How Are Altoona, PA Car Loan Rates Determined?
Various factors contribute to your Pennsylvania car loan rate, Including your credit score, your income, the amount of the loan, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Altoona dealership might lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the higher your monthly payment is and the more you spend in total. Just one or two percent more could mean spending hundreds more overall.
Is There a Way to Lower My Altoona Car Loan Rate?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before you complete an application for a car loan in Altoona, PA. If you've supplied your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one aspect you have a lot of control over. Most auto loans in Altoona are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt many borrowers because they usually have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different terms and interest rates to help you decide what you can afford.
If your credit is far from great, raising 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 today to bring it up quickly. It may take some time and work to better your credit score, but it's worth it to get those lower Pennsylvania car loan rates.
Taking the time to hunt down the right lender can also help you secure a lower rate. While lenders will look at the same information, you won't receive the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Altoona, PA — even without the best credit or income. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. And, some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Altoona, PA with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Altoona, PA no matter your credit score or the type of car you're buying. You can look at up to four loans at once so you can get the right deal. Fill out our secure online application, pick the loan that works best for you, and head to your Altoona dealer to purchase a new ride. Apply now to see today's lowest interest rates!