What Determines Your Auto Loan Rate in Devon, PA?
A handful of factors influence your Pennsylvania auto loan interest rate, including your income, your credits core, the loan amount, 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 Devon could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the more you pay each month and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Devon, PA?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before you begin applying for auto loans in Devon, PA. If you've put in your information and aren't liking the percentage you see, what steps can you take to lower it?
The loan term is one element you have total control over. Most Devon auto loans 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, longer terms also tend to come with higher interest rates. If you can afford a bigger 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 figure out what might be affordable.
If you have less than stellar credit, boosting your score could decrease 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. Your credit score will take some effort and time to build, but it's worth it to get those lower Pennsylvania car loan rates.
Waiting to find the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, each one might give you a different interest rate. You need to compare offers and shop around for the best auto loan rate in Devon, PA — even if you don't have the best credit or income. You don't want to choose the first offer you get because a better one could be right around the corner. And, 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 Devon, PA with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Devon, PA regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can find the perfect loan. Complete our secure online application, choose the loan that looks best to you, and head down to a dealer in Devon to purchase a new ride. Apply today to see the current lowest interest rates!