How Are Rochester, NY Car Loan Rates Determined?
Several factors influence your New York auto loan interest 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Rochester dealer could lead to a higher interest rate. But is a high interest rate so bad? 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 one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Rochester, NY?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before you begin applying for auto loans in Rochester, NY. If you've plugged in your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one thing you have total control over. Most Rochester auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If your budget allows for a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you see what you can afford.
If you have less than ideal credit, improving your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and how you can quickly bring it up. It may take some effort and time to increase your credit score, but it'll be worth it once you see those lower New York auto loan rates.
Waiting to find the right lender can also help you secure a lower rate. While lenders will consider the same information, each one might give you a different interest rate. Shopping around and comparing offers will help you find the best auto loan rate in Rochester, NY — even without a high income or credit score. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. Plus, some lenders allow for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Discover the Best Auto Loan Rates in Rochester, NY with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Rochester, NY regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can find the right deal. Complete our secure online application, pick the loan that works best for you, and visit your Rochester dealer to purchase a new car. Apply today to see the current lowest interest rates!