What Determines Your Auto Loan Rate in Bethlehem, PA?
A handful of factors affect your Pennsylvania car loan interest rate, including your income, your credits core, the loan amount, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Bethlehem dealership could lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the higher your monthly bill is and the more you spend over your loan’s term. A difference of just one or two percent could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Bethlehem, PA?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before having to apply for a car loan in Bethlehem, PA. If you've put in your information and are unhappy with the percentage you see, how can you lower?
The loan term is one factor you can change on your own. Most Bethlehem car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because they typically have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, it's wise 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 see what might be affordable.
If you have less than stellar credit, boosting your score could bring your interest rate down. 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. Your credit score will take some effort and time to build, but it's worth it for those lower Pennsylvania auto loan rates.
Taking some time to find the right lender can also help you snag a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Bethlehem, PA — even if you don't have the best credit or income. You don't want to go with the first offer you receive because a better one could be right around the corner. Don't forget 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.
See the Best Auto Loan Rates in Bethlehem, PA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Bethlehem, PA no matter your credit score or the type of car you're buying. We'll show you up to four loans at once so you can find the right deal. Fill out our secure online application, choose the loan that looks best to you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!