What Determines Your Auto Loan Rate in Exeter, PA?
A handful of factors contribute to your Pennsylvania car loan rate, including your income, your credits core, the loan amount, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Exeter could mean a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly bill is and the more you spend in total. Just one or two percent more could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Exeter, PA?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you begin applying for auto loans in Exeter, PA. If you've supplied your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one thing you have a lot of control over. Most auto loans in Exeter are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because they usually mean a lower monthly payment. However, longer terms also tend to 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 estimates what your monthly payment could be based on different interest rates and terms to help you figure out what you can afford.
If your credit is far from great, improving your score could bring your interest rate down. 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. It may take some time and work to better your credit score, but it's all worth it for getting those lower auto loan rates in Pennsylvania.
Taking some time to find the right lender can also help you snag 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 Exeter, PA — even if you don't have the highest income or best credit. You don't want to choose the first offer you get because a better one could be right around the corner. Don't forget some lenders are open to negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Discover the Best Auto Loan Rates in Exeter, PA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Exeter, PA no matter what type of car you're buying or your credit score. You can look at up to four loans at once so you can find the perfect loan. Fill out our secure online application, choose the best loan for you, and visit your Exeter dealer to purchase a new car. Apply now to see today's lowest interest rates!