How Are Scottsdale, AZ Car Loan Rates Determined?
A handful of factors affect your Arizona car loan interest rate, Including your credit score, your income, the amount of the loan, the car's age, the down payment, and the length of the loan (your loan's term). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Scottsdale dealer could result in a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over the term of your loan. A difference of just one or two percent could mean spending hundreds more overall.
Can I Lower My Car Loan Rate in Scottsdale, AZ?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before you begin applying for auto loans in Scottsdale, AZ. If you've filled out your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one thing you can control. Most Scottsdale auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers because they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a bigger monthly payment, it's better 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 determine 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 which steps you can take to bring it up fast. 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.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Scottsdale, AZ — even without the best credit or income. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. Don't forget some lenders leave room for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Discover the Best Auto Loan Rates in Scottsdale, AZ with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Scottsdale, AZ no matter your credit score or the type of car you're buying. We'll show you up to four loans at once so you can find the perfect loan. Fill out our simple and secure online application, choose the loan that looks best to you, and purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!