What Determines Your Auto Loan Rate in Chandler, AZ?
A handful of factors influence your Arizona auto loan interest rate, including your credit score, the amount of the loan, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Chandler dealer might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the higher your monthly payment becomes and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Chandler, AZ?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before you start applying for auto loans in Chandler, AZ. If you've plugged in your information and aren't liking the percentage you see, how can you lower?
The loan term is one thing you have total control over. Most Chandler car loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because they usually mean a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a bigger monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you figure out what might work for your budget.
If you have less than stellar credit, boosting your score could lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and the steps you can take now to raise it quickly. It may take some time and work to better your credit score, but it'll be worth it once you see those lower Arizona auto loan rates.
Waiting to find the right lender can also help you snag a lower rate. While lenders will consider the same information, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Chandler, AZ — even without the best credit or income. You don't want to go with the first offer you receive because there could be a better one right around the corner. Keep in mind some lenders are open to negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Chandler, AZ
myAutoloan is committed to helping you find the lowest auto loan rates in Chandler, AZ regardless of what type of vehicle you're buying or your credit score. We'll show you up to four loans at once so you can get the right deal. Fill out our secure online application, select the best loan for you, and visit your Chandler dealer to purchase a new car. Apply now to see today's lowest interest rates!