How Are Car Loan Rates in Surprise, AZ Calculated?
A handful of factors affect your Arizona auto loan interest 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 poor credit score, low income, or buying an older vehicle from a dealer in Surprise could result in a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the higher your monthly payment is and the more you spend over the term of your loan. Even a rate one or two percent higher could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Surprise, AZ?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you start applying for auto loans in Surprise, AZ. If you've plugged in your information and aren't liking the percentage you see, what steps can you take to lower it?
The loan term is one element you have a lot of control over. Most auto loans in Surprise are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers take longer terms because they usually have a lower monthly payment. However, longer terms also tend to 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 with different terms and interest rates to help you figure out what you can afford.
If you have less than ideal credit, raising your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and how you can quickly bring it up. It may take some time and work to better your credit score, but it's worth it for 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 look at the same information, you'll likely receive a different interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Surprise, AZ — even if you don't have the highest income or best credit. You don't want to choose the first offer you get because a better one could be right around the corner. Don't forget some lenders will negotiate, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Discover the Best Auto Loan Rates in Surprise, AZ with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Surprise, AZ regardless of what type of vehicle you're buying or your credit score. 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 loan that looks best to you, and head to your Surprise dealer to purchase a new ride. Apply now to see today's lowest interest rates!