How Are Mars, PA Car Loan Rates Determined?
Many factors impact 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 high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Mars could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, 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 overall.
Can I Lower My Car Loan Rate in Mars, PA?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before having to apply for a car loan in Mars, PA. If you've supplied your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one aspect you can control. Most auto loans in Mars have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms 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, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be with different interest rates and terms to help you figure out what might be affordable.
If your credit is less than stellar, improving your score could lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take today to bring it up quickly. Your credit score may take some more time and work, but it's worth it for those lower Pennsylvania auto loan rates.
Taking the time to hunt down the right lender can also help you secure a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Mars, PA — even without a high income or credit score. You don't want to choose the first offer you get because a better one might be waiting just around the corner. Plus, some lenders will negotiate, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Discover the Best Auto Loan Rates in Mars, PA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Mars, 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 find the perfect loan. Fill out our secure online application, choose the best loan for you, and visit your Mars dealer to purchase a new car. Apply now to see today's lowest interest rates!