How Are Car Loan Rates in Burlingame, CA Calculated?
Several factors contribute to your California auto loan 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 high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Burlingame could mean a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly payment is and the more you spend over the term of your loan. Even a rate one or two percent higher could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Burlingame, CA?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before you complete an application for a car loan in Burlingame, CA. If you've put in your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one factor you can control. Most car loans in Burlingame have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers take longer terms because they typically have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can handle a higher monthly payment, it's wise 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 might be affordable.
If your credit is less than stellar, boosting your score could decrease your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take today to bring it up quickly. It may take some time and work to better your credit score, 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 will use the same information, 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 Burlingame, CA — even without a high income or credit score. You don't want to choose the first offer you get because a better one might be waiting just around the corner. And, some lenders are open to 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 Burlingame, CA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Burlingame, CA no matter what type of car you're buying or your credit score. You can see 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 Burlingame to purchase a new ride. Apply now to see today's lowest interest rates!