What Determines Your Auto Loan Rate in Lincoln, RI?
A handful of factors influence your Rhode Island auto loan rate, including the loan amount, your credit score, your income, the down payment, the age of the car, 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 Lincoln dealer might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the more you pay each month and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Lincoln, RI?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you complete an application for a car loan in Lincoln, RI. If you've filled out your information and aren't liking the percentage you see, how can you lower?
The loan term is one factor you can control. Most Lincoln car loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract 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, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you decide what might work for your budget.
If your credit is far from great, boosting your score could help lower your interest rate. 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. 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 Rhode Island.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders will look at 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 Lincoln, RI — even if you don't have the best credit or income. You don't want to go with the first offer you receive because there might be a better one just around the corner. Don't forget some lenders will negotiate, 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 Lincoln, RI with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Lincoln, RI no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can find the right deal. Fill out our simple and secure online application, choose the loan that looks best to you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!