How Are Lewiston, ID Auto Loan Rates Determined?
Various factors impact your Idaho auto loan rate, including your credit score, the amount of the loan, your income, the down payment, your loan's term (the length of the loan), and the car's age. A poor credit score, low income, or buying an older vehicle from a dealer in Lewiston could result in a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the higher your monthly bill is and the more you spend in total. Even a rate one or two percent higher could mean you spend hundreds more on interest.
Is There a Way to Lower My Lewiston 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 Lewiston, ID. If you've put in your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one aspect you can control. Most Lewiston auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. 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 your budget allows for a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you figure out what you can afford.
If you have less than ideal credit, improving 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 which steps you can take today to bring it up quickly. Your credit score will take some effort and time to build, but it's worth it for those lower Idaho auto loan rates.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders will use the same information, you won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Lewiston, ID — even without the best credit or income. You shouldn't go with the first offer you receive because there could be a better one right around the corner. Keep in mind 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.
Discover the Best Auto Loan Rates in Lewiston, ID with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Lewiston, ID 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, pick the loan that works best for you, and purchase a new ride from your {City}} dealer. Apply now to see today's lowest interest rates!