How Are Portales, NM Car Loan Rates Determined?
Many factors affect your New Mexico auto loan 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 Portales dealership could result in a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the more you pay each month and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more on interest.
Is There a Way to Lower My Portales Car Loan Rate?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before you start applying for auto loans in Portales, NM. If you've supplied your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one aspect you have total control over. Most car loans in Portales have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt 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 handle a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you determine what you can afford.
If you have less than ideal credit, boosting your score could decrease 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. It may take some effort and time to increase your credit score, but it's worth it to get those lower New Mexico car loan rates.
Putting effort into finding the right lender can also help you get a lower rate. While lenders will consider the same information, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Portales, NM — even without a high income or credit score. You don't want to go with the first offer you receive because a better one could be right around the corner. Keep in mind some lenders leave room for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
See the Best Auto Loan Rates in Portales, NM with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Portales, NM 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 best deal. Simply complete our secure online application, choose the best loan for you, and head down to a dealer in Portales to purchase a new ride. Apply today to see the current lowest interest rates!