How Are Car Loan Rates in Exeter, NH Calculated?
Many factors influence your New Hampshire auto loan interest rate, including your credit score, the amount of the loan, your income, the car's age, the down payment, and the length of the loan (your loan's term). A poor credit score, low income, or buying an older vehicle from a dealer in Exeter could result in a higher interest rate. But is a high interest rate so bad? The higher your interest rate, the higher your monthly bill is and the more you spend over your loan’s term. A difference of just one or two percent could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Exeter, NH?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you complete an application for a car loan in Exeter, NH. If you've plugged in your information and are unhappy with the percentage you see, how can you lower?
The loan term is one element you can control. Most Exeter car loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because the monthly payment is usually lower. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you determine what might work for your budget.
If your credit is far from great, improving your score could help lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score 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 all worth it for getting those lower auto loan rates in New Hampshire.
Taking the time to hunt down the right lender can also help you get 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 Exeter, NH — even if you don't have the best credit or income. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. And, some lenders are open to negotiation, 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 Exeter, NH
myAutoloan is here to help you get the lowest auto loan rates in Exeter, NH regardless of your credit score and the type of car you're buying. We'll show you up to four loans at once so you can find the right deal. Simply complete our secure online application, select the best loan for you, and purchase a new ride from your {City}} dealer. Apply today to see the current lowest interest rates!