How Are Exton, PA Auto Loan Rates Determined?
Several factors influence 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 poor credit score, low income, or buying an older vehicle from a dealer in Exton could result in a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more overall.
Is There a Way to Lower My Exton Car Loan Rate?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you complete an application for a car loan in Exton, PA. If you've plugged in your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one aspect you have a lot of control over. Most Exton car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you determine what you might be able to afford.
If your credit is far from great, increasing your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and the steps you can take now to raise it quickly. Your credit score will take some effort and time to build, but it's worth it for those lower Pennsylvania auto loan rates.
Waiting to find the right lender can also help you snag a lower rate. While lenders will consider the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Exton, PA — even without the best credit or income. You don't want to go with the first offer you receive because a better one might be waiting just around the corner. Don't forget some lenders will negotiate, 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 Exton, PA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Exton, 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 get the right deal. Simply complete our secure online application, choose the loan that looks best to you, and head down to a dealer in Exton to purchase a new ride. Apply today to see the current lowest interest rates!