What Determines Your Auto Loan Rate in Glendale, CA?
Various factors affect your California car loan rate, including your income, your credits core, the loan amount, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Glendale could result in a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the higher your monthly payment is and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Glendale, CA?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you begin applying for auto loans in Glendale, CA. If you've supplied your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one factor you have total control over. Most car loans in Glendale are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, it's better 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 see what you can afford.
If your credit is far from great, raising your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take to bring it up fast. It may take some effort and time to increase your credit score, 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 snag a lower rate. While lenders will look at the same information, you won't receive the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Glendale, CA — even without a high income or credit score. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. And, some lenders allow for 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 Glendale, CA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Glendale, CA no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can find the best deal. Simply complete our secure online application, choose the loan that looks best to you, and visit your Glendale dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!