How Are Hartford, CT Car Loan Rates Determined?
Many factors contribute to your Connecticut car loan rate, including your income, your credits core, the loan amount, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Hartford dealership could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the more you pay each month and the more you spend in total. 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 Hartford, CT?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you start applying for auto loans in Hartford, CT. If you've plugged in your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one element you can control. Most car loans in Hartford have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers because they usually mean a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be based on different interest rates and terms to help you determine what might be affordable.
If your credit is far from great, improving your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take today to bring it up quickly. It may take some time and work to better your credit score, but it's worth it for those lower Connecticut auto loan rates.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, you won't see the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Hartford, CT — even without the best credit or income. You don't want to go with the first offer you receive because there might be a better one just around the corner. Don't forget some lenders allow 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 Hartford, CT with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Hartford, CT no matter your credit score or the type of car you're buying. We'll present you with up to four loans at once so you can find the perfect loan. Fill out our secure online application, pick the loan that works best for you, and head to your Hartford dealer to purchase a new ride. Apply now to see today's lowest interest rates!