How Are Newport, RI Auto Loan Rates Determined?
A handful of factors contribute to your Rhode Island car loan rate, Including your credit score, your income, the amount of the loan, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Newport dealership could result in a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the higher your monthly payment is 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 Lower My Auto Loan Rate in Newport, RI?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you complete an application for a car loan in Newport, RI. If you've plugged in your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one aspect you have total control over. Most Newport auto 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 the monthly payment is usually lower. But longer terms tend to also 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 estimates what your monthly payment could be with different terms and interest rates to help you see what you can afford.
If your credit is far from great, improving 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 worth it to get those lower Rhode Island car loan rates.
Taking the time to hunt down the right lender can also help you get a lower rate. While lenders will look at the same information, each one might give you a different interest rate. It's important to shop around and compare offers to find the best car loan rate in Newport, RI — even if you don't have the best credit or income. You shouldn't go with the first offer you receive because a better one could be right around the corner. And, some lenders are open to negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Discover the Best Auto Loan Rates in Newport, RI with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Newport, RI regardless of your credit score and 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. Fill out our secure online application, choose the best loan for you, and head to your Newport dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!