What Determines Your Auto Loan Rate in Clovis, CA?
Many factors affect your California auto loan interest rate, including your income, your credits core, the loan amount, the down payment, your loan's term (the length of the loan), and the car's age. A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Clovis dealer might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the higher your monthly payment is and the more you spend in total. A difference of one or two percent might not seem like much, but it could mean spending hundreds more overall.
Is There a Way to Lower My Clovis Car Loan Rate?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you begin applying for auto loans in Clovis, CA. If you've supplied your information and aren't happy with the percentage you see, how can you lower?
The loan term is one thing you can control. Most Clovis car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms will tempt many borrowers because they typically have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. 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 with different terms and interest rates to help you figure out what might be affordable.
If you have less than stellar credit, improving your score could lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take today to bring it up quickly. It may take some effort and time to increase your credit score, but it's worth it for those lower California auto loan rates.
Taking some time to find 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. It's important to shop around and compare offers to find the best car loan rate in Clovis, CA — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because a better one could be right around the corner. Keep in mind some lenders will negotiate, 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 Clovis, CA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Clovis, CA regardless of what type of vehicle you're buying or your credit score. We'll present you with up to four loans at once so you can find the perfect loan. Simply complete our secure online application, choose the best loan for you, and purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!