How Are Broomall, PA Car Loan Rates Determined?
A handful of 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 Broomall could mean a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the higher your monthly payment is and the more you spend over the term of your loan. Just one or two percent more could mean you spend hundreds more on interest.
Is There a Way to Lower My Broomall Car Loan Rate?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you begin applying for auto loans in Broomall, PA. If you've plugged in your information and aren't happy with the percentage you see, how can you lower?
The loan term is one aspect you can change on your own. Most Broomall auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because they usually mean 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, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you determine what might work for your budget.
If you have less than ideal credit, increasing 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 which steps you can take to bring it up fast. It may take some time and work to better your credit score, but it's worth it for those lower Pennsylvania auto loan rates.
Waiting to find the right lender can also help you get a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Broomall, PA — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Plus, 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.
See the Best Auto Loan Rates in Broomall, PA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Broomall, PA regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can find the right deal. Simply complete our secure online application, choose the loan that looks best to you, and head to your Broomall dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!