How Are Car Loan Rates in Escondido, CA Calculated?
Many factors influence your California car loan interest rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Escondido could result in a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the more you pay each month and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more overall.
Is There a Way to Lower My Escondido Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you complete an application for a car loan in Escondido, CA. If you've plugged in your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one factor you can control. Most Escondido car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers take longer terms because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If you can handle a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be depending on different interest rates and terms to help you figure out what you might be able to afford.
If your credit is far from great, raising your score could lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and how you can quickly bring it up. Your credit score will take some effort and time to build, 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 secure a lower rate. While lenders take the same information into consideration, you won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Escondido, CA — even without the best credit or income. You don't want to go with the first offer you receive because there might be a better one just around the corner. Don't forget some lenders leave room for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Find the Best Auto Loan Rates in Escondido, CA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Escondido, 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 best deal. Complete our secure online application, pick the loan that works best for you, and purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!