How Are Poway, CA Car Loan Rates Determined?
Many factors influence your California auto loan interest rate, including your credit score, the amount of the loan, your income, the car's age, the down payment, and the length of the loan (your loan's term). A poor credit score, low income, or buying an older vehicle from a dealer in Poway could result in 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 over the term 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.
Can I Lower My Car Loan Rate in Poway, CA?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you complete an application for a car loan in Poway, CA. If you've filled out your information and are unhappy with the percentage you see, how can you lower?
The loan term is one factor you have a lot of control over. Most car loans in Poway are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because they usually mean a lower monthly payment. However, a longer term also tends to come with a higher interest rate. 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 with different interest rates and terms to help you figure out what you can afford.
If you have less than stellar credit, improving your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a 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 all worth it for getting those lower auto loan rates in California.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders will consider the same information, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Poway, CA — even if you don't have the best credit or income. You don't want to go with the first offer you receive because there could be a better one right around the corner. Keep in mind some lenders leave room for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Find the Best Auto Loan Rates in Poway, CA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Poway, CA no matter your credit score or the type of car you're buying. You can look at up to four loans at once so you can find the right deal. Complete our secure online application, choose the loan that looks best to you, and head to your Poway dealer to purchase a new ride. Apply today to see the current lowest interest rates!