How Are Car Loan Rates in Tucson, AZ Calculated?
Several factors affect your Arizona car loan 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Tucson dealership might lead to a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, the higher your monthly payment is and the more you spend in total. Just one or two percent more could mean you spend hundreds more on interest.
Is There a Way to Lower My Tucson Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before having to apply for a car loan in Tucson, AZ. If you've filled out your information and don't like the percentage you see, what steps can you take to lower it?
The loan term is one thing you have a lot of control over. Most Tucson car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because they typically have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you determine what might be affordable.
If you have less than stellar credit, improving your score could decrease your interest rate. 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. Your credit score may take some more time and work, but it's all worth it for getting those lower auto loan rates in Arizona.
Waiting to find the right lender can also help you achieve a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Tucson, AZ — even without a high income or credit score. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Plus, some lenders leave room for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Find the Best Auto Loan Rates in Tucson, AZ with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Tucson, 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 find the best deal. Fill out our simple and secure online application, choose the loan that looks best to you, and head to your Tucson dealer to purchase a new ride. Apply now to see today's lowest interest rates!