How Are Van Nuys, CA Auto Loan Rates Determined?
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 Van Nuys dealership could lead to a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend in total. A difference of just one or two percent could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Van Nuys, CA?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you begin applying for auto loans in Van Nuys, CA. If you've plugged in your information and don't like the percentage you see, how can you lower?
The loan term is one aspect you have total control over. Most Van Nuys auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 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 bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you decide what might be affordable.
If you have less than ideal credit, increasing your score could decrease 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 the time to hunt down the right lender can also help you get a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Van Nuys, 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. And, some lenders leave room for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Van Nuys, CA
myAutoloan is dedicated to helping you find the lowest car loan rates in Van Nuys, 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 perfect loan. Complete our secure online application, pick the loan that works best for you, and purchase a new ride from your {City}} dealer. Apply today to see the current lowest interest rates!