How Are Car Loan Rates in Ardmore, PA Calculated?
A handful of factors impact your Pennsylvania auto loan 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Ardmore dealership could mean a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the higher your monthly payment 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.
How Can I Get a Lower Car Loan Rate in Ardmore, PA?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you begin applying for auto loans in Ardmore, PA. If you've filled out your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one aspect you have total control over. Most auto loans in Ardmore have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because the monthly payment is usually lower. But longer terms tend to also come with higher interest rates. If you can afford 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 you have less than ideal credit, increasing your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and how you can quickly bring it up. Your credit score may take some more time and work, but it's all worth it for getting those lower auto loan rates in Pennsylvania.
Putting effort into finding the right lender can also help you get a lower rate. While lenders will use the same information, you won't see the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Ardmore, PA — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Don't forget 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.
See the Best Auto Loan Rates in Ardmore, PA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Ardmore, PA 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 best deal. Simply complete our secure online application, choose the loan that looks best to you, and head to your Ardmore dealer to purchase a new ride. Apply now to check today's lowest interest rates!