FICO Scores and Auto Loans

When you’re in the market to buy a new car and need to take out an auto loan, your FICO score is going to be in direct correlation with the loan you receive, and the interest rate that will accompany it.

After all, the FICO score is what tells the auto lender how much of a risk you’ll be, which ultimately decides whether you will have a low or high interest rate on your loan.

According to myFICO.com’s help center it’s worth it to talk to your prospective auto lender in advance and see if your FICO score qualifies you for the loan that you want. FICO scores range from 500-850, the lower your FICO score is, the more money you will owe per month.

Auto Loan Calculator for the iPhone

According to iPhoneAppPreview.com, if you’re looking to purchase a new or used vehicle, the Auto Loan/Lease Calculator app is a crucial $1.99 investment if you’re an iPhone user.

Calculating your monthly payment using your loan amount, interest rate, term length, down payment and sales tax, the app will allow you to keep track of the payment schedule on your auto loans and leases.

The app also allows potential auto buyers to do research on five different car research online sites straight from the app. The research sites include Auto Blog, Car and Driver, Cars.com, Edmunds and Cars for 1K, all able to help you get the information necessary to feel great about your loan and vehicle purchase.

Best Auto Loan Rate or a Free Lunch

The Long Island State Employees Federal Credit Union (LISEFCA) is attempting to attract customers who are interested in taking out an auto loan with the best rate in town, or at the very least would like a free lunch out of it.

Enticing customers to take the “LISEFCA Challenge,” all you have to do is submit a copy of your auto finance deal or bill, and if LISEFCA is not able to beat it, then they’ll buy you lunch.

In a simple three-step process, you can fill out a Loan Liner Form, submit a copy of your finance papers, and then submit a copy of your pay stub/income, and you’re either on your way to a low rate on your auto loan, or a meal on someone elses’ dime.

Vehicle rates for both new and used cars are at 4.99% APR.

Long Island, NY Auto Loan Rates

Before you purchase a new car in Long Island, be sure to check the current auto loan rates. Long Island Banking Rates can help you to find a lender that will offer the most competitive rates on your next auto loan.

It’s a good idea to shop around for the best car loan rates, instead of waiting until you get to the dealer. Many banks and lenders will give you lower rates and help connect you with a local Long Island dealer. Long Island Banking Rates hopes to help you secure lending for your new car, making it easy to negotiate the best deal.

Getting a Low Long Island, NY Auto Loan Rate

Typically, if you are buying a used car versus a new car in Long Island, Auto Loan Rates will be a little higher (up to 1% more). Auto Loan companies are looking at the value of the car, and your ability to make payments back to them in a timely manner. If you are purchasing a car in good condition or a new car, these companies can offer desirable and competitive loan rates because if a borrower does not make payments their payments, then the company can take back the car and try to sell it to get their money back.

The terms of your auto loan can also affect the interest rates. If you choose a 36-month repayment term, you are more likely to get lower interest rates. If you choose a longer term, not only can your interest rates be higher, but you will pay more interest on your auto loan in the long term.

Long Island Banking Rates will match you with a lender that wants to work with you, and understands your credit rating. By working with the right company, you can secure a low interest rate auto loan.

Auto Loan Approval Process in Long Island, NY

At Long Island Banking Rates, you can complete some basic information about your credit and financial situation in order to be matched with the lender, bank or auto loan company who is most interested in helping you get approved for an auto loan. Interest rates change all the time, and Long Island Banking Rates highly recommends you always do your research to find the latest auto loan rates. This site updates rates every day to keep our customers well informed, and to give them the information they need to be prepared to talk to our auto loan partners and secure the best rate.