How Are Car Loan Rates in Huntington, NY Calculated?
A handful of factors contribute to your New York auto loan rate, Including your credit score, your income, the amount of the loan, 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 Huntington 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 becomes and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Huntington, NY?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you start applying for auto loans in Huntington, NY. If you've filled out your information and don't like the percentage you see, what steps can you take to lower it?
The loan term is one aspect you can change on your own. Most Huntington car loans 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. But longer terms are also likely 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 your possible monthly payment depending on different interest rates and terms to help you see what might work for your budget.
If you have less than stellar credit, increasing your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take today to bring it up quickly. Your credit score will take some effort and time to build, 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, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Huntington, NY — even without the best credit or income. You don't want to go with the first offer you receive 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 other to see if they can beat the interest rate.
See the Best Auto Loan Rates in Huntington, NY with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Huntington, NY no matter your credit score or the type of car you're buying. You can look at up to four loans at once so you can find the perfect loan. Fill out our secure online application, pick the loan that works best for you, and head to your Huntington dealer to purchase a new ride. Apply now to see today's lowest interest rates!