What Determines Your Auto Loan Rate in Seaside, CA?
Several factors influence your California auto loan rate, Including your credit score, your income, the amount of the loan, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Seaside dealership might lead to 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 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.
Is There a Way to Lower My Seaside Car Loan Rate?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before having to apply for a car loan in Seaside, CA. If you've put in your information and don't like the percentage you see, what steps can you take to lower it?
The loan term is one aspect you have total control over. Most auto loans in Seaside have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because they typically have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can afford a higher monthly payment, it's smart 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 see what you might be able to afford.
If you have less than stellar credit, increasing your score could 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. Your credit score may take some more time and work, but it's worth it for those lower California auto loan rates.
Waiting to find the right lender can also help you get a lower rate. While lenders will consider the same information, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Seaside, CA — even if you don't have the highest income or best credit. 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 leave room for negotiation, 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 Seaside, CA
myAutoloan is committed to helping you find the lowest auto loan rates in Seaside, 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 best deal. Complete our secure online application, choose the best loan for you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!