How Are Calabasas, CA Car Loan Rates Determined?
Many factors impact your California car loan interest rate, Including your credit score, your income, the amount of the loan, 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 Calabasas could lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the higher your monthly payment is and the more you spend over your loan’s term. A difference of just one or two percent could mean spending hundreds more on interest.
Is There a Way to Lower My Calabasas Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you complete an application for a car loan in Calabasas, CA. If you've supplied your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one aspect you can change on your own. Most auto loans in Calabasas have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers because they usually mean a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you see what might be affordable.
If your credit is less than stellar, raising your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and the steps you can take now to raise it quickly. Your credit score may take some more time and work, 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 snag a lower rate. While lenders will consider the same information, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Calabasas, CA — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. And, some lenders allow for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
See the Best Auto Loan Rates in Calabasas, CA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Calabasas, CA regardless of what type of vehicle 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 loan that looks best to you, and head to your Calabasas dealer to purchase a new ride. Apply now to see today's lowest interest rates!