How Are Tarrytown, NY Auto Loan Rates Determined?
A handful of factors impact your New York car loan interest rate, including the loan amount, your credit score, your income, 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 Tarrytown dealer could lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the more you pay each month 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.
Is There a Way to Lower My Tarrytown Car Loan Rate?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before having to apply for a car loan in Tarrytown, NY. If you've plugged in your information and don't like the percentage you see, what can be done to lower it?
The loan term is one factor you can control. Most auto loans in Tarrytown have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers because they usually mean a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you see what you can afford.
If your credit is less than stellar, raising your score could bring your interest rate down. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and how you can quickly bring it up. Your credit score will take some effort and time to build, but it's all worth it for getting those lower auto loan rates in New York.
Taking the time to hunt down the right lender can also help you snag a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Tarrytown, NY — even if you don't have the best credit or income. You don't want to go with the first offer you receive because a better one could be right around the corner. Keep in mind some lenders allow for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Use myAutoloan to Check the Best Auto Loan Rates in Tarrytown, NY
myAutoloan is here to help you get the lowest auto loan rates in Tarrytown, NY regardless of your credit score and the type of car you're buying. 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 loan that looks best to you, and visit your Tarrytown dealer to purchase a new car. Apply now to check today's lowest interest rates!