How Are Car Loan Rates in Lansdale, PA Calculated?
Various factors affect your Pennsylvania car loan rate, including your credit score, the amount of the loan, your income, the age of the car, the down payment, 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 Lansdale might lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the more you pay each month and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Lansdale, PA?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before you start applying for auto loans in Lansdale, PA. If you've plugged in your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one aspect you can change on your own. Most Lansdale auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt many borrowers because the monthly payment is usually lower. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you determine what you might be able to afford.
If your credit is less than stellar, raising 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'll be worth it once you see those lower Pennsylvania auto loan rates.
Taking some time to find the right lender can also help you secure a lower rate. While lenders will use the same information, each one might give you a different interest rate. It's important to shop around and compare offers to find the best car loan rate in Lansdale, PA — even without 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. Plus, 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.
See the Best Auto Loan Rates in Lansdale, PA with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Lansdale, 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 get the right deal. Simply complete our secure online application, pick the loan that works best for you, and head down to a dealer in Lansdale to purchase a new ride. Don't wait to apply and check today's lowest interest rates!