How Are Lehighton, PA Car 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, 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 Lehighton dealership could result in a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the more you pay each month 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 Can I Get a Lower Car Loan Rate in Lehighton, PA?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you begin applying for auto loans in Lehighton, PA. If you've plugged in your information and aren't happy with the percentage you see, how can you lower?
The loan term is one element you can control. Most car loans in Lehighton have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers because they usually mean a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a bigger monthly payment, it's better 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 determine what you can afford.
If your credit is less than stellar, increasing your score could lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and how you can quickly bring it up. It may take some effort and time to increase your credit score, but it's all worth it for getting those lower auto loan rates in Pennsylvania.
Taking some time to find 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. You need to shop around and compare offers to find the best auto loan rate in Lehighton, PA — even without the best credit or income. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. Don't forget some lenders are open to 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 Lehighton, PA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Lehighton, PA no matter your credit score or the type of car you're buying. You can look at up to four loans at once so you can get the right deal. Fill out our secure online application, select the best loan for you, and visit your Lehighton dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!