How Are Car Loan Rates in Butler, PA Calculated?
A handful of factors contribute to your Pennsylvania car loan 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 Butler dealership could result in a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the more you pay each month 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 spending hundreds more overall.
Is There a Way to Lower My Butler Car Loan Rate?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before having to apply for a car loan in Butler, PA. If you've filled out your information and don't like the percentage you see, what steps can you take to lower it?
The loan term is one factor you have total control over. Most auto loans in Butler have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers take longer terms because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If you can afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like with different terms and interest rates to help you decide what might work for your budget.
If your credit is far from great, raising your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and the steps you can take now to raise it quickly. It may take some effort and time to increase your credit score, but it's worth it for those lower Pennsylvania auto loan rates.
Taking the time to hunt down the right lender can also help you get a lower rate. While lenders will look at 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 Butler, PA — even without a high income or credit score. You shouldn't go with the first offer you receive because a better one could be right around the corner. Keep in mind some lenders allow for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Butler, PA
myAutoloan is committed to helping you find the lowest auto loan rates in Butler, PA regardless of your credit score and the type of car you're buying. We'll present you with up to four loans at once so you can find the right deal. Simply complete our secure online application, select the best loan for you, and head to your Butler dealer to purchase a new ride. Apply now to see today's lowest interest rates!