How Are Lakewood, NJ Auto Loan Rates Determined?
A handful of factors influence your New Jersey car 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 poor credit score, low income, or buying an older vehicle from a dealer in Lakewood could mean a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, the more you pay each month and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Lakewood, NJ?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you start applying for auto loans in Lakewood, NJ. If you've filled out your information and are unhappy with the percentage you see, how can you lower?
The loan term is one element you have total control over. Most Lakewood auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If you can afford a higher 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 see what might be affordable.
If you have less than stellar credit, increasing your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a 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 all worth it for getting those lower auto loan rates in New Jersey.
Waiting to find the right lender can also help you snag a lower rate. While lenders take the same information into consideration, 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 Lakewood, NJ — even without a high income or credit score. You don't want to choose the first offer you get because there could be a better one right around the corner. Keep in mind some lenders are open to negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Discover the Best Auto Loan Rates in Lakewood, NJ with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Lakewood, NJ no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can find the right deal. Fill out our secure online application, choose the loan that looks best to you, and head to your Lakewood dealer to purchase a new ride. Apply now to see today's lowest interest rates!