How Are Bristol, PA Car Loan Rates Determined?
Various factors contribute to your Pennsylvania car loan interest rate, including your credit score, the amount of the loan, your income, 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 Bristol could lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the higher your monthly payment is 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.
Can I Lower My Car Loan Rate in Bristol, PA?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you start applying for auto loans in Bristol, PA. If you've filled out your information and aren't happy with the percentage you see, how can you lower?
The loan term is one aspect you can control. Most Bristol car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms attract many borrowers because they typically have 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 terms and interest rates to help you determine what you can afford.
If you have less than stellar credit, increasing your score could help lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and how you can quickly bring it up. It may take some effort and time to increase your credit score, but it's all worth it for getting those lower auto loan rates in Pennsylvania.
Taking the time to hunt down the right lender can also help you secure a lower rate. While lenders will use the same information, you won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Bristol, PA — even without a high income or credit score. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. Don't forget 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.
Discover the Best Auto Loan Rates in Bristol, PA with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Bristol, PA no matter your credit score or the type of car you're buying. We'll present you with up to four loans at once so you can find the best deal. Fill out our simple and secure online application, choose the loan that looks best to you, and head to your Bristol dealer to purchase a new ride. Apply today to see the current lowest interest rates!