Premier local interest rate aggregating website GoBankingRates.com finds a local New York credit union offering competitive auto loan rates in its latest survey of national and local rates.

(Long Island, N.Y.) Buffalo Metropolitan Credit Union is offering its members auto loan rates as low as 2.00% APR, reports Go Banking Rates in a recent rates study. Buffalo Metropolitan Credit Union is offering its special rate for vehicles purchased at Enterprise Car Sales on 6755 Transit Road only.

The credit union offers 100% auto financing (including taxes, title and warranties) on all vehicles that are current model year or the three previous model years. The rate, which is based on the borrower’s credit history, is subject to change after review.

Individuals interested joining Buffalo Metropolitan Credit Union can do so if they live, work, worship, attend school or volunteer in Erie County in New York.

For more information about Buffalo Metropolitan Credit Union and other local financial institutions in the state, visit www.NewYorkBankingRates.com.

To learn more about this rate, please click here.

Other Terms and Conditions may apply. Interest rates are based on the institution’s online published rates and may have changed since this offer was posted. Additionally, Go Banking Rates manually collects interest rates from local institutions to determine the most competitive offers in the area – featured banks and credit unions do not pay to be featured in rate alerts. Please contact the financial institution for the most recent rate updates and to review the terms of the offer.

About Go Banking Rates
GoBankingRates.com is a national personal finance website dedicated to connecting readers with the best interest rates on bank products nationwide. The Go Banking Rates team manually collects interest rate information from over 4,000 banks and credit unions, making their database the only source of fully comprehensive and authentic local rate data.

GoBankingRates.com is the national flagship site within a network of more than 1,500 banking domains, including local partner site NewYorkBankingRates.com, which generate more than 2 million visits each month. New York Banking Rates is a locally-focused website dedicated to connecting New York readers with the best interest rates in the state on Certificates of Deposits, Savings Accounts, Auto Loans, Mortgages and more.

(Long Island, N.Y.) Janine Drywater purchased a used truck for her 18-year-old daughter at a small, privately-owned dealership in Tulsa, Oklahoma about a year ago. The $2,500 price seemed to be a great bargain. The truck appeared to be in reasonable condition. It had a reasonable number of miles and very little noticeable damage. Two weeks later, her daughter placed a frantic call to her mother from the side of the highway at 10 p.m.

“Mom! I heard a loud, scary noise, and then the engine literally blew apart!”

What had seemed to be a great bargain had actually been a flood-damaged vehicle from Hurricane Irene.

“I never thought that a hurricane vehicle would be this far away from where it happened. I should have done my homework,” cried Mrs. Drywater. “I’ll never make that mistake again.”

In the wake of Hurricane Sandy, hundreds of thousands of flood-damaged used vehicles will soon hit the used car market. These cars will be transported across the nation to anyone, and everyone, who will buy them. Unscrupulous used car dealerships will purchase these vehicles for pennies on the dollar, refurbish them, and then resell them to unwitting consumers.

“It’s buyer beware when it comes to the damaged used car market,” said Alec Gutierrez, director of operations in the automobile valuation department at Kelley Blue Book. “You never know what’s going to happen. It’s like a ticking bomb.”

Vehicles damaged by Hurricane Sandy are dangerous for a number of reasons. Water can damage the electrical and mechanical systems that control everything from turn signals to brakes and airbags. In some cases, the engine can literally blow up. Likewise, flood water contains harmful filth and chemicals which permeate the ventilation and seats, resulting in the buildup of bacteria and mold.

Vehicles damaged by Hurricane Sandy can receive clean titles in a number of ways. Most salvaged automobiles are restored and resold through nationwide auctions. Salvage dealerships are provided with a full disclosure of previous damage and a vehicle history report. But these dealers can buy a car then take it to a new state where this information is not maintained. They can obtain a clean title and resell it elsewhere. When the vehicle is resold, the new customer won’t have a clue about its history.

Dealers can also attempt to forge the real title or fake a real one, a process that is known as “title washing” in the shady underbelly of the used car industry. It is a little-known practice that leaves many drivers, like Mrs. Drywater, stranded and alone.

Honest used car dealerships will likely raise their prices as the demand for reliable cars escalates to unprecedented levels. The increase is expected to be temporary, primarily due to the overall shortage of used cars on the market today.

Used car buyers should thoroughly inspect a vehicle before making a purchase. Check the VIN number with CarFax and the National Registry. Look for evidence of discoloration in the fabric, carpet or upholstery, and see if any material has been replaced. Check for flaky, dry or brittle electrical wires, rust or soot in the engine bay or trunk, and an overly perfumed, mildewy, or musty smell overall.

“Good used cars will still be available after Hurricane Sandy,” says Gutierrez. “People just need to be wise about their purchases, and expect to pay a few hundred dollars more for the time being.”

