How Are Clearfield, PA Car Loan Rates Determined?
Various factors affect your Pennsylvania car loan 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 high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Clearfield could lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the higher your monthly bill is and the more you spend over the life 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.
How Can I Get a Lower Car Loan Rate in Clearfield, PA?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before you start applying for auto loans in Clearfield, PA. If you've filled out your information and aren't liking the percentage you see, how can you lower?
The loan term is one aspect you can control. Most Clearfield auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. But longer terms are also likely to 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 shows your possible monthly payment depending on different interest rates and terms to help you see what might be affordable.
If your credit is far from great, raising your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take today to bring it up quickly. It may take some time and work to better your credit score, but it's worth it for those lower Pennsylvania auto 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. You need to compare offers and shop around for the best auto loan rate in Clearfield, 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. Keep in mind 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.
Use myAutoloan to Check the Best Auto Loan Rates in Clearfield, PA
myAutoloan is committed to helping you find the lowest auto loan rates in Clearfield, PA regardless of what type of vehicle you're buying or your credit score. We'll show you up to four loans at once so you can find the perfect loan. Simply complete our secure online application, choose the loan that looks best to you, and purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!