How Are Car Loan Rates in Hicksville, NY Calculated?
Many factors impact your New York car loan interest rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Hicksville dealership could result in a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly bill is and the more you spend over the life of your loan. A difference of just one or two percent could mean spending hundreds more overall.
Can I Lower My Car Loan Rate in Hicksville, NY?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before having to apply for a car loan in Hicksville, NY. If you've supplied your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one aspect you have total control over. Most Hicksville auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms will tempt many borrowers because they usually mean a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can handle a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different terms and interest rates to help you determine what you can afford.
If your credit is less than stellar, increasing your score could lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take to bring it up fast. It may take some effort and time to increase your credit score, but it's worth it to get those lower New York car loan rates.
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 Hicksville, NY — even without a high income or credit score. You don't want to go with the first offer you receive because there could be a better one right around the corner. Plus, some lenders are open to 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 Hicksville, NY with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Hicksville, NY regardless of your credit score and the type of car you're buying. We'll present you with 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 to your Hicksville dealer to purchase a new ride. Apply today to see the current lowest interest rates!