How Are Jericho, NY Auto Loan Rates Determined?
Various factors contribute to 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 poor credit score, low income, or buying an older vehicle from a dealer in Jericho might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the more you pay each month and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more on interest.
Is There a Way to Lower My Jericho Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before having to apply for a car loan in Jericho, NY. If you've filled out your information and are unhappy with the percentage you see, how can you lower?
The loan term is one factor you have a lot of control over. Most Jericho auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because they usually have a lower monthly payment. But longer terms tend to also come with higher interest rates. 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 determine what you can afford.
If your credit is far from great, raising your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and the steps you can take now to raise it quickly. Your credit score may take some more time and work, but it'll be worth it once you see those lower New York auto loan rates.
Taking some time to find the right lender can also help you get a lower rate. While lenders will look at 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 Jericho, NY — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. Don't forget some lenders are open to negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Jericho, NY
myAutoloan is here to help you get the lowest auto loan rates in Jericho, NY regardless of what type of vehicle you're buying or your credit score. We'll show you up to four loans at once so you can get the right deal. Fill out our secure online application, choose the best loan for you, and head down to a dealer in Jericho to purchase a new ride. Apply now to see today's lowest interest rates!