How Are Woodland Hills, CA Car Loan Rates Determined?
Several factors affect your California car 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 poor credit score, low income, or buying an older vehicle from a dealer in Woodland Hills could mean a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly payment is and the more you spend in total. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
Is There a Way to Lower My Woodland Hills Car Loan Rate?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you complete an application for a car loan in Woodland Hills, CA. If you've plugged in your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one aspect you have total control over. Most auto loans in Woodland Hills have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If you can handle a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you decide what you might be able to afford.
If your credit is less than stellar, improving your score could help lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand 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's worth it to get those lower California car loan rates.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders take the same information into consideration, 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 Woodland Hills, CA — even if you don't have 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. And, some lenders allow for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
See the Best Auto Loan Rates in Woodland Hills, CA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Woodland Hills, CA regardless of what type of vehicle you're buying or your credit score. We'll present you with up to four loans at once so you can find the perfect loan. Complete our secure online application, choose the best loan for you, and head down to a dealer in Woodland Hills to purchase a new ride. Apply today to see the current lowest interest rates!