How Are Car Loan Rates in Honolulu, HI Calculated?
Several factors impact your Hawaii auto loan rate, including your credit score, the amount of the loan, your income, 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 Honolulu dealer might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the higher your monthly payment becomes and the more you spend over the term of your loan. Even a rate one or two percent higher could mean spending hundreds more overall.
Is There a Way to Lower My Honolulu Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you start applying for auto loans in Honolulu, HI. If you've filled out your information and don't like the percentage you see, how can you lower?
The loan term is one element you have total control over. Most Honolulu auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. 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 afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you see what you can afford.
If your credit is less than stellar, improving your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take today to bring it up quickly. Your credit score will take some effort and time to build, but it's worth it to get those lower Hawaii 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, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Honolulu, HI — even without the best credit or income. You don't want to go with the first offer you receive because there could be a better one right around the corner. Don't forget some lenders will negotiate, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Use myAutoloan to Check the Best Auto Loan Rates in Honolulu, HI
myAutoloan is here to help you get the lowest auto loan rates in Honolulu, HI no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can find the right deal. Fill out our simple and secure online application, choose the best loan for you, and head to your Honolulu dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!