How Are Walnut Creek, CA Car Loan Rates Determined?
Many factors affect your California car loan interest 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, low credit score, or purchasing an older car from a dealer in Walnut Creek could result in a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the higher your monthly bill is 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 spending hundreds more overall.
How Do I Lower My Auto Loan Rate in Walnut Creek, CA?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you complete an application for a car loan in Walnut Creek, CA. If you've put in your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one factor you can control. Most Walnut Creek auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because they usually have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different terms and interest rates to help you figure out what you might be able to afford.
If your credit is less than stellar, increasing your score could bring your interest rate down. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and how you can quickly bring it up. Your credit score will take some effort and time to build, but it's worth it for those lower California auto loan rates.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Walnut Creek, CA — even without the best credit or income. You don't want to go with the first offer you receive because there could be a better one right around the corner. Don't forget some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
See the Best Auto Loan Rates in Walnut Creek, CA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Walnut Creek, CA regardless of what type of vehicle you're buying or your credit score. You can see up to four loans at once so you can find the perfect loan. Simply complete our secure online application, pick the loan that works best for you, and head to your Walnut Creek dealer to purchase a new ride. Apply now to check today's lowest interest rates!