How Are Rexburg, ID Auto Loan Rates Determined?
A handful of factors affect your Idaho auto loan rate, including the loan amount, your credit score, 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 Rexburg could lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly bill is and the more you spend over your loan’s term. Even a rate one or two percent higher could mean spending hundreds more on interest.
Is There a Way to Lower My Rexburg Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you complete an application for a car loan in Rexburg, ID. If you've supplied your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one element you can change on your own. Most car loans in Rexburg have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a higher monthly payment, it's wise 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 figure out what you might be able to afford.
If your credit is far from great, raising your score could help lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and how you can quickly bring it up. It may take some effort and time to increase your credit score, but it'll be worth it once you see those lower Idaho auto loan rates.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders will use the same information, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Rexburg, 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. And, 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.
See the Best Auto Loan Rates in Rexburg, ID with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Rexburg, ID no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can find the best deal. Fill out our secure online application, choose the loan that looks best to you, and visit your Rexburg dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!