What Determines Your Auto Loan Rate in Mission Viejo, CA?
Various factors contribute to your California auto loan interest rate, Including your credit score, your income, the amount of the loan, the down payment, the age of the car, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Mission Viejo dealer could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the more you pay each month and the more you spend in total. A difference of just one or two percent could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Mission Viejo, CA?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you start applying for auto loans in Mission Viejo, CA. If you've supplied your information and don't like the percentage you see, what can you do to lower it?
The loan term is one element you have total control over. Most Mission Viejo auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms attract many borrowers because they typically have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be depending on different interest rates and terms to help you determine what might be affordable.
If you have less than stellar credit, increasing 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 how you can quickly bring it up. It may take some time and work to better your credit score, but it'll be worth it once you see those lower California auto loan rates.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders will consider the same information, you won't receive the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Mission Viejo, CA — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Plus, some lenders allow for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Mission Viejo, CA
myAutoloan is here to help you get the lowest auto loan rates in Mission Viejo, 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. Fill out our simple and secure online application, choose the best loan for you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!