How Are Phoenixville, PA Car Loan Rates Determined?
Various factors impact your Pennsylvania auto loan interest rate, including the loan amount, your credit score, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Phoenixville dealership might lead to a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the more you pay each month and the more you spend over the life of your loan. Just one or two percent more could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Phoenixville, PA?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before you complete an application for a car loan in Phoenixville, 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 aspect you have a lot of control over. Most Phoenixville auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because they usually mean a lower monthly payment. However, a longer term also tends to come with a higher interest rate. 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 figure out what might be affordable.
If your credit is far from great, boosting your score could 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. Your credit score may take some more time and work, but it's worth it to get those lower Pennsylvania car loan rates.
Waiting to find the right lender can also help you secure a lower rate. While lenders will consider 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 Phoenixville, PA — even if you don't have the highest income or best credit. You don't want to go with the first offer you receive because a better one might be waiting just around the corner. And, some lenders leave room for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Discover the Best Auto Loan Rates in Phoenixville, PA with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Phoenixville, PA no matter your credit score or the type of car you're buying. We'll present you with up to four loans at once so you can find the perfect loan. Fill out our secure online application, select the best loan for you, and head down to a dealer in Phoenixville to purchase a new ride. Apply now to see today's lowest interest rates!