How Are Dunmore, PA Auto Loan Rates Determined?
Many factors influence your Pennsylvania auto loan rate, including your credit score, the amount of the loan, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Dunmore dealership could lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the higher your monthly payment is and the more you spend over your loan’s term. Even a rate one or two percent higher could mean spending hundreds more overall.
Can I Lower My Car Loan Rate in Dunmore, PA?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before having to apply for a car loan in Dunmore, PA. If you've supplied your information and don't like the percentage you see, what can be done to lower it?
The loan term is one factor you can change on your own. Most Dunmore car 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 the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If you can handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you figure out what you might be able to afford.
If your credit is less than stellar, raising your score could lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and how you can quickly bring it up. It may take some effort and time to increase your credit score, but it'll be worth it once you see those lower Pennsylvania auto loan rates.
Waiting to find the right lender can also help you secure a lower rate. While lenders will look at the same information, you won't receive the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Dunmore, 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 might be waiting just around the corner. Don't forget 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.
Find the Best Auto Loan Rates in Dunmore, PA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Dunmore, 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. Complete our secure online application, select the best loan for you, and purchase a new ride from your {City}} dealer. Apply now to see today's lowest interest rates!