How To Get a Lower Interest Rate on a Car Loan

2023 Honda HR-V
 

When you’re looking for a new vehicle to help you take on your Mentor adventures, you might find that the interest rates are a bit higher than you’d like. Of course, the best way to ensure you’re getting the correct interest rate on your car loan is to apply for financing. But once you’ve applied and you’ve gotten the number, you may be wondering if you can lower the interest rate on a car loan.

 

 

So, can you lower the interest rate on a car loan? Yes, there are some things you can do to try and get a lower Honda car loan rate so that the vehicle you’re looking for is a better fit for your Willoughby lifestyle. Learn how to get a lower interest rate on a car loan today with Honda of Mentor!

Can You Lower the Interest Rate on a Car Loan?

There are several different factors that can affect your interest rate. Of course the higher the interest rate, the more you’d be paying over the life of your loan. As a result, we know that many Eastlake drivers like you would prefer a low Honda car loan rate. But, how can you do it? Take a look below to learn how to get a lower interest rate on a car loan:

  • Confirm Your Credit Score: Your credit score plays a big factor in your interest rate. We recommend knowing where your credit score stands so you have an idea of what your interest rate should be.
  • Tidy Up Your Credit History: There may be some bills you have forgotten about that are affecting your credit. By paying off any outstanding bills or loans, you can help increase your credit score which can in turn lower your interest rate.
  • Compare Terms: Be sure to check with different lenders to confirm you’re getting the lowest interest rate possible. When you get financing at our dealership, we’ll work with multiple lenders to ensure you’re getting a low interest rate that fits your needs.
  • Get a Cosigner: Sometimes your credit score just isn’t enough to secure a low interest rate. But if you get a cosigner, you may be able to secure a lower interest rate. Just remember that they’re also on the hook if you end up missing any payments on your new cosigned loan.

Average Honda Car Loan Rates

As we mentioned, there are many things to consider if you’re worried about the interest rate on a new car loan. We suggest you speak to our experts if you’d like to know more about the interest rates on a Honda car loan. However, to give you an idea of what your car loan rate may be, here are the average interest rates on new Honda car loans based on credit score:

  • 781 – 850 Credit Score: Around 5.18%
  • 661 – 780 Credit Score: Around 6.40%
  • 660 & Lower Credit Score: Around 8.86% & higher

Apply for a Honda Car Loan Today From the Comfort of Your Own Painesville Home!

We offer you the ability to apply for financing from the comfort of your own home. Get financing today to determine if a Honda from Honda of Mentor fits your needs. Keep in mind that when you opt for a new Honda model from our team, you can enjoy a lower interest rate and complimentary maintenance for 2 years/24,000 miles (whichever comes first) courtesy of the Honda Service Pass. Let us know if you have any questions!

 

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