How Are Narragansett, RI Car Loan Rates Determined?
A handful of factors influence your Rhode Island auto loan interest rate, including your credit score, the amount of the loan, your income, 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 Narragansett could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly bill is and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Narragansett, RI?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before you begin applying for auto loans in Narragansett, RI. If you've plugged in your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one aspect you can change on your own. Most Narragansett car loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. But longer terms tend to also come with higher interest rates. 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 with different interest rates and terms to help you figure out what might work for your budget.
If your credit is less than stellar, boosting your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from 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 for those lower Rhode Island auto loan rates.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders will consider the same information, each one might give you a different interest rate. Shopping around and comparing offers will help you find the best auto loan rate in Narragansett, RI — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because there might be a better one just around the corner. Don't forget 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.
Discover the Best Auto Loan Rates in Narragansett, RI with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Narragansett, RI 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 find the right deal. Fill out our simple and secure online application, pick the loan that works best for you, and head to your Narragansett dealer to purchase a new ride. Apply today to see the current lowest interest rates!