How Are Greencastle, PA Auto Loan Rates Determined?
A handful of factors contribute to your Pennsylvania car loan interest rate, including the loan amount, your credit score, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Greencastle dealership 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 payment is and the more you spend over the term of your loan. Even a rate one or two percent higher could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Greencastle, PA?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you start applying for auto loans in Greencastle, PA. If you've supplied your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one aspect you can change on your own. Most car loans in Greencastle have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because they usually mean a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be depending on different interest rates and terms to help you figure out what you can afford.
If your credit is less than stellar, raising your score could help lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take today to bring it up quickly. Your credit score may take some more time and work, but it's all worth it for getting those lower auto loan rates in Pennsylvania.
Waiting to find the right lender can also help you snag a lower rate. While lenders will look at the same information, each one might give you a different interest rate. Shopping around and comparing offers will help you find the best auto loan rate in Greencastle, PA — even if you don't have the highest income or best credit. You don't want to go with the first offer you receive because there could be a better one 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.
Use myAutoloan to Check the Best Auto Loan Rates in Greencastle, PA
myAutoloan wants to help you find the lowest auto loan rates in Greencastle, 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. Fill out our simple and secure online application, choose the best loan for you, and purchase a new ride from your {City}} dealer. Apply now to see today's lowest interest rates!