How Are Enfield, CT Auto Loan Rates Determined?
Many factors influence 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 Enfield dealer could mean a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the more you pay each month and the more you spend over the term of your loan. Even a rate one or two percent higher could mean you spend hundreds more on interest.
How Do I Lower My Auto Loan Rate in Enfield, CT?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before you begin applying for auto loans in Enfield, CT. If you've plugged in your information and are unhappy with the percentage you see, how can you lower?
The loan term is one aspect you have a lot of control over. Most auto loans in Enfield are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because they typically have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can afford a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you figure out what might be affordable.
If you have less than stellar credit, increasing your score could lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and how you can quickly bring it up. It may take some effort and time to increase your credit score, but it's all worth it for getting those lower auto loan rates in Connecticut.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Enfield, CT — even without a high income or credit score. You don't want to go with the first offer you receive because there could be a better one right around the corner. Plus, some lenders allow for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
See the Best Auto Loan Rates in Enfield, CT with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Enfield, 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 secure online application, select the best loan for you, and head to your Enfield dealer to purchase a new ride. Apply now to see today's lowest interest rates!