(Long Island, N.Y.) While the U.S. economy continues to decline, the average American consumer continues to struggle to make ends meet. Countless hard-working Americans need reliable transportation to get to and from work each day. Sadly, most traditional car dealerships refuse to give them a chance to prove their credit worthiness. or they’re dealing with banks whom  don’t want to take chances. Luckily, the “Buy Here, Pay Here” used car industry has bridged the gap between people who can reasonably pay for a car and auto industry executives who could care less about their fellow man.

In recent years, numerous used car dealerships have sprung up across the nation. Many of these dealerships are willing to give consumers a third, fourth, even tenth chance to buy a decent used car. Anyone who has a source of income, a reasonable down payment, and can make monthly payments will qualify for a good, reliable used car through these dealerships.

“I used to work at a dealership that helped lots of people get into nice, clean cars,” said Brian G. of Sacramento, California. “I loved my job. I saw people’s dreams come true every day. Sometimes people were so relieved to own a new car that they cried. That’s what made my job so rewarding.” Brian, who was recently unemployed due to personal illness, was a used car salesman for over 30 years.

It is important to note that Gov. Jerry Brown of California has recently signed into law two key pieces of legislation regarding “Buy Here, Pay Here” dealerships. According to AB1534 and AB1447, used dealerships in California are now required to provide a 30 day warranty on all used vehicles. Tracking devices are also prohibited.

It is anticipated that similar laws may be considered by other states in the future.

“I’m not worried about the new laws,” commented Jorge R., a private used car salesman and business owner from San Francisco. “I am already giving my customers a free warranty. I never track my cars. If my customers can’t pay, I tell them that it is no problem. They can bring the car back to me. I will not take them to court or destroy their credit. If they do better later, they can come back to me. We can make a deal then.”

According to a recent study conducted by AutoTrader.com and the NABD (National Alliance of Buy Here, Pay Here Dealers), 95% of all used dealerships nationwide include some type of warranty with every purchase. 89% of these warranties are for 90 days or more. Only a handful of used car dealerships use tracking devices on their vehicles.

For most Americans, transportation is a basic need that cannot be ignored. The “Buy Here, Pay Here” used car industry is a blessing for countless consumers who would otherwise be stranded without transportation. For consumers who follow the basic rules of financing, people with poor credit or low income can obtain reliable transportation while rebuilding their credit. With a low down payment, a reasonable income, a handshake and a promise to pay monthly payments, virtually anyone can be approved for a used car loan.

“I am so thankful for the car I found,” said Angela Wilson of Cincinnati, Ohio. “I am a single mom with two kids. I needed a good car. Nobody would finance me because I have a bad credit score. My income is about $2,000 a month, but that wasn’t good enough for the regular dealerships. But the “Buy Here, Pay Here” dealership down the street from me helped me out.”

Based on research conducted by CNW Marketing Research, more than 2.4 million vehicles were sold through “Buy Here, Pay Here” car lots last year, more than two times the number sold a decade ago. Likewise, there are 13,000 more car lots catering to the less-than-perfect, low income consumer than traditional dealerships. The FDIC indicates that approximately $80 billion per year is tied up in used car loans through these dealerships.

A vehicle’s title is one of its most important documents. Just like a deed shows ownership of a property, a title shows ownership of a vehicle. In fact, without a title, a vehicle essentially belongs to no one. A title is also needed to legally sell a vehicle to an individual, dealership or a car buyer.

In virtually all states, a title includes important descriptive information regarding the vehicle to which it belongs, as well as important personal information regarding the owner of its corresponding vehicle. This personal information typically includes the owner’s name, address, phone number and signature. In addition, a title may include information regarding previous owners of the vehicle.

A title is generally given to an individual once they purchase a vehicle, but this can vary in different purchasing situations. For example, if someone has financed a vehicle, the finance company generally holds the title until the vehicle is paid off. In the event that a person falls behind on payments, the finance company can then repossess the vehicle, as it is the entity which legally holds the title. This once again shows that whoever has their name on the title is the legal owner of the car, even if they are not driving the vehicle.

When it comes to selling a vehicle, the title must then be transferred to the new owner. This is important to do so that the new owner can register the vehicle in his or her state. In order to transfer a title to a private buyer, the vehicle owner typically has to visit their local Department of Motor Vehicles, and they may also need to visit their local administration building. In most states, the seller and the buyer do not have to both be present in order to transfer a title, but this can vary depending on circumstances. The seller will generally have to have the buyer’s personal information to have it changed on the title, and a new title will then be issued to the buyer with the updated information.

Selling a vehicle to a dealership or car buyer may be an easier process, as they will be able to handle the transference of the title for you. In addition, if you do not have the title for the vehicle you are selling, a car buyer or dealership may be able to obtain it for you. This is especially true in situations where the vehicle has been financed and the finance company holds the title.