What Determines Your Auto Loan Rate in Livermore, CA?
Several factors affect your California auto loan interest rate, including your credit score, the amount of the loan, your income, 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 Livermore could lead to a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the higher your monthly bill is and the more you spend over the term of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Livermore, CA?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before you complete an application for a car loan in Livermore, CA. If you've filled out your information and aren't liking the percentage you see, what steps can you take to lower it?
The loan term is one thing you can control. Most auto loans in Livermore have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because they usually mean a lower monthly payment. But longer terms are also likely to come with higher interest rates. If your budget allows for a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like with different terms and interest rates to help you decide what you can afford.
If your credit is far from great, improving your score could lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and how you can quickly bring it up. Your credit score may take some more time and work, but it's all worth it for getting those lower auto loan rates in California.
Taking the time to hunt down the right lender can also help you get 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 compare offers and shop around for the best auto loan rate in Livermore, CA — even without the best credit or income. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. Keep in mind some lenders leave room 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 Livermore, CA with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Livermore, CA no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can find the perfect loan. Complete our secure online application, choose the best loan for you, and head down to a dealer in Livermore to purchase a new ride. Don't wait to apply and check today's lowest interest rates!