What Determines Your Auto Loan Rate in Huntingdon, PA?
Many factors contribute to your Pennsylvania auto loan interest rate, Including your credit score, your income, the amount of the loan, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Huntingdon dealership could result in a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, 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 overall.
How Can I Get a Lower Car Loan Rate in Huntingdon, PA?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before you begin applying for auto loans in Huntingdon, PA. If you've put in your information and aren't happy with the percentage you see, how can you lower?
The loan term is one thing you have a lot of control over. Most Huntingdon auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers take longer terms because they typically have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can afford a higher monthly payment, it's better 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 might be able to afford.
If you have less than ideal credit, boosting 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 the steps you can take now to raise it quickly. It may take some time and work to better your credit score, but it's worth it to get those lower Pennsylvania car loan rates.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, 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 Huntingdon, PA — even if you don't have the best credit or income. You shouldn't go with the first offer you receive because there could be a better one right around the corner. Don't forget some lenders allow for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in Huntingdon, PA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Huntingdon, PA no matter what type of car you're buying or your credit score. We'll show you 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 head down to a dealer in Huntingdon to purchase a new ride. Don't wait to apply and check today's lowest interest rates!