How Are Monterey Park, CA Auto Loan Rates Determined?
Many factors influence your California auto loan interest rate, including your credit score, the amount of the loan, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Monterey Park could result in a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the higher your monthly bill is and the more you spend over the term of your loan. Just one or two percent more could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Monterey Park, CA?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before you begin applying for auto loans in Monterey Park, CA. If you've put in your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one aspect you can change on your own. Most Monterey Park car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms attract many borrowers because the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If you can afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be depending on different interest rates and terms to help you figure out what you can afford.
If your credit is far from great, increasing your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take today to bring it up quickly. Your credit score may take some more time and work, but it's worth it to get those lower California car loan rates.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Monterey Park, CA — even without the best credit or income. You shouldn't go with the first offer you receive because there could be a better one right around the corner. And, some lenders will negotiate, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
See the Best Auto Loan Rates in Monterey Park, CA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Monterey Park, 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. Fill out our secure online application, pick the loan that works best for you, and head to your Monterey Park dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!