How Are Wakefield, RI Car Loan Rates Determined?
Many factors impact your Rhode Island auto loan rate, including the loan amount, your credit score, your income, the age of the car, the down payment, 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 Wakefield dealer might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the more you pay each month and the more you spend in total. A difference of just one or two percent could mean spending hundreds more overall.
How Do I Get a Lower Car Loan Interest in Wakefield, RI?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before having to apply for a car loan in Wakefield, RI. If you've plugged in your information and don't like the percentage you see, what can be done to lower it?
The loan term is one element you have total control over. Most auto loans in Wakefield have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because they usually have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you see what might be affordable.
If you have less than stellar credit, improving your score could lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and how you can quickly bring it up. It may take some time and work to better your credit score, but it's worth it to get those lower Rhode Island car loan rates.
Waiting to find the right lender can also help you achieve a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Wakefield, RI — 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 might be waiting just around the corner. Keep in mind some lenders will negotiate, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Discover the Best Auto Loan Rates in Wakefield, RI with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Wakefield, 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 get the right deal. Fill out our secure online application, select the best loan for you, and visit your Wakefield dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!