What Determines Your Auto Loan Rate in Valley Stream, NY?
A handful of factors influence your New York car loan 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 high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Valley Stream could mean a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over the life of your loan. Just one or two percent more could mean you spend hundreds more on interest.
Is There a Way to Lower My Valley Stream Car Loan Rate?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you start applying for auto loans in Valley Stream, NY. If you've put in your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one element you have total control over. Most Valley Stream car loans 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 have a lower monthly payment. However, longer terms also tend to 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 shows what your monthly payment might be with different terms and interest rates to help you figure out what might work for your budget.
If your credit is far from great, improving your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and how you can quickly bring it up. Your credit score may take some more time and work, but it's worth it for those lower New York auto loan rates.
Taking the time to hunt down the right lender can also help you snag a lower rate. While lenders take the same information into consideration, you won't see the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Valley Stream, NY — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because a better one could be right around the corner. Keep in mind some lenders leave room 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.
Discover the Best Auto Loan Rates in Valley Stream, NY with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Valley Stream, NY no matter your credit score or 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, pick the loan that works best for you, and visit your Valley Stream dealer to purchase a new car. Apply now to see today's lowest interest rates!