How Are Glenwood Springs, CO Auto Loan Rates Determined?
Several factors affect your Colorado car loan interest 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Glenwood Springs dealership might lead to a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, 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 you spend hundreds more on interest.
Is There a Way to Lower My Glenwood Springs Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you complete an application for a car loan in Glenwood Springs, CO. If you've filled out your information and aren't liking the percentage you see, what steps can you take to lower it?
The loan term is one aspect you have total control over. Most Glenwood Springs car loans have terms in 12-month increments between 24 months (2 years) and 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 your budget allows for a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you determine what you can afford.
If you have less than ideal credit, raising your score could decrease your interest rate. Use our Guide to Better Credit for Auto Financing to better understand 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 for those lower Colorado auto loan rates.
Waiting to find the right lender can also help you secure a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Glenwood Springs, CO — even without the best credit or income. You shouldn't automatically choose the first offer you get because a better one could be right around the corner. Keep in mind some lenders leave room for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Discover the Best Auto Loan Rates in Glenwood Springs, CO with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Glenwood Springs, CO no matter what type of car you're buying or your credit score. We'll present you with up to four loans at once so you can find the right deal. Simply complete our secure online application, select the best loan for you, and visit your Glenwood Springs dealer to purchase a new car. Apply now to see today's lowest interest rates!