How Are Boise, ID Auto Loan Rates Determined?
Several factors affect your Idaho car loan 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 high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Boise could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the higher your monthly payment is and the more you spend over the life of your loan. Just one or two percent more could mean you spend hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Boise, ID?
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 Boise, ID. If you've plugged in your information and aren't liking the percentage you see, how can you lower?
The loan term is one element you can control. Most Boise 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 the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If you can afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be depending on different interest rates and terms to help you decide what you can afford.
If your credit is far from great, improving your score could lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take to bring it up fast. Your credit score will take some effort and time to build, but it's all worth it for getting those lower auto loan rates in Idaho.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders will use the same information, you won't receive the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Boise, ID — even if you don't have the best credit or income. You don't want to choose the first offer you get because a better one could be right around the corner. And, some lenders are open to 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 Boise, ID with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Boise, ID no matter your credit score or the type of car you're buying. We'll present you with up to four loans at once so you can find the perfect loan. Fill out our secure online application, choose the best loan for you, and head to your Boise dealer to purchase a new ride. Apply today to see the current lowest interest rates!