How Are Twin Falls, ID Car Loan Rates Determined?
Various factors affect your Idaho auto 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Twin Falls dealer could mean a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, the more you pay each month and the more you spend over the life 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 Twin Falls, ID?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before having to apply for a car loan in Twin Falls, ID. If you've plugged in your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one element you have a lot of control over. Most Twin Falls auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers take longer terms because they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you decide what you might be able to 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 today to bring it up quickly. Your credit score may take some more time and work, but it'll be worth it once you see those lower Idaho auto loan rates.
Waiting to find 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 compare offers and shop around for the best auto loan rate in Twin Falls, ID — even without a high income or credit score. You don't want to go with the first offer you receive because there could be a better one right around the corner. Keep in mind some lenders are open to negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Twin Falls, ID
myAutoloan is dedicated to helping you find the lowest car loan rates in Twin Falls, ID regardless of what type of vehicle you're buying or your credit score. You can see up to four loans at once so you can find the right deal. Fill out our simple and secure online application, pick the loan that works best for you, and head down to a dealer in Twin Falls to purchase a new ride. Apply now to check today's lowest interest rates!