How Are Yuma, AZ Car Loan Rates Determined?
Many factors impact your Arizona car loan interest rate, including your income, your credits core, the loan amount, 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 Yuma could lead to 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 over the life of your loan. Just one or two percent more could mean spending hundreds more on interest.
Is There a Way to Lower My Yuma Car Loan Rate?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you complete an application for a car loan in Yuma, 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 control. Most Yuma car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers take longer terms because they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you decide what you might be able to afford.
If your credit is far from great, improving your score could lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and how you can quickly bring it up. Your credit score will take some effort and time to build, but it's worth it for those lower Arizona auto loan rates.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders will consider 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 Yuma, 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. 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.
See the Best Auto Loan Rates in Yuma, AZ with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Yuma, AZ no matter what type of car you're buying or your credit score. We'll present you with up to four loans at once so you can get the right deal. Fill out our secure online application, choose the best loan for you, and head down to a dealer in Yuma to purchase a new ride. Don't wait to apply and check today's lowest interest rates!