What Determines Your Auto Loan Rate in Harrisburg, PA?
Various factors affect your Pennsylvania auto loan 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 Harrisburg could result in a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the higher your monthly payment is and the more you spend in total. A difference of one or two percent might not seem like much, but it could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Harrisburg, PA?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you complete an application for a car loan in Harrisburg, PA. If you've plugged in your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one aspect you have total control over. Most Harrisburg car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms will tempt many borrowers because they usually have 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 wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you determine what you can afford.
If your credit is far from great, improving your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take to bring it up fast. 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 achieve a lower rate. While lenders will consider the same information, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Harrisburg, 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 there might be a better one just around the corner. Keep in mind some lenders leave room for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
See the Best Auto Loan Rates in Harrisburg, PA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Harrisburg, PA regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can find the right deal. Fill out our simple and secure online application, choose the loan that looks best to you, and head to your Harrisburg dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!