What Determines Your Auto Loan Rate in Freeland, PA?
Various factors influence your Pennsylvania car loan interest rate, including the loan amount, your credit score, your income, the car's age, the down payment, and the length of the loan (your loan's term). A poor credit score, low income, or buying an older vehicle from a dealer in Freeland could lead to a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the higher your monthly bill is and the more you spend over the life of your loan. Even a rate one or two percent higher could mean spending hundreds more overall.
Can I Lower My Car Loan Rate in Freeland, PA?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you begin applying for auto loans in Freeland, PA. If you've plugged in your information and don't like the percentage you see, what can be done to lower it?
The loan term is one factor you can change on your own. Most auto loans in Freeland have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms will tempt many borrowers because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be depending on different interest rates and terms to help you decide what you can 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 can help you understand where your credit score comes from and which steps you can take to bring it up fast. 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.
Taking the time to hunt down the right lender can also help you snag a lower rate. While lenders will consider the same information, you won't receive the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Freeland, PA — even if you don't have the best credit or income. You shouldn't go with the first offer you receive because a better one could be right around the corner. And, some lenders will negotiate, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Freeland, PA
myAutoloan is committed to helping you find the lowest auto loan rates in Freeland, PA regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can get the right deal. Simply complete our secure online application, choose the best loan for you, and visit your Freeland dealer to purchase a new car. Apply now to check today's lowest interest rates!