How Are Winslow, AZ Car Loan Rates Determined?
Several factors contribute to your Arizona auto loan rate, including your credit score, the amount of the loan, your income, the car's age, the down payment, and the length of the loan (your loan's term). A poor credit score, low income, or buying an older vehicle from a dealer in Winslow could lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate, the more you pay each month 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.
How Do I Lower My Auto Loan Rate in Winslow, AZ?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you start applying for auto loans in Winslow, AZ. If you've plugged in your information and aren't liking the percentage you see, how can you lower?
The loan term is one aspect you can change on your own. Most Winslow auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt many borrowers because they usually mean a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can afford a bigger monthly payment, it's wise 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 figure out what you can afford.
If you have less than stellar credit, raising your score could help lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score 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.
Waiting to find the right lender can also help you secure a lower rate. While lenders will use 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 Winslow, AZ — even without the best credit or income. You don't want to go with the first offer you receive because a better one could be right around the corner. Keep in mind some lenders allow for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Winslow, AZ with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Winslow, AZ no matter what type of car you're buying or your credit score. You can look at up to four loans at once so you can get the right deal. Fill out our simple and secure online application, pick the loan that works best for you, and visit your Winslow dealer to purchase a new car. Apply now to check today's lowest interest rates!