How Are Santa Rosa, CA Auto Loan Rates Determined?
Many factors contribute to your California car loan rate, Including your credit score, your income, the amount of the loan, 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 Santa Rosa dealership could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the higher your monthly payment is and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more on interest.
Is There a Way to Lower My Santa Rosa Car Loan Rate?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before you complete an application for a car loan in Santa Rosa, CA. If you've filled out your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one factor you can change on your own. Most car loans in Santa Rosa are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers take longer terms because the monthly payment is usually lower. But longer terms are also likely to 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 payments might look like with different interest rates and terms to help you decide what might work for your budget.
If your credit is far from great, raising 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. 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.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders will use the same information, you won't receive the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Santa Rosa, CA — even without the best credit or income. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. And, some lenders will negotiate, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Santa Rosa, CA
myAutoloan is committed to helping you find the lowest auto loan rates in Santa Rosa, 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. Fill out our secure online application, choose the best loan for you, and purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!