How Are Car Loan Rates in Aurora, CO Calculated?
Various factors contribute to your Colorado auto loan rate, including your income, your credits core, the loan amount, the down payment, the age of the car, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Aurora dealer could lead to 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 the term of your loan. Even a rate one or two percent higher could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Aurora, CO?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you start applying for auto loans in Aurora, CO. 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 factor you can control. Most Aurora car loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers take longer terms because they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can handle a higher monthly payment, it's smart 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 decide what might be affordable.
If your credit is far from great, raising your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and how you can quickly bring it up. It may take some effort and time to increase your credit score, but it's worth it to get those lower Colorado car loan rates.
Waiting to find the right lender can also help you get a lower rate. While lenders take the same information into consideration, you won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Aurora, CO — even without the best credit or income. You don't want to choose the first offer you get because there might be a better one just around the corner. Keep in mind 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.
Find the Best Auto Loan Rates in Aurora, CO with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Aurora, CO regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can find the perfect loan. Simply complete our secure online application, choose the loan that looks best to you, and head to your Aurora dealer to purchase a new ride. Apply now to see today's lowest interest rates!