What Determines Your Auto Loan Rate in Glendale, AZ?
Several factors contribute to your Arizona auto loan interest rate, including your credit score, the amount of the loan, your income, the down payment, the age of the car, 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 Glendale dealer could result in a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the higher your monthly payment becomes and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Glendale, AZ?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before you complete an application for a car loan in Glendale, AZ. If you've put in your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one thing you can change on your own. Most car loans in Glendale 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. However, longer terms also tend to come with higher interest rates. If your budget allows for a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you figure out what you can afford.
If you have less than stellar credit, improving your score could bring your interest rate down. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and how you can quickly bring it up. It may take some effort and time to increase your credit score, but it'll be worth it once you see those lower Arizona auto loan rates.
Taking the time to hunt down the right lender can also help you secure a lower rate. While lenders will use the same information, each one might give you a different interest rate. You need to compare offers and shop around for the best auto loan rate in Glendale, AZ — even without the best credit or income. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Keep in mind some lenders allow for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Discover the Best Auto Loan Rates in Glendale, AZ with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Glendale, AZ no matter your credit score or 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 simple and secure online application, choose the loan that looks best to you, and head down to a dealer in Glendale to purchase a new ride. Apply today to see the current lowest interest rates!