How Are Car Loan Rates in East Hartford, CT Calculated?
A handful of factors contribute to your Connecticut car loan interest rate, including your income, your credits core, the loan amount, the down payment, your loan's term (the length of the loan), and the car's age. A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your East Hartford dealer could lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly payment is and the more you spend over the life of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in East Hartford, CT?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before you begin applying for auto loans in East Hartford, CT. If you've filled out your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one aspect you have total control over. Most car loans in East Hartford have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If you can handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be depending on different interest rates and terms to help you decide what you might be able to afford.
If you have less than ideal credit, raising your score could bring your interest rate down. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and how you can quickly bring it up. It may take some time and work to better your credit score, but it's worth it to get those lower Connecticut car loan rates.
Putting effort into finding the right lender can also help you secure a lower rate. While lenders take the same information into consideration, each one might give you a different interest rate. It's important to shop around and compare offers to find the best car loan rate in East Hartford, CT — even without a high income or credit score. You shouldn't go with the first offer you receive because a better one could be right around the corner. And, some lenders leave room for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in East Hartford, CT with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in East Hartford, CT regardless of your credit score and the type of car you're buying. We'll present you with up to four loans at once so you can find the right deal. Fill out our simple and secure online application, choose the loan that looks best to you, and visit your East Hartford dealer to purchase a new car. Apply now to check today's lowest interest rates!