How Are Portsmouth, NH Auto Loan Rates Determined?
A handful of factors contribute to your New Hampshire 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, low credit score, or purchasing an older car from a dealer in Portsmouth could result in a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the more you pay each month and the more you spend over the life of your loan. Even a rate one or two percent higher could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Portsmouth, NH?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before you complete an application for a car loan in Portsmouth, NH. If you've filled out your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one thing you can control. Most Portsmouth auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms attract many borrowers because they typically have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a bigger monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different interest rates and terms to help you determine what you can afford.
If you have less than stellar credit, increasing your score could help lower 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. It may take some time and work to better your credit score, but it'll be worth it once you see those lower New Hampshire auto loan rates.
Taking the time to hunt down the right lender can also help you get a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Portsmouth, NH — even without the best credit or income. 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 allow for 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 Portsmouth, NH with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Portsmouth, NH no matter what type of car you're buying or your credit score. We'll present you with up to four loans at once so you can find the right deal. Simply complete our secure online application, choose the loan that looks best to you, and head to your Portsmouth dealer to purchase a new ride. Apply today to see the current lowest interest rates!