What Determines Your Auto Loan Rate in San Dimas, CA?
Many factors influence your California car loan interest rate, including your credit score, the amount of the loan, your income, 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 Dimas dealership could lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the higher your monthly payment becomes 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 spending hundreds more on interest.
Is There a Way to Lower My San Dimas Car Loan Rate?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before having to apply for a car loan in San Dimas, CA. If you've put in your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one thing you can control. Most auto loans in San Dimas have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If you can handle a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like with different terms and interest rates to help you determine what might work for your budget.
If you have less than ideal credit, improving your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and the steps you can take now to raise it quickly. It may take some time and work to better your credit score, but it'll be worth it once you see those lower California auto loan rates.
Taking some time to find the right lender can also help you snag a lower rate. While lenders will look at 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 Dimas, CA — even if you don't have the best credit or income. You don't want to choose the first offer you get because there might be a better one just around the corner. Don't forget some lenders allow for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in San Dimas, CA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in San Dimas, CA no matter your credit score or the type of car you're buying. We'll show you up to four loans at once so you can find the best deal. Simply complete our secure online application, pick the loan that works best for you, and head to your San Dimas dealer to purchase a new ride. Apply now to see today's lowest interest rates!