How Are Boyertown, PA Car Loan Rates Determined?
Several factors influence your Pennsylvania auto loan interest rate, including the loan amount, your credit score, your income, the car's age, the down payment, and the length of the loan (your loan's term). A poor credit score, low income, or buying an older vehicle from a dealer in Boyertown could lead to a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over the term 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 Boyertown Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before you start applying for auto loans in Boyertown, PA. If you've put in your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one aspect you can change on your own. Most Boyertown auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because they usually mean a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you see what might work for your budget.
If you have less than stellar credit, improving your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a 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 worth it to get those lower Pennsylvania car loan rates.
Putting effort into finding the right lender can also help you secure a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Boyertown, PA — even without the best credit or income. You don't want to choose the first offer you get because a better one might be waiting just around the corner. Keep in mind some lenders are open to negotiation, 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 Boyertown, PA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Boyertown, 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 find the right deal. Fill out our secure online application, select the best loan for you, and purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!