How Are East Stroudsburg, PA Auto Loan Rates Determined?
Several factors contribute to your Pennsylvania auto loan rate, including your credit score, the amount of the loan, your income, 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 East Stroudsburg dealership could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the higher your monthly payment becomes 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.
Is There a Way to Lower My East Stroudsburg Car Loan Rate?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before you start applying for auto loans in East Stroudsburg, PA. If you've filled out your information and don't like the percentage you see, how can you lower?
The loan term is one element you can control. Most car loans in East Stroudsburg are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because they usually mean a lower monthly payment. But longer terms tend to also come with higher interest rates. If your budget allows for a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you decide what you might be able to afford.
If you have less than ideal 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 which steps you can take to bring it up fast. Your credit score will take some effort and time to build, but it's worth it to get those lower Pennsylvania car loan rates.
Putting effort into finding 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. It's important to shop around and compare offers to find the best car loan rate in East Stroudsburg, PA — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because there could be a better one right around the corner. Don't forget some lenders leave room for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
See the Best Auto Loan Rates in East Stroudsburg, PA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in East Stroudsburg, PA regardless of what type of vehicle you're buying or your credit score. You can see up to four loans at once so you can find the right deal. Fill out our simple and secure online application, choose the best loan for you, and head to your East Stroudsburg dealer to purchase a new ride. Apply now to see today's lowest interest rates!