What Determines Your Auto Loan Rate in Feasterville Trevose, PA?
A handful of factors affect your Pennsylvania auto loan rate, including the loan amount, your credit score, your income, the age of the car, the down payment, 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 Feasterville Trevose could result in a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the higher your monthly payment is and the more you spend in total. Even a rate one or two percent higher could mean you spend hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Feasterville Trevose, PA?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before having to apply for a car loan in Feasterville Trevose, PA. If you've put in your information and are unhappy with the percentage you see, how can you lower?
The loan term is one element you can control. Most Feasterville Trevose auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers are drawn in by longer terms 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 wise 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 can afford.
If you have less than ideal credit, improving your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score 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 snag a lower rate. While lenders will look at 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 Feasterville Trevose, PA — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because a better one could be right around the corner. Keep in mind some lenders are open to negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
See the Best Auto Loan Rates in Feasterville Trevose, PA with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Feasterville Trevose, PA no matter what type of car you're buying or your credit score. We'll present you with up to four loans at once so you can get the right deal. Complete our secure online application, choose the best loan for you, and head to your Feasterville Trevose dealer to purchase a new ride. Apply today to see the current lowest interest rates!