How Are Car Loan Rates in Elizabethtown, PA Calculated?
A handful of factors contribute to your Pennsylvania car loan interest rate, including your income, your credits core, the loan amount, the down payment, the age of the car, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Elizabethtown dealer could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the higher your monthly bill 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.
Is There a Way to Lower My Elizabethtown Car Loan Rate?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before having to apply for a car loan in Elizabethtown, PA. If you've filled out your information and don't like the percentage you see, what can you do to lower it?
The loan term is one thing you have a lot of control over. Most Elizabethtown auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because they usually have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can afford a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you determine what you can afford.
If your credit is far from great, improving your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take today to bring it up quickly. Your credit score will take some effort and time to build, but it's worth it for those lower Pennsylvania auto loan rates.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, 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 Elizabethtown, PA — even without a high income or credit score. You shouldn't automatically choose the first offer you get because there might be a better one 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 Elizabethtown, PA
myAutoloan is dedicated to helping you find the lowest car loan rates in Elizabethtown, PA no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can find the perfect loan. Complete our secure online application, choose the best loan for you, and purchase a new ride from your {City}} dealer. Apply today to see the current lowest interest rates!