What Determines Your Auto Loan Rate in Hawthorne, NJ?
A handful of factors affect your New Jersey car loan rate, Including your credit score, your income, the amount of the loan, the down payment, the age of the car, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Hawthorne dealer could lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the higher your monthly bill is and the more you spend over the term of your loan. Just one or two percent more could mean you spend hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Hawthorne, NJ?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before having to apply for a car loan in Hawthorne, NJ. If you've filled out your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one factor you have a lot of control over. Most auto loans in Hawthorne have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you see what you might be able to afford.
If you have less than stellar credit, boosting your score could 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's worth it to get those lower New Jersey car 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. It's important to shop around and compare offers to find the best car loan rate in Hawthorne, NJ — even without the best credit or income. You shouldn't go with the first offer you receive because there could be a better one right around the corner. Keep in mind some lenders allow for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in Hawthorne, NJ with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Hawthorne, NJ 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 best deal. Complete our secure online application, select the best loan for you, and head to your Hawthorne dealer to purchase a new ride. Apply now to see today's lowest interest rates!