How Are Car Loan Rates in Syracuse, NY Calculated?
Many factors affect your New York auto loan interest rate, including your income, your credits core, the loan amount, the down payment, the age of the car, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Syracuse could lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the higher your monthly bill is 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 on interest.
Is There a Way to Lower My Syracuse Car Loan Rate?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before having to apply for a car loan in Syracuse, NY. If you've filled out your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one factor you have total control over. Most auto loans in Syracuse have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers take longer terms because they usually mean a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can handle a higher monthly payment, it's better 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 decide what you can afford.
If you have less than stellar credit, boosting your score could lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and the steps you can take now to raise it 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.
Waiting to find the right lender can also help you get a lower rate. While lenders will consider the same information, you won't receive the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Syracuse, NY — even without the best credit or income. You don't want to choose the first offer you get because a better one might be waiting just around the corner. Keep in mind some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Discover the Best Auto Loan Rates in Syracuse, NY with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Syracuse, NY no matter what type of car 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 Syracuse to purchase a new ride. Apply today to see the current lowest interest rates!