What Determines Your Auto Loan Rate in Boulder, CO?
Several factors influence your Colorado auto loan interest rate, including your credit score, the amount of the loan, your income, the car's age, the down payment, and the length of the loan (your loan's term). A poor credit score, low income, or buying an older vehicle from a dealer in Boulder 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 payment is and the more you spend over your loan’s term. Even a rate one or two percent higher could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Boulder, CO?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before having to apply for a car loan in Boulder, CO. If you've filled out your information and aren't happy with the percentage you see, how can you lower?
The loan term is one factor you have total control over. Most Boulder auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because they usually mean a lower monthly payment. However, longer terms also tend to come with higher interest rates. If your budget allows for a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like based on different interest rates and terms to help you see what you can afford.
If you have less than stellar credit, raising your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and the steps you can take now to raise it quickly. Your credit score will take some effort and time to build, but it's worth it to get those lower Colorado car loan rates.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders will use the same information, each one might give you a different interest rate. It's important to shop around and compare offers to find the best car loan rate in Boulder, CO — even without the best credit or income. You don't want to go with the first offer you receive because a better one might be waiting just around the corner. Plus, some lenders will negotiate, 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 Boulder, CO
myAutoloan is here to help you get the lowest auto loan rates in Boulder, CO 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. Fill out our simple and secure online application, select the best loan for you, and head to your Boulder dealer to purchase a new ride. Apply today to see the current lowest interest rates!