How Are Auburn, NY Auto Loan Rates Determined?
Several factors affect your New York auto loan interest rate, including the loan amount, your credit score, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Auburn could mean a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, the higher your monthly payment is and the more you spend over the life of your loan. Just one or two percent more could mean you spend hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Auburn, NY?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before you complete an application for a car loan in Auburn, NY. If you've put in your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one element you can change on your own. Most Auburn auto 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 the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you determine what you might be able to 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 the steps you can take now to raise it 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 York.
Taking the time to hunt down 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. Shopping around and comparing offers will help you find the best auto loan rate in Auburn, NY — even without a high income or credit score. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. And, some lenders will negotiate, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Auburn, NY
myAutoloan is dedicated to helping you find the lowest car loan rates in Auburn, NY 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 get the right deal. Fill out our secure online application, pick the loan that works best for you, and visit your Auburn dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!