How Are Westwood, NJ Car Loan Rates Determined?
Several factors impact your New Jersey car 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Westwood dealership might lead to a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over the term of your loan. Even a rate one or two percent higher could mean spending hundreds more overall.
Is There a Way to Lower My Westwood Car Loan Rate?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you start applying for auto loans in Westwood, NJ. If you've filled out your information and aren't liking the percentage you see, what steps can you take to lower it?
The loan term is one thing you have a lot of control over. Most Westwood car loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers take longer terms because they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford 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 figure out what might be affordable.
If your credit is less than stellar, 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 the steps you can take now to raise it quickly. Your credit score will take some effort and time to build, but it'll be worth it once you see those lower New Jersey auto loan rates.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders will use the same information, you won't see the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Westwood, NJ — even if you don't have the best credit or income. You don't want to choose the first offer you get because there could be a better one right around the corner. Don't forget 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.
Find the Best Auto Loan Rates in Westwood, NJ with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Westwood, NJ no matter your credit score or the type of car you're buying. We'll present you with up to four loans at once so you can find the perfect loan. Simply complete our secure online application, choose the loan that looks best to you, and head to your Westwood dealer to purchase a new ride. Apply now to see today's lowest interest rates!