How Are Pittsburgh, PA Car Loan Rates Determined?
Various factors affect your Pennsylvania auto 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 Pittsburgh dealer could mean a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, the higher your monthly bill is and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean spending hundreds more overall.
Is There a Way to Lower My Pittsburgh Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before you complete an application for a car loan in Pittsburgh, PA. If you've filled out your information and don't like the percentage you see, how can you lower?
The loan term is one element you can change on your own. Most Pittsburgh car loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract 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 what your monthly payment might be with different terms and interest rates to help you figure out what might work for your budget.
If your credit is far from great, boosting your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a 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.
Waiting to find the right lender can also help you secure a lower rate. While lenders take the same information into consideration, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Pittsburgh, PA — even if you don't have the highest income or best credit. 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 other to see if they can beat the interest rate.
See the Best Auto Loan Rates in Pittsburgh, PA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Pittsburgh, PA no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can find the right deal. Complete our secure online application, pick the loan that works best for you, and purchase a new ride from your {City}} dealer. Apply now to see today's lowest interest rates!