How Are Canton, CT Auto Loan Rates Determined?
A handful of factors impact your Connecticut car loan interest rate, Including your credit score, your income, the amount of the loan, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Canton could mean a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the more you pay each month and the more you spend over the term of your loan. A difference of just one or two percent could mean spending hundreds more overall.
How Do I Lower My Auto Loan Rate in Canton, CT?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you complete an application for a car loan in Canton, CT. If you've filled out your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one element you have total control over. Most car loans in Canton are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers take longer terms because they usually have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you see what you might be able to afford.
If you have less than ideal credit, raising your score could decrease your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and the steps you can take now to raise it quickly. Your credit score will take some effort and time to build, but it's worth it to get those lower Connecticut car loan rates.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders will use the same information, you won't receive the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Canton, CT — even if you don't have the best credit or income. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. And, some lenders leave room for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
See the Best Auto Loan Rates in Canton, CT with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Canton, CT no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can get the right deal. Fill out our simple and secure online application, choose the loan that looks best to you, and head to your Canton dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!