How Are White Plains, NY Car Loan Rates Determined?
Several factors influence your New York auto loan interest rate, including your credit score, the amount of the loan, your income, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in White Plains might lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the more you pay each month and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in White Plains, NY?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you begin applying for auto loans in White Plains, NY. If you've filled out your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one thing you can change on your own. Most auto loans in White Plains have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms will tempt many borrowers because they typically have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you figure out what you can afford.
If you have less than ideal credit, 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 the steps you can take now to raise it quickly. Your credit score will take some effort and time to build, but it's worth it to get those lower New York car loan rates.
Taking the time to hunt down 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. You need to compare offers and shop around for the best auto loan rate in White Plains, NY — even without the best credit or income. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Keep in mind some lenders are open to negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
See the Best Auto Loan Rates in White Plains, NY with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in White Plains, NY no matter your credit score or the type of car you're buying. We'll present you with up to four loans at once so you can get the right deal. Simply complete our secure online application, choose the best loan for you, and visit your White Plains dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!