How Are Pocatello, ID Auto Loan Rates Determined?
Many factors affect your Idaho auto loan interest rate, Including your credit score, your income, the amount of the loan, 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 Pocatello might lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the more you pay each month and the more you spend in total. A difference of one or two percent might not seem like much, but it could mean you spend hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Pocatello, ID?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before you start applying for auto loans in Pocatello, ID. If you've plugged in your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one thing you can change on your own. Most Pocatello 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. But longer terms tend to also 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 with different terms and interest rates to help you determine what you might be able to 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 will help you understand what goes into a credit score and which steps you can take to bring it up fast. Your credit score may take some more time and work, but it's worth it for those lower Idaho auto loan rates.
Waiting to find the right lender can also help you achieve a lower rate. While lenders will look at 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 Pocatello, ID — even without a high income or credit score. You don't want to go with the first offer you receive because a better one could be right around the corner. Plus, some lenders leave room for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in Pocatello, ID with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Pocatello, ID 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 find the perfect loan. Fill out our simple and secure online application, select the best loan for you, and visit your Pocatello dealer to purchase a new car. Apply today to see the current lowest interest rates!