What Determines Your Auto Loan Rate in Victorville, CA?
Several factors impact your California auto loan rate, including your credit score, the amount of the loan, your income, the down payment, the age of the car, 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 Victorville dealership could lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the more you pay each month and the more you spend over the life of your loan. Even a rate one or two percent higher could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Victorville, CA?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before you start applying for auto loans in Victorville, CA. If you've supplied your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one thing you have total control over. Most Victorville auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms attract many borrowers because they usually have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can handle a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you determine what you might be able to afford.
If your credit is far from great, improving your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take today to bring it up 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 some time to find the right lender can also help you secure a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Victorville, CA — even if you don't have the highest income or best credit. You don't want to 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 other to see if they can beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Victorville, CA
myAutoloan is committed to helping you find the lowest auto loan rates in Victorville, CA no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can find the perfect loan. Complete our secure online application, choose the loan that looks best to you, and head to your Victorville dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!