Interest Rate FAQs

Understanding Auto Loan Interest Rates

Buying a car is always exciting -- but that doesn't mean the automotive financing process is all fun and games. Too often, misinformation and confusion cloud the process of applying for Chevy credit. That's why our Chevrolet, Buick and GMC dealer near Massena is here to give you clear, straightforward answers to your questions on new car loans and interest rates.

If you want to buy a new Silverado or Equinox in New York the easy way, visit Ellis Chevrolet GMC so that we can provide all the support you need.

What Should You Consider When Choosing a Car Loan?

Keep in mind factors such as term length and interest rates as you shop for a new Chevy nearby. Also, we encourage shoppers to remember that, although longer car loan terms might offer lower monthly payments, they often incur increased overall interest charges.

Of course, finding a loan with competitive rates and an ideal repayment period is easy when you work with us. If you want to get a competitive rate on your loan, give us a call.

What Is a Good APR for a Car?

The easy answer is that it depends.

Here's why: APR, or annualized percentage rate, essentially represents the cost of borrowing money on a per-year basis. This figure is calculated based on a litany of factors specific to your situation, such as credit score, income and the amount you're looking to finance. In other words, there is no single 'good' APR -- it all comes down to what you can qualify for.

Instead of targeting a specific number, talk with our expert Buick finance team and see how we can check with multiple local lenders to get you the lowest APR we can. No matter what, we'll find you a customized solution based on your individual circumstances.

How Does Refinancing a Car Loan Work?

Refinancing a car loan is when you restructure your current loan into a new financing arrangement with updated terms. We suggest this option to nearby GMC owners whose credit score or income has improved since their original loan was issued. By refinancing a loan, you can often claim a more favorable interest rate, which in turn can help you decrease your monthly payments, overall interest expenses, or both.