How Are Car Loan Rates in Princeton, NJ Calculated?
A handful of factors influence your New Jersey 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 Princeton dealer could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the more you pay each month 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.
Can I Lower My Car Loan Rate in Princeton, NJ?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you begin applying for auto loans in Princeton, NJ. If you've supplied your information and don't like the percentage you see, what can you do to lower it?
The loan term is one factor you have total control over. Most car loans in Princeton have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers take longer terms because they typically have a lower monthly payment. 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 terms and interest rates to help you decide what you can afford.
If you have less than stellar credit, increasing 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 how you can quickly bring it up. 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 will look at the same information, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Princeton, NJ — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. Plus, some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Discover the Best Auto Loan Rates in Princeton, NJ with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Princeton, 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. Simply complete our secure online application, choose the best loan for you, and head down to a dealer in Princeton to purchase a new ride. Apply now to see today's lowest interest rates!