What Determines Your Auto Loan Rate in Jerome, ID?
A handful of factors contribute to your Idaho auto 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 poor credit score, low income, or buying an older vehicle from a dealer in Jerome could lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the more you pay each month and the more you spend over the term of your loan. Just one or two percent more could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Jerome, ID?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before having to apply for a car loan in Jerome, ID. If you've supplied your information and don't like the percentage you see, how can you lower?
The loan term is one factor you can control. Most car loans in Jerome are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers take longer terms because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If you can handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you decide what you can afford.
If you have less than ideal credit, boosting your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and how you can quickly bring it up. It may take some effort and time to increase your credit score, 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 achieve a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Jerome, ID — even without a high income or credit score. You shouldn't automatically choose the first offer you get because a better one could be right around the corner. Plus, some lenders allow for negotiation, 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 Jerome, ID
myAutoloan is dedicated to helping you find the lowest car loan rates in Jerome, ID no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can get the right deal. Simply complete our secure online application, choose the loan that looks best to you, and head down to a dealer in Jerome to purchase a new ride. Apply now to check today's lowest interest rates!