pressured into adding features that increase the cost.
  • Saves time at the dealership: Buying a car can be a long, complicated process. Having to negotiate financing at the same time extends the process.
  • Lets you shop at multiple dealers: Unlike a loan arranged through a dealership, pre-approved financing lets you search for cars at multiple dealers in Buffalo and gives you additional options to find the best price.

Comparing car loans in Buffalo

The easiest way to compare loans is to look at the overall cost over the life of the loan. This is determined by several factors, including:

  • Interest rate: Lenders generally use credit scores as the primary factor in deciding the interest of your car loan. People with excellent credit score usually receive an annual percentage rate between 3 to 5 percent, while a person with a bad credit history will likely receive loan offers with interest rates between 12 and 18 percent.
  • Term length: Most car loans are paid off over 36 to 72 months. While a term paid off over a longer period will result in lower monthly payments, it will cost more over the life of the loan. Longer-term loans may also come with higher interest rates.
  • Down payment: Those with poor credit may have to make a more substantial down payment. Paying more money upfront will lower the total amount you owe, resulting in lower monthly payments and letting you pay off your loan faster.
  • When looking at used cars in Buffalo, take a look at the price of similar vehicles. Googling the car’s year, make and model will reveal sources for comparison with dealerships. Once you’ve determined the price range of the desired vehicle, you’ll have a realistic picture of the loan amount you will need.

    If you are happy with your car but stuck in a loan with unsatisfying terms, many lenders will refinance your loan. Refinancing can reduce your interest rates, lower your monthly payments or change the length of time left on your loan.

    Getting a car loan with poor credit in Buffalo

    Having poor credit makes getting a car loan in Buffalo more difficult, and you’ll receive less than favorable loan conditions. One way to get a better loan with bad credit is to have a family member or friend co-sign the loan, which means they take responsibility if you default on your loan payments.

    It can be also be challenging to get a car loan if you are going through an active bankruptcy. Talk to your attorney and the judge presiding over your bankruptcy case before applying for any car loans.

    LightStream

    LightStream

    LightStream is an online lender that offers car loans and refinancing options. The company will match any qualified rate and can deposit the funds for your car into your bank account on the same day. Buffalo customers appreciate the straightforward application process and competitive rates.

    Auto Approve

    Auto Approve

    Auto Approve offers refinancing for existing loans. The company assigns you an individual loan consultant who will work with you to find the best options available, and your first payment isn’t due until 45 days after financing. Reviewers from Buffalo praised the company’s customer service and ability to research different rates and terms.

    LendingTree

    LendingTree

    LendingTree doesn’t directly provide loans but can select up to five lenders based on your criteria to compete for your loan. The company’s website lets you compare the loans side-by-side to make it easier to choose. Customers from Buffalo enjoyed personalized customer service and access to their credit score as part of the application process.

    Sponsored Ad

    myAutoloan.com

    myAutoloan.com

    myAutoloan.com is an auto loan broker that provides quotes from up to four lenders. The company offers loans to purchase cars or refinance your current vehicle, and its website has a payment calculator and rate estimator. Buffalo customers appreciated the simple and straightforward application.

    Capital One

    Capital One

    Capital One is a national bank that offers car loans. Users can pre-qualify online without affecting their credit score, and the site allows customers to browse available cars. Buffalo customers with low credit scores say they were able to get loans through Capital One after being turned down by other lenders.

    Our partners independently research and analyze the companies mentioned in our guides and work with subject matter experts to add valuable information that helps consumers make smart purchase decisions. Our partners will not include companies on these guides that do not meet specific quality standards. The compensation we receive from our partners may impact how and where companies appear on our site, including the order in which they appear.

    Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgement or subject matter expert’s judgement. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.