What Determines Your Auto Loan Rate in San Rafael, CA?
Several factors affect your California car loan rate, including your income, your credits core, the loan amount, 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 San Rafael dealership could result in a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the higher your monthly payment is and the more you spend in total. A difference of just one or two percent could mean spending hundreds more overall.
Can I Lower My Car Loan Rate in San Rafael, CA?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before having to apply for a car loan in San Rafael, CA. If you've plugged in your information and aren't liking the percentage you see, how can you lower?
The loan term is one element you can change on your own. Most auto loans in San Rafael have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers because they typically have a lower monthly payment. But longer terms tend to also 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 your possible monthly payment with different terms and interest rates to help you determine what might work for your budget.
If your credit is far from great, increasing your score could help lower your interest rate. 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. It may take some effort and time to increase your credit score, but it's all worth it for getting those lower auto loan rates in California.
Waiting to find the right lender can also help you achieve a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in San Rafael, 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 might be a better one just around the corner. Keep in mind some lenders allow 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.
Use myAutoloan to Check the Best Auto Loan Rates in San Rafael, CA
myAutoloan is here to help you get the lowest auto loan rates in San Rafael, 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, pick the loan that works best for you, and purchase a new ride from your {City}} dealer. Apply now to see today's lowest interest rates!