How Are Pleasanton, CA Car Loan Rates Determined?
Several factors affect your California auto loan interest rate, including the loan amount, your credit score, 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, poor credit score, or choosing an older vehicle at your Pleasanton dealership could result in a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the higher your monthly payment is and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean spending hundreds more overall.
Is There a Way to Lower My Pleasanton Car Loan Rate?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before having to apply for a car loan in Pleasanton, CA. If you've plugged in your information and don't like the percentage you see, what steps can you take to lower it?
The loan term is one element you can change on your own. Most Pleasanton car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers are drawn in by longer terms because they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can handle a higher monthly payment, it's wise 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 determine what you can afford.
If your credit is far from great, boosting your score could bring your interest rate down. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and the steps you can take now to raise it quickly. Your credit score will take some effort and time to build, but it'll be worth it once you see those lower California auto loan rates.
Taking the time to hunt down the right lender can also help you get a lower rate. While lenders will consider 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 Pleasanton, 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. And, 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.
Use myAutoloan to Check the Best Auto Loan Rates in Pleasanton, CA
myAutoloan wants to help you find the lowest auto loan rates in Pleasanton, 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. Simply complete our secure online application, choose the best loan for you, and visit your Pleasanton dealer to purchase a new car. Apply now to see today's lowest interest rates!