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How to Get Lower Interest on a Car Loan

Finance Paperwork with Glasses

How to get a lower interest rate on a car loan? We understand your concerns about financing a new car at Victory Mitsubishi. If you’re wondering, “Can you lower the interest rate on a car loan,”– yes, you can! Mount Vernon shoppers wanting a deal on a new car will find getting a lower interest rate on auto loans a straightforward process. Use our guide to learn more about lowering your interest rate, no matter what your credit score is. Contact us with any questions you have about financing with Victory Mitsubishi.

How to Lower Your Car Loan Interest Rate

The first thing that many new car shoppers ask is, “How can I lower my car loan interest rate?” That’s a simple question, and we understand the necessity of getting the best deal on an auto loan. Depending on your credit score, you may get a lower interest rate on a car loan. Follow the steps below to get started:

  1. Check your credit score: Better credit scores get lower interest rates. Knowing where you stand and whether you need to improve your credit score before applying will help avoid higher interest rates.
  2. Clean up your score: Apply for an auto loan after you’ve cleaned up your credit score.
  3. Check for Refinance Loans: Compare auto loan offers from different dealerships.
  4. Enlist a cosigner: Having a cosigner with a good credit score will help you get a lower interest rate even with bad credit.
  5. Consider in-house financing: In-house financing means making payments to the dealership rather than a bank. Making regular on-time payments to the dealer will raise your credit score and you can eventually refinance your auto loan to lower your interest rate.

What is a Good Interest Rate?

New Rochelle buyers with higher credit scores have greater negotiating power than those with lower scores. However, you can usually estimate that your auto loan interest rate will fall within the range of 3.2% to 12.9%. See below for credit score averages:

  • 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 a New Mitsubishi at Victory Mitsubishi in Bronx

Now that Westchester shoppers know the answer to, “How can I lower my car loan interest rate,” contact our finance department for information on how to get the best deal on a new vehicle. We offer new vehicle specials to lower the cost of financing, and our lease deals offer lower interest rates and monthly payments than financing. Visit us today in Bronx to find a Mitsubishi that’s right for you.

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