How Are Car Loan Rates in Irvine, CA Calculated?
Several factors influence your California car loan rate, including your income, your credits core, the loan amount, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Irvine dealership could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the more you pay each month and the more you spend over the term of your loan. Just one or two percent more could mean spending hundreds more overall.
How Do I Get a Lower Car Loan Interest in Irvine, CA?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you complete an application for a car loan in Irvine, CA. If you've plugged in your information and are unhappy with the percentage you see, how can you lower?
The loan term is one aspect you have total control over. Most Irvine car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If you can afford a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you see what you can afford.
If you have less than stellar credit, boosting your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take to bring it up fast. Your credit score will take some effort and time to build, but it's worth it for those lower California auto loan rates.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, you won't see the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Irvine, CA — even without the best credit or income. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. Plus, some lenders will negotiate, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Discover the Best Auto Loan Rates in Irvine, CA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Irvine, 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 get the right deal. Complete our secure online application, select the best loan for you, and visit your Irvine dealer to purchase a new car. Apply now to check today's lowest interest rates!