How Are Car Loan Rates in Weatogue, CT Calculated?
A handful of factors influence your Connecticut auto loan interest rate, including your income, your credits core, the loan amount, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Weatogue dealership could mean a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the higher your monthly payment is and the more you spend over the term of your loan. Even a rate one or two percent higher could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Weatogue, CT?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you start applying for auto loans in Weatogue, CT. If you've filled out your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one element you have a lot of control over. Most Weatogue auto loans 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 they usually have 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 smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you figure out what you can afford.
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'll be worth it once you see those lower Connecticut auto loan rates.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders will consider the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Weatogue, CT — even without a high income or credit score. You don't want to choose the first offer you get because there might be a better one just around the corner. Keep in mind some lenders are open to negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Find the Best Auto Loan Rates in Weatogue, CT with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Weatogue, CT regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can find the right deal. Complete our secure online application, select the best loan for you, and head to your Weatogue dealer to purchase a new ride. Apply now to see today's lowest interest rates!