How Are San Bernardino, CA Auto Loan Rates Determined?
Various factors impact your California car loan interest rate, including your income, your credits core, the loan amount, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your San Bernardino dealership could result in a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the more you pay each month and the more you spend over the life 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.
How Can I Get a Lower Car Loan Rate in San Bernardino, CA?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before having to apply for a car loan in San Bernardino, CA. If you've put in your information and aren't happy with the percentage you see, how can you lower?
The loan term is one element you can control. Most car loans in San Bernardino are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt many borrowers because the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If your budget allows for a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you determine what you might be able to afford.
If you have less than ideal credit, improving your score could decrease 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 today to bring it up quickly. Your credit score may take some more time and work, but it's worth it for 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 use the same information, you won't receive the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in San Bernardino, CA — even without the best credit or income. You shouldn't go with the first offer you receive because a better one could be right around the corner. Keep in mind some lenders are open to negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Use myAutoloan to Check the Best Auto Loan Rates in San Bernardino, CA
myAutoloan wants to help you find the lowest auto loan rates in San Bernardino, CA regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can find the perfect loan. Simply complete our secure online application, choose the loan that looks best to you, and head down to a dealer in San Bernardino to purchase a new ride. Apply today to see the current lowest interest rates!