How to Get Lower Interest Rate on a Car Loan

Before purchasing a car, you might wonder, “How can I lower my car loan interest rate?” or “Can you lower interest rate on a car loan?” Ray Catena Lexus of White Plains in White Plains finance center is here to answer both questions! Read on to learn more about the process of getting a lower interest rate on auto loans. Be sure to check out our new inventory near Hartsdale! 

How Can I Lower my Car Loan Interest Rate? 

1. Check your credit score: Knowing your exact credit score before you apply will help you decide to wait or pursue the process for an auto loan. 
2. Work on your score: Poor credit? Make improvements to increase the score! With a higher score, you can get a lower interest rate as you apply for the auto loan. 
3. Considering Refinancing: Consider refinancing your current car loan. Check your credit score and the available rates you can apply for. Feel free to use our payment calculator during the process.
4. Get a cosigner: Having someone close to you near Bronx cosign on your loan is a great option. Especially if your credit score isn’t high enough or your credit history is extremely low. This can lower the interest rate significantly. 

Getting a Lower Interest Rate on Auto Loans

Now that you know how to get lower interest rate on a car loan, now you should know what credit scores might be required for getting a lower interest rate on auto loans. Most Scarsdale drivers will see an interest rate range of 3.2% to 12.9%. These are interest rates you can expect to be with credit scores:

• 680 and below: 6.5% – 12.9% (on average)
• 739 – 680: 4.5% interest rate (on average)
• 800 – 740: 3.2% interest rate (on average)

Finance With Ray Catena Lexus of White Plains Online!

Now that you know how to get a lower interest rate on car loan, you no longer have to ask yourself, “Can you lower the interest rate on a car loan?” or “How can I lower my car loan interest rate?” You have answers! Feel free to Contact us at Ray Catena Lexus of White Plains before applying for finance online.