How Are Car Loan Rates in Lewistown, PA Calculated?
Various factors affect your Pennsylvania car loan interest rate, including your credit score, the amount of the loan, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Lewistown dealer could result in a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the higher your monthly bill is and the more you spend over your loan’s term. A difference of just one or two percent could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Lewistown, 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 Lewistown, PA. If you've supplied your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one aspect you have a lot of control over. Most car loans in Lewistown 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 mean a lower monthly payment. However, longer terms also tend to 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 with different interest rates and terms to help you see what you can afford.
If you have less than ideal credit, improving your score could help 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 time and work to better your credit score, but it's worth it to get those lower Pennsylvania car loan rates.
Taking the time to hunt down the right lender can also help you snag a lower rate. While lenders will consider 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 Lewistown, PA — even if you don't have 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. And, some lenders allow for 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 Lewistown, PA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Lewistown, PA no matter what type of car you're buying or your credit score. We'll present you with up to four loans at once so you can find the best deal. Complete our secure online application, select the best loan for you, and head down to a dealer in Lewistown to purchase a new ride. Don't wait to apply and check today's lowest interest rates!