How Are Car Loan Rates in Staten Island, NY Calculated?
Many factors influence your New York auto loan interest rate, Including your credit score, your income, the amount of the loan, 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 Staten Island dealership could result in a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the higher your monthly payment becomes and the more you spend over the term of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more overall.
How Do I Lower My Auto Loan Rate in Staten Island, NY?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you begin applying for auto loans in Staten Island, NY. If you've filled out your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one factor you have total control over. Most auto loans in Staten Island 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 mean a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you determine what might work for your budget.
If you have less than stellar credit, increasing your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take today to bring it up quickly. It may take some time and work to better your credit score, but it's all worth it for getting those lower auto loan rates in New York.
Taking some time to find the right lender can also help you achieve 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 Staten Island, NY — even if you don't have the best credit or income. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. And, some lenders are open to negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Staten Island, NY with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Staten Island, NY regardless of what type of vehicle you're buying or your credit score. You can see up to four loans at once so you can find the right deal. Simply complete our secure online application, pick the loan that works best for you, and head down to a dealer in Staten Island to purchase a new ride. Apply now to see today's lowest interest rates!