How Are Thousand Oaks, CA Auto Loan Rates Determined?
Several factors contribute to your California auto 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 poor credit score, low income, or buying an older vehicle from a dealer in Thousand Oaks could result in a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the more you pay each month and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Thousand Oaks, CA?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before having to apply for a car loan in Thousand Oaks, CA. If you've put in your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one factor you have a lot of control over. Most Thousand Oaks car loans 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 they usually have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you figure out what you can afford.
If your credit is less than stellar, raising 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 which steps you can take today to bring it up quickly. It may take some effort and time to increase your credit score, but it's worth it for those lower California auto loan rates.
Waiting to find the right lender can also help you snag 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 Thousand Oaks, CA — even without a high income or credit score. 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 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 Thousand Oaks, CA
myAutoloan is here to help you get the lowest auto loan rates in Thousand Oaks, CA no matter your credit score or 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, pick the loan that works best for you, and visit your Thousand Oaks dealer to purchase a new car. Apply today to see the current lowest interest rates!