What Determines Your Auto Loan Rate in Manteca, CA?
Various factors contribute to your California car loan interest rate, including your income, your credits core, the loan amount, the down payment, your loan's term (the length of the loan), and the car's age. A poor credit score, low income, or buying an older vehicle from a dealer in Manteca could result in 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 life of your loan. A difference of one or two percent might not seem like much, but it could mean you spend hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Manteca, CA?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you start applying for auto loans in Manteca, CA. If you've plugged in your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one thing you have a lot of control over. Most Manteca auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because they usually have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you determine what you might be able to afford.
If you have less than stellar credit, improving 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 today to bring it up quickly. 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'll likely receive a different interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Manteca, CA — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Don't forget some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
See the Best Auto Loan Rates in Manteca, CA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Manteca, CA no matter your credit score or the type of car you're buying. We'll present you with up to four loans at once so you can find the best deal. Fill out our secure online application, choose the best loan for you, and visit your Manteca dealer to purchase a new car. Apply now to see today's lowest interest rates!