What Determines Your Auto Loan Rate in Porterville, CA?
Several factors contribute to your California auto loan 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Porterville dealership might lead to a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over the term of your loan. Just one or two percent more could mean spending hundreds more on interest.
Is There a Way to Lower My Porterville Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before having to apply for a car loan in Porterville, CA. If you've put in your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one thing you have total control over. Most Porterville 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 tend to also come with higher interest rates. If you can afford 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 decide what you might be able to afford.
If your credit is far from great, boosting your score could lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take to bring it up fast. Your credit score will take some effort and time to build, but it's worth it for those lower California auto loan rates.
Waiting to find the right lender can also help you get a lower rate. While lenders will look at the same information, each one might give you a different interest rate. You need to compare offers and shop around for the best auto loan rate in Porterville, CA — even if you don't have 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. 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.
Find the Best Auto Loan Rates in Porterville, CA with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Porterville, 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 find the best deal. Fill out our secure online application, select the best loan for you, and visit your Porterville dealer to purchase a new car. Apply today to see the current lowest interest rates!