If you are ready to make the switch to a premium new Acura, you may be wondering, “how can I lower my car loan interest rate?” Here at Acura of Avon, we can help you go about getting a lower interest rate on auto loans to make every purchase more affordable in the long run. So, can you lower the interest rate on a car loan? The finance experts from Acura of Avon are here to offer tips on how to get a lower interest rate on a car loan. Learn more with us below!
How Can You Lower Your Interest Rate on a Car Loan?
Check your credit score. Understanding where your score is currently at can help you prepare before you apply for a loan.
Clean up your score. Look for easy ways to boost your credit score, either by paying off debts or through disputing errors.
Check for Refinance Loans. Study what the average interest rate is for your credit score and loan amount. This will allow you to compare rates, and walk away if an unfair agreement is offered.
Enlist a cosigner. Having a trusted friend or family member cosign your loan can help you secure a lower interest rate on your loan, especially if your credit is less than ideal.
Consider in-house financing. In-house financing means your loan comes through the dealership, not an outside institution. Dealerships are often more flexible than banks and willing to work with interested drivers.
What is a Good Interest Rate?
Your auto loan interest rate will depend upon your credit score and loan size. Now that you know how you can lower your interest rate on a car loan, you may be curious about fair interest rates. While they are negotiable, typically, Hartford drivers will secure an interest rate ranging from 3.2% to 12.9%. Here are estimated interest rates based on credit score:
800 – 740: 3.2% interest rate (on average)
739 – 680: 4.5% interest rate (on average)
680 and below: 6.5% – 12.9% (on average)
Learn About Getting a Lower Interest Rate on Auto Loans Today!
Now that you know how to get a lower interest rate on a car loan, you can invest in your new ride with total confidence. Still asking, “how can I lower my car loan interest rate?” Not to worry, our friendly staff can walk you through the process of getting a lower interest rate on your auto loans. Ready to secure the keys to your West Hartford ride? Apply for financing to get pre-approved for an advantageous auto loan before you visit our dealership near Manchester!