How Are Bellevue, PA Car Loan Rates Determined?
A handful of factors affect your Pennsylvania car loan rate, including the loan amount, your credit score, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Bellevue might lead to a higher interest rate. But what's so bad 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. A difference of one or two percent might not seem like much, but it could mean you spend hundreds more on interest.
Is There a Way to Lower My Bellevue Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before having to apply for a car loan in Bellevue, PA. If you've put in your information and don't like the percentage you see, what can be done to lower it?
The loan term is one element you can change on your own. Most Bellevue auto loans 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 have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you decide what you might be able to afford.
If you have less than stellar credit, boosting 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 the steps you can take now to raise it quickly. It may take some time and work to better your credit score, but it's all worth it for getting those lower auto loan rates in Pennsylvania.
Taking some time to find the right lender can also help you secure 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 Bellevue, PA — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because a better one could be right around the corner. And, some lenders allow for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Use myAutoloan to Check the Best Auto Loan Rates in Bellevue, PA
myAutoloan wants to help you find the lowest auto loan rates in Bellevue, PA regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can find the best deal. Complete our secure online application, choose the loan that looks best to you, and head to your Bellevue dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!