How Are Buellton, CA Car Loan Rates Determined?
A handful of factors influence your California auto loan rate, including your credit score, the amount of the loan, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Buellton could mean a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, 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 Can I Get a Lower Car Loan Rate in Buellton, CA?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you start applying for auto loans in Buellton, CA. If you've filled out your information and don't like the percentage you see, what can you do to lower it?
The loan term is one aspect you have total control over. Most car loans in Buellton have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because they usually have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If your budget allows for a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you figure out what might be affordable.
If you have less than stellar credit, boosting your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take today to bring it up quickly. Your credit score may take some more time and work, but it's worth it for those lower California auto loan rates.
Taking the time to hunt down the right lender can also help you snag 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 Buellton, CA — even without 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. And, 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.
Find the Best Auto Loan Rates in Buellton, CA with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Buellton, CA no matter your credit score or the type of car you're buying. 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, choose the best loan for you, and head down to a dealer in Buellton to purchase a new ride. Don't wait to apply and check today's lowest interest rates!