What Determines Your Auto Loan Rate in Bala Cynwyd, PA?
Many factors affect your Pennsylvania car loan interest rate, Including your credit score, your income, the amount of the loan, 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 Bala Cynwyd could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the higher your monthly bill is 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 Do I Lower My Auto Loan Rate in Bala Cynwyd, PA?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you start applying for auto loans in Bala Cynwyd, PA. If you've supplied your information and are unhappy with the percentage you see, how can you lower?
The loan term is one aspect you can change on your own. Most car loans in Bala Cynwyd have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers take longer terms because they usually mean a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can handle a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you determine what you can afford.
If you have less than stellar credit, raising your score could lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take today to bring it up quickly. Your credit score may take some more time and work, but it's worth it to get those lower Pennsylvania car loan rates.
Taking some time 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. Shopping around and comparing offers will help you find the best auto loan rate in Bala Cynwyd, 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 could be right around the corner. And, 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.
Find the Best Auto Loan Rates in Bala Cynwyd, PA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Bala Cynwyd, PA 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 get the right deal. Fill out our simple and secure online application, choose the loan that looks best to you, and head to your Bala Cynwyd dealer to purchase a new ride. Apply now to check today's lowest interest rates!