How Are Car Loan Rates in Beverly Hills, CA Calculated?
A handful of factors contribute to your California car loan interest rate, including your income, your credits core, the loan amount, the down payment, the age of the car, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Beverly Hills dealer could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the higher your monthly bill is and the more you spend over your loan’s term. Even a rate one or two percent higher could mean spending hundreds more on interest.
Is There a Way to Lower My Beverly Hills Car Loan Rate?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before having to apply for a car loan in Beverly Hills, CA. If you've plugged in your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one aspect you can control. Most Beverly Hills auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. 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 bigger monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you figure out what you can afford.
If you have less than stellar credit, increasing 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 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 California.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Beverly Hills, CA — 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. And, some lenders leave room for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Find the Best Auto Loan Rates in Beverly Hills, CA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Beverly Hills, CA regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can find the right deal. Simply complete our secure online application, choose the best loan for you, and visit your Beverly Hills dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!