How Are Goodyear, AZ Auto Loan Rates Determined?
Various factors affect your Arizona car loan rate, including your income, your credits core, the loan amount, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Goodyear dealership might lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly payment becomes and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
Is There a Way to Lower My Goodyear Car Loan Rate?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before you start applying for auto loans in Goodyear, AZ. If you've supplied your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one factor you have a lot of control over. Most Goodyear car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers take longer terms because they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different terms and interest rates to help you see what might work for your budget.
If you have less than ideal credit, boosting your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and the steps you can take now to raise it quickly. Your credit score will take some effort and time to build, but it's all worth it for getting those lower auto loan rates in Arizona.
Putting effort into finding the right lender can also help you secure a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Goodyear, AZ — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because there could be a better one right around the corner. Keep in mind some lenders leave room 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 Goodyear, AZ with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Goodyear, AZ regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can find the right deal. Fill out our secure online application, choose the best loan for you, and head down to a dealer in Goodyear to purchase a new ride. Apply now to check today's lowest interest rates!