How Are La Quinta, CA Auto Loan Rates Determined?
Various factors contribute to your California car loan rate, including your credit score, the amount of the loan, 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 La Quinta dealership could lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the higher your monthly payment becomes and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more on interest.
Is There a Way to Lower My La Quinta Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before having to apply for a car loan in La Quinta, CA. If you've supplied your information and don't like the percentage you see, how can you lower?
The loan term is one thing you can change on your own. Most La Quinta 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 usually mean a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can handle a higher 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 determine what you might be able to afford.
If you have less than stellar credit, boosting 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'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 will look at 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 La Quinta, CA — even without the best credit or income. You don't want to go with the first offer you receive because a better one might be waiting just around the corner. Plus, some lenders are open to negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in La Quinta, CA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in La Quinta, CA no matter what type of car you're buying or your credit score. We'll present you with up to four loans at once so you can find the right deal. Fill out our secure online application, choose the loan that looks best to you, and head down to a dealer in La Quinta to purchase a new ride. Don't wait to apply and check today's lowest interest rates!