How Are Hollidaysburg, PA Auto Loan Rates Determined?
Many factors impact your Pennsylvania car 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 high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Hollidaysburg could result in a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over the life of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
Is There a Way to Lower My Hollidaysburg Car Loan Rate?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before you begin applying for auto loans in Hollidaysburg, PA. If you've put in your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one element you can change on your own. Most Hollidaysburg auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt 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 shows your possible monthly payment based on different interest rates and terms to help you determine what you can afford.
If your credit is far from great, raising your score could decrease your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and how you can quickly bring it up. It may take some time and work to better your credit score, but it'll be worth it once you see those lower Pennsylvania auto loan rates.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Hollidaysburg, PA — even without the best credit or income. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. Don't forget 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.
Find the Best Auto Loan Rates in Hollidaysburg, PA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Hollidaysburg, PA no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can find the right deal. Fill out our secure online application, choose the best loan for you, and visit your Hollidaysburg dealer to purchase a new car. Apply now to see today's lowest interest rates!