How Are Anaheim, CA Auto Loan Rates Determined?
Many factors contribute to your California 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 high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Anaheim could mean a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, the higher your monthly bill is 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 you spend hundreds more on interest.
How Do I Lower My Auto Loan Rate in Anaheim, CA?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before you begin applying for auto loans in Anaheim, CA. If you've filled out your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one thing you can control. Most auto loans in Anaheim 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 are also likely to come with higher interest rates. If you can afford a bigger 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 decide what might be affordable.
If your credit is less than stellar, increasing your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a 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'll be worth it once you see those lower California auto loan rates.
Putting effort into finding the right lender can also help you get a lower rate. While lenders take the same information into consideration, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Anaheim, CA — even if you don't have the best credit or income. 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 allow for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
See the Best Auto Loan Rates in Anaheim, CA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Anaheim, CA 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 right deal. Complete our secure online application, select the best loan for you, and visit your Anaheim dealer to purchase a new car. Apply today to see the current lowest interest rates!