What Determines Your Auto Loan Rate in Flagstaff, AZ?
Many factors contribute to your Arizona car loan interest rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A poor credit score, low income, or buying an older vehicle from a dealer in Flagstaff might lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the higher your monthly payment becomes and the more you spend over the life of your loan. Even a rate one or two percent higher could mean spending hundreds more overall.
Can I Lower My Car Loan Rate in Flagstaff, AZ?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you complete an application for a car loan in Flagstaff, AZ. If you've supplied your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one element you have a lot of control over. Most Flagstaff auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt many borrowers because the monthly payment is usually lower. But longer terms tend to also come with higher interest rates. If you can afford a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be based on different interest rates and terms to help you figure out what you might be able to afford.
If your credit is far from great, boosting your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take today to bring it up quickly. Your credit score may take some more time and work, but it's worth it to get those lower Arizona car loan rates.
Waiting to find the right lender can also help you snag a lower rate. While lenders will consider the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Flagstaff, AZ — even if you don't have the best credit or income. You don't want to choose the first offer you get because there might be a better one just around the corner. Don't forget some lenders will negotiate, 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 Flagstaff, AZ
myAutoloan is dedicated to helping you find the lowest car loan rates in Flagstaff, AZ regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can find the right deal. Fill out our secure online application, pick the loan that works best for you, and head to your Flagstaff dealer to purchase a new ride. Apply today to see the current lowest interest rates!