How Are Fairfield, CA Car Loan Rates Determined?
Various 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, poor credit score, or choosing an older vehicle at your Fairfield dealership could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the higher your monthly payment becomes and the more you spend over the term of your loan. Just one or two percent more could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Fairfield, CA?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before you complete an application for a car loan in Fairfield, CA. If you've filled out your information and aren't liking the percentage you see, how can you lower?
The loan term is one thing you have total control over. Most Fairfield auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because they usually have a lower monthly payment. 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 based on different interest rates and terms to help you decide what you might be able to afford.
If you have less than ideal credit, improving your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and how you can quickly bring it up. 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.
Waiting to find the right lender can also help you secure a lower rate. While lenders take the same information into consideration, 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 Fairfield, CA — even without the best credit or income. You shouldn't go with the first offer you receive because a better one could be right around the corner. Don't forget 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.
See the Best Auto Loan Rates in Fairfield, CA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Fairfield, 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 find the perfect loan. Fill out our simple and secure online application, select the best loan for you, and head down to a dealer in Fairfield to purchase a new ride. Apply now to see today's lowest interest rates!