How Are Golden, CO Car Loan Rates Determined?
Several factors contribute to your Colorado car loan interest 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Golden dealership could mean a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, the more you pay each month and the more you spend in total. Just one or two percent more could mean you spend hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Golden, CO?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before you start applying for auto loans in Golden, CO. If you've filled out your information and are unhappy with the percentage you see, how can you lower?
The loan term is one aspect you can change on your own. Most Golden car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms will tempt many borrowers because they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, it's wise 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 see what might be affordable.
If your credit is less than stellar, improving your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and the steps you can take now to raise it quickly. Your credit score may take some more time and work, but it'll be worth it once you see those lower Colorado auto loan rates.
Waiting to find the right lender can also help you secure a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Golden, CO — even without the best credit or income. You don't want to go with the first offer you receive because a better one could be right around the corner. Don't forget 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 Golden, CO with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Golden, CO regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can get the right deal. Fill out our secure online application, select the best loan for you, and head down to a dealer in Golden to purchase a new ride. Apply now to check today's lowest interest rates!