How Are Car Loan Rates in Sierra Vista, AZ Calculated?
Several factors impact your Arizona car loan rate, Including your credit score, your income, the amount of the loan, 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 Sierra Vista dealership could result in a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly bill is and the more you spend in total. Just one or two percent more could mean you spend hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Sierra Vista, AZ?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before having to apply for a car loan in Sierra Vista, AZ. If you've supplied your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one thing you can control. Most Sierra Vista auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract 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 shows what your monthly payments might look like based on different interest rates and terms to help you determine what you might be able to afford.
If you have less than stellar credit, improving your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and how you can quickly bring it up. 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.
Taking some time to find the right lender can also help you snag a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Sierra Vista, AZ — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. Plus, 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.
Use myAutoloan to Check the Best Auto Loan Rates in Sierra Vista, AZ
myAutoloan wants to help you find the lowest auto loan rates in Sierra Vista, AZ no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can get the right deal. Complete our secure online application, pick the loan that works best for you, and head to your Sierra Vista dealer to purchase a new ride. Apply now to see today's lowest interest rates!