What Determines Your Auto Loan Rate in Loveland, CO?
Various factors affect your Colorado car 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Loveland dealer could lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate, the higher your monthly bill is and the more you spend over the life of your loan. A difference of just one or two percent could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Loveland, CO?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you begin applying for auto loans in Loveland, CO. If you've plugged in your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one aspect you can control. Most Loveland 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 have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be depending on different interest rates and terms to help you decide what might work for your budget.
If your credit is far from great, boosting your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a 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 for those lower Colorado auto loan rates.
Taking the time to hunt down the right lender can also help you get a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Loveland, CO — even without a high income or credit score. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Plus, some lenders leave room for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Find the Best Auto Loan Rates in Loveland, CO with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Loveland, CO no matter your credit score or the type of car you're buying. You can look at up to four loans at once so you can find the best deal. Fill out our simple and secure online application, select the best loan for you, and head to your Loveland dealer to purchase a new ride. Apply now to see today's lowest interest rates!